<SEC-DOCUMENT>0001104659-16-108967.txt : 20160331
<SEC-HEADER>0001104659-16-108967.hdr.sgml : 20160331
<ACCEPTANCE-DATETIME>20160331154100
ACCESSION NUMBER:		0001104659-16-108967
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		47
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160331
DATE AS OF CHANGE:		20160331

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:		161543192

	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>a16-7627_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" 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="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 style="margin:0in 0in .0001pt;"><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="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 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;">For the month of March, 2016</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 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 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;">110 - 12</font></b><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" face="Times New Roman" 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 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 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="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;20-F   <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;40-F&nbsp; <u>&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>    </td>   </tr>  </table>
<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="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><font size="3" style="font-size:12.0pt;">  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></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="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><font size="3" style="font-size:12.0pt;">  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></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;"><font size="3" style="font-size:12.0pt;">1</font><a name="PB_1_175527_7056"></a></p>
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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>
<p style="margin:0in 0in .0001pt 77.75pt;text-align:justify;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.1</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><font size="3" style="font-size:12.0pt;">The Management Proxy Circular of the Registrant dated March&nbsp;10, 2016 (excluding the &#147;Performance Graph&#148;, which shall be deemed not to be incorporated by reference) and the Notice of Annual and Special 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>
<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;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Registration No.</font></u></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">S-8</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">333-72454</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">S-8</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">333-101470</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">F-10</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">333-200773</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 77.75pt;text-align:justify;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.2</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; </font><font size="3" style="font-size:12.0pt;">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>
<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 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;text-align:justify;"><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="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&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="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></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:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">/s/   Scott Jeffers</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:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Scott   Jeffers</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:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Assistant   Corporate Secretary and Legal Counsel</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 3.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 3.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date: March&nbsp;31, 2016</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><font size="3" style="font-size:12.0pt;">2</font><a name="PB_2_175540_5335"></a></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>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 77.75pt;text-align:justify;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.1</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; </font><font size="3" style="font-size:12.0pt;">TransAlta Corporation&#146;s Notice of Annual and Special Meeting and Management Proxy Circular dated March&nbsp;10, 2016 (only those portions as described in the body of this report are being filed).</font></p>
<p style="margin:0in 0in .0001pt 5.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 77.75pt;text-align:justify;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.2</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; </font><font size="3" style="font-size:12.0pt;">TransAlta Corporation&#146;s Form&nbsp;of Proxy for its 2016 Annual and Special 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>
<p style="margin:0in 0in .0001pt;"><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;"><font size="3" style="font-size:12.0pt;">3</font><a name="PB_3_175551_5796"></a></p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a16-7627_1ex99d1.htm
<DESCRIPTION>EX-99.1 TRANSALTA CORPORATION'S NOTICE OF ANNUAL AND SPECIAL MEETING AND MANAGEMENT PROXY CIRCULAR
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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 99.1</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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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">TransAlta   Corporation Notice of Annual and Special Meeting of Shareholders and   Management Proxy Circular Annual and Special Meeting April 22, 2016 </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: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:10.0pt;font-weight:bold;">ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</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:10.0pt;font-weight:bold;">Table of Contents</font></b></p>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INVITATION TO   SHAREHOLDERS</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NOTICE OF   ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GENERAL   INFORMATION</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ABOUT OUR SHAREHOLDER   MEETING</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">HOW TO VOTE</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Registered   Shareholder</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Beneficial   Shareholder</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BUSINESS OF   THE MEETING</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt .5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Election of   Directors</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt .5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financial   Statements</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">22</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt .5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Appointment   of Auditors</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">22</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt .5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder   Rights Plan</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">23</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt .5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5.</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Advisory Vote   on Executive Compensation</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GOVERNANCE</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our   Governance Practices</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Ethical   Commitment</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Board&#146;s   Mandate</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">30</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board   Characteristics</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">32</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Board   Expertise</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Board   Effectiveness</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">35</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.02%;">
<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report of the   Audit and Risk Committee</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">37</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.02%;">
<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report of the   Governance and Environment Committee</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">39</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report of the   Human Resources Committee</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">41</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPENSATION</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">43</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.02%;">
<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report on   Director Compensation</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">43</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report on   Executive Compensation</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">47</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation   Discussion and Analysis</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">51</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our   Compensation Strategy</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">52</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Fixed   Compensation Program</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholder   Alignment</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">57</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Annual   Compensation Risk Review Process</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">59</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Performance   Analysis</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">60</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><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>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">62</font></b></p>    </td>   </tr>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 CEO Pay   for Performance Analysis</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 NEO   Annual Compensation Analysis</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPENDIX &#147;A&#148;   CHECKLIST OF CORPORATE GOVERNANCE DISCLOSURE</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt 46.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New York   Stock Exchange &#150; Significant Differences in Corporate Governance Practices</font></b></p>    </td>
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<p style="margin:.5pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPENDIX &#147;B&#148;   GENERAL GOVERNANCE GUIDELINES FOR THE BOARD</font></b></p>    </td>
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<p align="right" style="margin:.5pt .7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">B-1</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="background:#BFBFBF;border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;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></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 2016 Management Proxy   Circular</font></p>    </td>
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<p align="center" style="background:#D9D9D9;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>
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<p style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:justify;"><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, compensation components and strategy, ongoing objectives, strategies and outlook for 2016 and subsequent periods.&#160; By their nature, these statements are not guarantees of our future performance and actions and are subject to risks, uncertainties and other important factors that could cause our actual performance and actions to be materially different from the forward looking statements.&#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, including solar, water or wind resources 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, including the Keephills 1 arbitration; 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 at all.</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;">INVITATION TO SHAREHOLDERS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;10, 2016</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;">Dear Fellow Shareholders,</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;">On behalf of TransAlta Corporation&#146;s board of directors and management, you are cordially invited to attend our 2016 Annual and Special Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;), which will take place on Friday, April&nbsp;22, 2016 at 10:00 a.m.&nbsp;(local time) in the Spectrum Ballroom at Hotel Arts, located at 119 - 12th Avenue SW, in Calgary, Alberta.&#160; At the Meeting, you will have the opportunity to hear about our performance in 2015 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Attached are the Notice of Annual and Special 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 Management Proxy 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 form of proxy.&#160; Please refer to the <i>&#147;How to Vote&#148;</i> section of the Management Proxy Circular for more information.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Meeting will also be webcast at <u>www.transalta.com/powering-investors/events-and-presentations</u>.&#160; We encourage you to visit our website at any time before the Meeting as it provides information about our company.</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;">We look forward to seeing you at the Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon   D. Giffin</font><br> <font face="Arial">Chair of the Board</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dawn   L. Farrell</font><br> <font face="Arial">President and Chief Executive Officer</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NOTICE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2015, we   asked all registered Shareholders to advise us in writing if they did not   wish to receive the 2015 Annual Report and asked all beneficial Shareholders   to advise us in writing if they did wish to receive the 2015 Annual Report,   when it became available in March&nbsp;2016.&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;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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our 2015 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 registrar and 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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CST Trust Company<br>   P.O.&nbsp;Box 700<br>   Station &#147;B&#148;<br>   Montreal, Quebec&nbsp; H3B 3K3</font></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telephone:<br>   1.800.387.0825</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;">Online:<br>    <u>www.canstockta.com</u></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 2016 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;">TransAlta   Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta&nbsp; T2P 2M1<br>   (403) 267-7110<br>    <u>www.transalta.com</u></font></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:10.0pt;font-weight:bold;">NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">NOTICE IS HEREBY GIVEN that the Annual and Special Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;) of TransAlta Corporation (the &#147;<b>Company</b>&#148;) will be held on Friday, April&nbsp;22, 2016 at 10:00 a.m.&nbsp;(local time) in the Spectrum Ballroom at Hotel Arts, 119 - 12th Avenue SW, in Calgary, Alberta to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">elect nine directors of the Company for the coming year;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">receive the audited consolidated financial statements of the Company for the year ended December&nbsp;31, 2015, and the auditor&#146;s report thereon;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">appoint the auditors and authorize the directors to fix their remuneration;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">consider and, if deemed advisable, pass, with or without variation, an ordinary resolution (the full text of which is reproduced starting on page&nbsp;26 of the accompanying Management Proxy Circular) continuing, ratifying, confirming and approving the Company&#146;s Shareholder Rights Plan;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font face="Arial">consider a non-binding advisory resolution to accept the Company&#146;s approach to executive compensation, as described in the accompanying Management Proxy Circular; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font face="Arial">transact such other matters as may properly come before the Meeting or any adjournment or postponement thereof.</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;">The Management Proxy Circular and the form of proxy accompany this Notice.</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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">John Kousinioris<br>   Chief Legal and Compliance Officer and Corporate Secretary</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;">Calgary, Alberta<br>   March&nbsp;10, 2016</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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;7, 2016 are entitled to receive notice and to vote at the Meeting or any adjournment or postponement thereof.&#160; The form of proxy must be returned to TransAlta Corporation&#146;s registrar and transfer agent, 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 or postponement thereof.&#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 form of 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><font face="Arial">.</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 2016 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:10.0pt;font-weight:bold;">GENERAL INFORMATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This Management Proxy Circular (&#147;<b>Proxy Circular</b>&#148;) is dated March&nbsp;10, 2016, and is furnished to holders of our common shares (&#147;<b>Shareholders</b>&#148;) in connection with the solicitation of proxies by and on behalf of the management of TransAlta Corporation (&#147;<b>TransAlta</b>&#148;, &#147;<b>Company</b>&#148;, &#147;<b>we</b>&#148; and &#147;<b>our</b>&#148;) and the Board of Directors (the &#147;<b>Board</b>&#148;) for use at the Annual and Special Meeting of Shareholders of the Company, or any adjournment or postponement thereof.</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;">This Proxy Circular was provided to you because at the close of business on March&nbsp;7, 2016, 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, you can listen to the webcast on our website at <u>www.transalta.com/powering-investors/events-and-presentations</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Solicitation will be made primarily by mail and the cost will be borne by the Company.&#160; <font color="#1f497d" style="color:#1F497D;">T</font></font><font face="Arial">ransAlta has engaged Kingsdale Shareholder Services (&#147;<b>Kingsdale</b>&#148;) as proxy solicitation agent and will pay fees of approximately $54,500 to Kingsdale for the proxy solicitation service in addition to certain out-of-pocket expenses.&#160; TransAlta may also reimburse brokers and other persons holding Shares in their name or in the name of nominees for their costs incurred in sending proxy material to their principals in order to obtain their proxies.</font><font face="Arial">&#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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Unless stated otherwise, the information in this Proxy Circular is as of March&nbsp;10, 2016, and all dollar amounts are expressed in Canadian dollars.</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 2016 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:10.0pt;font-weight:bold;">ABOUT OUR SHAREHOLDER MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">If you held common shares at the close of business on   March&nbsp;7, 2016, you are entitled to attend the Meeting or any adjournment   or postponement thereof, and vote your common shares.&nbsp; Each TransAlta common share represents one   vote.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At the close of business on March&nbsp;9, 2016, there were   </font><font color="black" face="Arial" style="background:white;color:black;">287,903,467</font><font face="Arial">   common shares outstanding.&nbsp; 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 1.45pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">To the knowledge of our directors and officers, no person or company beneficially owns (directly or indirectly), controls (directly or indirectly) or directs more than 10% of our common shares.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This 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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If you are a registered Shareholder and you (i)&nbsp;do not wish to receive our Annual Report next year; or (ii)&nbsp;wish to receive interim reports, please fill out and return the Registered Shareholder Form&nbsp;in this package.</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;">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 2016.&#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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">You will find additional information regarding our business in our annual information form as well as our audited consolidated financial statements and accompanying management&#146;s discussion and analysis for the year ended December&nbsp;31, 2015.&#160; Copies of these documents along with 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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<br>   TransAlta Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta&nbsp; 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<br>   403.267.2520 Calgary / outside North America<br>   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<br>   P.O.&nbsp;Box 700<br>   Station &#147;B&#148;<br>   Montreal, Quebec&nbsp; 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<br>   416.682.3860 Toronto / outside North America<br>   inquiries@canstockta.com</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>
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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 2016 Management Proxy Circular</font></p>    </td>
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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>
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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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Communicating with the Board</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;text-align:justify;"><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>
<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 9.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Chief Legal and Compliance Officer and Corporate Secretary<br> TransAlta Corporation<br> 110 &#150; 12th Avenue SW<br> Box 1900, Station &#147;M&#148;<br> Calgary, Alberta&#160; T2P 2M1</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 9.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Or:</font></p>
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<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">corporate_secretary@transalta.com</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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Reporting Concerns</font></b></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;text-align:justify;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Webpage&nbsp;(internet portal) at <u>http://transalta.ethicspoint.com</u>; or</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:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Confidential email to the Ethics Help-Line at TA_Ethics_Helpline@transalta.com; or</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:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">A confidential, anonymous voice mail on TransAlta Ethics Help-Line at 1-855-374-3801 (U.S./Canada) and<br> 1-800-339276 (Australia); or</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:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Mail addressed to:</font></p>
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<p style="margin:0in 0in .0001pt 1.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Internal Audit<b><br>    </b>TransAlta Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta T2P 2M1</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;">or</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 <br>   Subject Matter &#147;003&#148;<br>   TransAlta Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta T2P 2M1</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;text-align:justify;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The final date by which the Company must receive Shareholder proposals for the annual meeting of Shareholders of TransAlta to be held in 2017 is December&nbsp;10, 2016.&#160; All proposals shall be sent by registered mail to:</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 9.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation<br> Attention:&#160; Chief Legal and Compliance Officer and Corporate Secretary<br> 110 &#150; 12th Avenue SW<br> Box 1900, Station &#147;M&#148;<br> Calgary, Alberta&#160; T2P 2M1</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2016 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:10.0pt;font-weight:bold;">HOW TO   VOTE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" 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;">REGISTERED SHAREHOLDER</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">You are a registered Shareholder if 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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Attend the Meeting and vote in Person</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to attend the Meeting and vote in person, do not complete or return the form of proxy (the &#147;<b>Proxy</b>&#148;).&#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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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.&#160; Please refer to the <i>&#147;Changing Your Vote&#148;</i> section of the Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Appoint a Proxyholder</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Please note that you can appoint anyone to be your proxyholder.&#160; This person does not need to be a Shareholder of TransAlta or the TransAlta representative named in the Proxy.&#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.</font></b><font face="Arial">&#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 Registrar and Transfer Agent upon arrival at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Times New Roman" 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;">If you decide to appoint Dawn L. Farrell and Gordon D. Giffin as your proxyholders, and do not indicate how you want to vote, they will vote as follows:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><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;&#160;&#160;&#160;&#160;&#160;&#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><font face="Arial" style="font-weight:bold;">FOR electing each nominated director;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><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;&#160;&#160;&#160;&#160;&#160;&#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><font face="Arial" style="font-weight:bold;">FOR re-appointing the auditors;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><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;&#160;&#160;&#160;&#160;&#160;&#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><font face="Arial" style="font-weight:bold;">FOR continuing, ratifying, confirming and approving the Company&#146;s Shareholder Rights Plan; and</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><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;&#160;&#160;&#160;&#160;&#160;&#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><font face="Arial" style="font-weight:bold;">FOR the non-binding advisory vote on our approach to executive compensation.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Vote by Proxy</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">By Mail</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:82.92%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">complete,   date and sign the Proxy in accordance with the instructions included on the   Proxy;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">return   the completed Proxy in the envelope provided to CST Trust Company,   Attention:&nbsp; Proxy Department,   P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1.&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">By Telephone</font></b></p>    </td>
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<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="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">call   1-888-489-7352 from a touch-tone phone and follow the voice instructions;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">convey   your voting instructions by use of touch-tone selections over the telephone.&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">By Internet</font></b></p>    </td>
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<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="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">access   the website <b><u style="font-weight:bold;">www.cstvotemyproxy.com</u></b> and   follow the instructions;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">refer   to the Proxy sent to you for the <b>13-digit Control Number</b>,   located on the back in the lower left corner of the Proxy;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">convey   your voting instructions electronically over the internet.&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;">TransAlta   Corporation 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" 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;">Please note that your voting instructions must be received not less than 48 hours (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the Meeting, or any adjournment or postponement of the Meeting.&#160; The time limit for the deposit of Proxies may be waived by the Chair of the Meeting at his or her discretion without notice.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 <b><u style="font-weight:bold;">10:00 a.m.&nbsp;(Calgary time) on April&nbsp;20, 2016</u></b> or, in the case of any adjournment or postponement of the Meeting, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the adjourned or postponed Meeting by either:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">submitting a new Proxy that is dated later than the Proxy previously submitted and mailing it to CST Trust Company, Attention:&#160; Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">voting again by telephone or internet.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">submit 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; 12th Avenue SW, Calgary, Alberta, T2P 2M1, Attention: Chief Legal and Compliance Officer and Corporate Secretary.&#160; Your notice of revocation must be received before the close of business (Calgary time) on April&nbsp;20, 2016, or in the case of any adjournment or postponement, on the business day immediately preceding the day of the adjourned or postponed Meeting; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">give 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 or postponement thereof.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BENEFICIAL SHAREHOLDER</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">You are a beneficial Shareholder if 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, an &#147;<b>Intermediary</b>&#148;).&#160; As the beneficial Shareholder, you may:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Vote through your </font></i></b><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Intermediary</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to vote through your Intermediary, follow the instructions on the <i>request for voting instructions form</i> provided by your Intermediary.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Vote in person</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 form</i>.&#160; Do not complete the voting section on the <i>request for voting instructions form</i> as your vote will be taken at the Meeting and return the <i>request for voting instructions form</i> to your Intermediary in the envelope provided.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 form</i> 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 registrar and transfer agent, CST Trust Company, prior to the proxy deposit date in order to vote your shares in person.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3.</font></i></b><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; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Vote by telephone or the internet</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 form</i>.</font></p>
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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>
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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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If you have voted through your Intermediary and would like to change or revoke your vote, contact your Intermediary to discuss whether this is possible and what procedures you need to follow.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Voting Results</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Your   vote is confidential. CST Trust Company, our registrar and transfer agent,   counts the votes and will only show us a Proxy if it is required by law,   there is a proxy contest, or a Shareholder has written comments on the Proxy   that are clearly intended for TransAlta&#146;s management.</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>
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<p style="background:#F2F2F2;margin:0in 0in .0001pt 2.15pt;text-align:justify;"><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="background:#F2F2F2;margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Contact our registrar   and transfer agent</font></i></b></p>
<p style="background:#F2F2F2;margin:0in 0in .0001pt 2.15pt;text-align:justify;"><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="background:#F2F2F2;margin:0in 0in .0001pt 2.15pt;text-align:justify;"><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 2.15pt;text-align:justify;"><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>    </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 2016 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:10.0pt;font-weight:bold;">BUSINESS   OF THE MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">There are five items of business:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">ELECTION OF DIRECTORS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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.&#160; 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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Nine 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Policy on Majority Voting</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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.&#160; See Appendix &#147;B&#148; to this Management Proxy Circular for further details surrounding our policy on majority voting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">William D. Anderson has determined to retire from the Board and will not stand for re-election.&#160; Management and the Board acknowledge with gratitude the valuable contributions of Mr.&nbsp;Anderson during his tenure on the Board.&#160; By resolution of the Board, the number of directors to be elected at the Meeting has been fixed at nine.&#160; The nine directors being nominated for election in 2016 are listed below.&#160; Each director has agreed to serve as a director if elected.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">John   P. Dielwart</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">P.   Thomas Jenkins</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Timothy   W. Faithfull</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Yakout   Mansour</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Dawn   L. Farrell</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(viii)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Georgia   R. Nelson</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Alan   J. Fohrer</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(ix)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Beverlee   F. Park</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Gordon   D. Giffin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The biographies of our nine nominees for election to the Board are listed in the following section.</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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">JOHN P.   DIELWART</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial"><img width="137" height="204" src="g76271mm09i001.jpg"></font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 63</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2014<br>   Expected Retirement:&nbsp; 2024</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Engineering and Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Oil and Gas</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director.</font></b><font size="2" face="Arial" style="font-size:9.5pt;">&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 company   with a market capitalization of approximately $10 billion.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">After   his retirement from ARC Resources Ltd. on January&nbsp;1, 2013,   Mr.&nbsp;Dielwart re-joined ARC Financial Corp. (&#147;<b>ARC   Financial</b>&#148;) as Vice-Chairman.&nbsp;   ARC Financial 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 Financial&#146;s investee companies is a primary   responsibility. He is a member of ARC Financial&#146;s Investment and Strategy   committees, and currently represents ARC Financial on the board of Modern   Resources Ltd. and Aspenleaf Energy Limited.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Prior   to joining ARC Financial 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 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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).&nbsp; In 2015, Mr.&nbsp;Dielwart was   inducted into the Calgary Business Hall of Fame.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Dielwart   brings to the Company and the Board many years&#146; experience in leadership,   entrepreneurship and knowledge of the commodity markets in which we operate,   specifically oil and gas markets.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" 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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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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>
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<td width="35%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:35.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee Membership</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:9.5pt;font-weight:bold;">Attendance</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:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance   Total</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board of Directors</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18 of 18</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.8%;">
<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="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.64%;">
<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>
<tr>
<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit&nbsp;&amp; Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5 of 5</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">96%</font></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$192,000</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:35.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Governance and Environment Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4 of 5</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">80%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:17.8%;">
<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="23%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:23.64%;">
<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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="100%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<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="71%" colspan="5" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:71.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>
<td width="28%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="8%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.74%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:16.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="19%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:19.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="11%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="15%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:15.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:19.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">26,098</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">26,098</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$121,356</font></p>    </td>
<td width="28%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:8.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,947</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,947</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;20,480</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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<td width="100%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<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="99%" colspan="2" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:99.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.9%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="57%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">ARC Resources Ltd.</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Health, Safety and Environment (Chair); Risk</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Denbury Resources Inc.</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Reserves&nbsp;&amp; Health, Safety and Environmental; Risk</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Tesco Corporation</font></p>    </td>
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:57.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Compensation (Chair)</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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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<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="99%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:99.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board   Interlocks</font></b></p>    </td>   </tr>
<tr>
<td width="99%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:99.9%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 5.65pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
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<td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
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<td width="32%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:32.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="21%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:21.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="24%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="32%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:32.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">116,912,245</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.69%</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:21.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,546,890</font></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:24.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.31%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">10</font><a name="PB_10_051449_3404"></a></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;text-align:justify;"><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 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TIMOTHY W.   FAITHFULL</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:74.16%;">
<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;"><b><font size="1" face="Arial" style="font-size:3.0pt;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:3.0pt;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:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial"><img width="164" height="243" src="g76271mm11i001.gif"></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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 71</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">London, UK</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2003<br>   Expected Retirement:&nbsp; 2017</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Electric Energy/Utility</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Economics&nbsp;&amp; Business</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Human Resources</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-International Operations</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Mining</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Oil and Gas</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Risk Management/</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
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<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director</font></b><font size="2" face="Arial" style="font-size:9.5pt;">.&nbsp;   Mr.&nbsp;Faithfull is a 36 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 Chief Executive Officer 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   Chief Executive Officer 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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In the United Kingdom, he is a director and   member of the Risk and Audit Committee of ICE Futures Europe (&#147;<b>IFEU</b>&#148;) and LIFFE Administration and Management, a leading   global electronic exchange for energy, commodities, and financial   futures.&nbsp; He is a member of the   Oversight Committee of the ICE Brent Index, used in settlement of Brent Crude   oil futures contracts, for which IFEU is the regulated benchmark   administrator.&nbsp; He is a past director   of Enerflex Systems Income Fund, Canadian Pacific Railway, AMEC plc, and Shell   Pension Trust Limited.</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In Calgary, he served on the board of the   Calgary Health Trust and the Epcor Arts Centre. In the United Kingdom, 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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Faithfull holds a Master of Arts </font><font face="Arial">(Philosophy, Politics and Economics) </font><font size="2" face="Arial" style="font-size:9.5pt;">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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Faithfull brings to the Company and   the Board many years of experience in leadership and, in particular,   knowledge of large project development and commodity risk management in the   oil and gas industry.</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;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>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee   Membership</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(4)</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:9.5pt;font-weight:bold;">Attendance</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:9.5pt;font-weight:bold;">Percentage</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:9.5pt;font-weight:bold;">Attendance   Total</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:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board   of Directors</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">17 of 18</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">94%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit&nbsp;&amp;   Risk Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3 of 3</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:9.5pt;">100%</font></p>    </td>
<td width="16%" rowspan="2" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">96%</font></p>    </td>
<td width="23%" rowspan="2" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$198,173</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Governance   and Environment Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2 of 2</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>   </tr>
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<td width="35%" 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:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Human Resources   Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3 of 3</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" 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:16.9%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" 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:23.26%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" 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:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;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 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">21,643</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">68,821</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">90,464</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$420,658</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<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>
<tr>
<td width="9%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">9,688</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">63,641</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">73,329</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$771,420</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="9%" 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:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2013</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2,600</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">59,731</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">62,331</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$840,222</font></p>    </td>
<td width="26%" 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:26.94%;">
<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 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;">
<tr>
<td width="62%" colspan="2" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public   Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:37.32%;">
<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>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" 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:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="56%" colspan="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:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Health, Safety and Environment</font></p>    </td>   </tr>
<tr height="0">
<td width="310" style="border:none;"></td>
<td width="133" style="border:none;"></td>
<td width="264" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="36%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:36.56%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board   Interlocks</font></b></p>    </td>
<td width="15%" 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:15.96%;">
<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="47%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:47.48%;">
<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>
<tr>
<td width="36%" 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:36.56%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Gordon Giffin</font></p>    </td>
<td width="47%" 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:47.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Nominating and Corporate Governance (Chair);<br>   Lead Director</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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;">
<tr>
<td width="100%" colspan="4" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 16.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting   Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">117,005,835</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">98.77%</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">1,453,300</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 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.23%</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">11</font><a name="PB_11_054309_8063"></a></p>
<p style="margin:0in 0in .0001pt;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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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 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DAWN L.   FARRELL</font></b><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:74.16%;">
<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="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="80" style="height:60.0pt;">
<td width="24%" height="80" valign="top" style="height:60.0pt;padding:0in 0in 0in 0in;width:24.34%;">
<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 4.3pt;"><font size="2" face="Arial"><img width="136" height="205" src="g76271mm11i002.jpg"></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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 56</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2012<br>   Expected Retirement:&nbsp; N/A</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Non-Independent</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Communications</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Construction</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Economics&nbsp;&amp; Business</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Electric Energy / Utility</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-International Operations</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Mergers&nbsp;&amp; Acquisitions</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Mining</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Trading/Marketing</font></p>    </td>
<td width="1%" height="80" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:60.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
<td width="74%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">President and Chief Executive Officer of   TransAlta Corporation. </font></b><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Farrell   became President and Chief Executive Officer of TransAlta Corporation on   January&nbsp;2, 2012.&nbsp; 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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Farrell   sits on the board of directors of The Chemours Company, a NYSE-listed   chemical company, The Conference Board of Canada and the Business Council of   Canada.&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;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Farrell   holds a Bachelor of Commerce with a major in Finance and a Master&#146;s degree in   Economics from the University of Calgary.&nbsp;   She has also attended the Advanced Management Program at Harvard   University.</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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<td width="28%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:28.48%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
<td width="1%" valign="bottom" 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:1.02%;">
<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="12%" valign="bottom" 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:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="1%" valign="bottom" 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:1.0%;">
<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="12%" valign="bottom" 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:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="1%" valign="bottom" 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:1.0%;">
<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="18%" valign="bottom" 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:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance Total</font></b></p>    </td>
<td width="26%" valign="bottom" 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:26.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of Compensation<br>   Received in 2015</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>   </tr>
<tr>
<td width="28%" 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:28.48%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board   of Directors</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" 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="2" face="Arial" style="font-size:9.5pt;">18 of 18</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<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="12%" valign="bottom" 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="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<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="18%" 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:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="26%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">N/A</font></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:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="99%" colspan="11" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.5%;">
<p style="margin:0in 0in .0001pt 16.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:.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="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(5)</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share Units</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(6)</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="28%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:28.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(7)</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">134,100</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">321,044</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">455,144</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$2,116,420</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="28%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:28.02%;">
<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="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">133,894</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">140,106</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">274,000</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$2,882,480</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.5%;">
<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="28%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:28.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="8%" 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:8.98%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2013</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">110,322</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">141,149</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="bottom" 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="2" face="Arial" style="font-size:9.5pt;">251,471</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$3,264,093</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.02%;">
<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="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:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
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<td width="99%" colspan="3" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.02%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="30%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.84%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:13.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="54%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:54.44%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="30%" 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:30.84%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">The   Chemours Company</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="54%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:54.44%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Compensation; Nominating&nbsp;&amp; Governance</font></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:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="99%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="99%" 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:99.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</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:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="99%" colspan="7" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.46%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
<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="22%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
<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="22%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:2.5%;">
<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="22%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;padding:0in 0in 0in 0in;width:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.46%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">117,062,664</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;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="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.82%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<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="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,396,471</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<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="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.18%</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:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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;"><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;text-align:justify;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">12</font><a name="PB_12_084057_7056"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ALAN J.   FOHRER</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:74.16%;">
<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="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;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="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial"><img width="136" height="205" src="g76271mm11i003.jpg"></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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 65</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">California, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2013<br>   Expected Retirement:&nbsp; 2023</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Accounting, Finance&nbsp;&amp; Tax</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Electric Energy / Utility</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Economics / Business</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-International Operations</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory&nbsp;&amp; Compliance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
<td width="74%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director</font></b><font size="2" face="Arial" style="font-size:9.5pt;">.   Mr.&nbsp;Fohrer was Chairman and Chief Executive Officer 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   Chief Executive Officer 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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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, Blue Shield of California, a non-profit health insurance provider,   and Synagro, a waste management company.</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Fohrer   has served on boards of directors of the Institute of Nuclear Power   Operations, the California Chamber of Commerce, Duratek,&nbsp;Inc., and   Osmose Utilities Services,&nbsp;Inc.&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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Fohrer   brings to the Company and the Board experience in accounting, finance and the   power industry from both a regulated and deregulated market perspective.</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="35%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee   Membership</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(8)</font></b></p>    </td>
<td width="12%" valign="bottom" 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:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="bottom" 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:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="bottom" 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:16.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance   Total</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0.375pt 0in;width:23.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.94%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board   of Directors</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">16 of 18</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">89%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit&nbsp;&amp;   Risk Committee</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5 of 5</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">92%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$250,827</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Governance   and Environment Committee</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3 of 3</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" 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:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" 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:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="71%" colspan="5" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:71.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>
<td width="28%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:28.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="19%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="11%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="14%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6,398</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">31,722</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">38,120</font></p>    </td>
<td width="14%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$177,260</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6,398</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">7,148</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">13,546</font></p>    </td>
<td width="14%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$142,504</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2013</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6,398</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6,398</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;86,245</font></p>    </td>
<td width="28%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="62%" colspan="2" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public   Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:37.32%;">
<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>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" 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:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">PNM Resources,&nbsp;Inc.</font></p>    </td>
<td width="56%" colspan="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:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit and Ethics; Compensation and Human Resources</font></p>    </td>   </tr>
<tr height="0">
<td width="310" style="border:none;"></td>
<td width="133" style="border:none;"></td>
<td width="264" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
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<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:33.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>
<td width="14%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:52.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="100%" colspan="4" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">116,916,431</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.70%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,542,704</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.30%</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 style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">13</font><a name="PB_13_084451_5335"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 Management Proxy Circular</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>   </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 0in .0001pt 14.5pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">AMBASSADOR   GORDON D. GIFFIN</font></b><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(9)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;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="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial"><img width="136" height="205" src="g76271mm11i004.jpg"></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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 66</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Georgia, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2002</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board Chair Since: 2011<br>   Expected Retirement:&nbsp; 2017</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Electric Energy/Utility</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Government/Public</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Legal</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory&nbsp;&amp; Compliance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Oil&nbsp;&amp; Gas</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
<td width="74%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Lawyer and Senior Partner, Dentons (law firm)</font></b><font size="2" face="Arial" style="font-size:9.5pt;">.&nbsp; Ambassador Giffin is Senior Partner of the   law firm of Dentons (formerly McKenna Long&nbsp;&amp; Aldridge LLP), 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&nbsp;1997 to April&nbsp;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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 Chief Executive Officer 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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ambassador   Giffin holds a Bachelor of Arts from Duke University (Durham, NC) and a Juris   Doctorate from Emory University School of Law (Atlanta, GA).</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ambassador   Giffin brings to the Company and the Board experience in law, regulatory and   governmental affairs that will assist the Company as it addresses continuous   change in environmental law and other compliance matters.</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 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee Membership</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance   Total</font></b></p>    </td>
<td width="24%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0.375pt 5.4pt;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation Received in 2015</font></b></p>    </td>   </tr>
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<td width="33%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:33.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board of Directors</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18 of 18</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</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 5.4pt 0in 5.4pt;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="24%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$417,000</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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<td width="100%" colspan="6" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities   Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(10)</font></i></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share Ownership   Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
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<td width="9%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">53,753</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">21,594</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">75,347</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$350,364</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<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>
<tr>
<td width="9%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">36,488</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">19,969</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">56,457</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$601,128</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="9%" 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:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2013</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">21,900</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18,731</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">40,631</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$547,706</font></p>    </td>
<td width="26%" 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:26.94%;">
<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 style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="100%" colspan="2" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
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<td width="42%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="57%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Imperial Bank of Commerce</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Management Resources and Compensation</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian National Railway Company</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Donations and Sponsorship;   Human Resources and Compensation (Chair); Investment Committee of CN&#146;s   Pension Trust Funds; Strategic Planning</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Lead Director; Audit; Nominating and   Corporate Governance (Chair)</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Element Financial Corporation</font></p>    </td>
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Compensation and Corporate Governance</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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<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
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<td width="33%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:33.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Timothy W. Faithfull</font></p>    </td>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 1pt 5.4pt;width:47.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Health, Safety and Environment</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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<td width="100%" colspan="4" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">114,745,920</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">96.87%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3,713,215</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3.13%</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 style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">14</font><a name="PB_14_084656_5796"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">P. THOMAS   JENKINS</font></b><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:74.16%;">
<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="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;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="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial"><img width="136" height="204" src="g76271mm11i005.jpg"></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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 56</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2014</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Expected Retirement:&nbsp; 2029</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Human Resources / <br> &nbsp;&nbsp;&nbsp; Executive Compensation</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-International Operations</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Mergers&nbsp;&amp; Acquisitions</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Risk Management</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Technology/Research/<br> &nbsp;&nbsp;&nbsp; Telecommunications</font></p>    </td>
<td width="1%" height="80" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:60.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
<td width="74%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director</font></b><font size="2" face="Arial" style="font-size:9.5pt;">.&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 is also the   Chancellor of the University of Waterloo.&nbsp;   He has served as a director of Open Text Corporation since 1994 and as   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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Jenkins   is also a director of the C.D. Howe Institute, and a director of the Business   Council of Canada.&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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Jenkins   received a Master of Business Administration from the Schulich School of   Business at York University (Toronto, ON), a Master of Applied Science from   the University of Toronto and a Bachelor of Mechanical Engineering and   Management 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.&nbsp; 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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Jenkins   brings to the Company and the Board several years of experience as an   entrepreneur, innovator and leader in information technology which will   assist the Company as it addresses both technological and innovative changes   in the industry.</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 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee   Membership</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(11)</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:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="bottom" 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:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="bottom" 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:16.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance   Total</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0.375pt 0in;width:23.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.94%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board   of Directors</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18 of 18</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Governance   and Environment Committee</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2 of 2</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">96%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$222,096</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.94%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Human Resources Committee</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6 of 7</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">86%</font></p>    </td>
<td width="16%" 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:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" 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:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="71%" colspan="5" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:71.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>
<td width="28%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:28.72%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="20%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:20.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="11%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="15%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share Ownership   Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">481,565</font></p>    </td>
<td width="20%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:20.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">26,724</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">508,289</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$2,363,545</font></p>    </td>
<td width="28%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">804,965</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:20.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2,526</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">807,491</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$5,092,637</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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;">
<tr>
<td width="100%" colspan="2" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="57%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Manulife Financial Corporation</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Open Text Corporation</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Chair of the Board</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Thomson Reuters Corporation</font></p>    </td>
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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;">
<tr>
<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:30.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:21.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:47.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="100%" colspan="4" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">116,791,881</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.59%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,667,254</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.41%</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">15</font><a name="PB_15_084951_2897"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">YAKOUT   MANSOUR</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><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;"><b><font size="1" face="Arial" style="font-size:3.0pt;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:3.0pt;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:3.0pt;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="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial"><img width="136" height="204" src="g76271mm11i006.jpg"></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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 68</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">California, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Director Since: 2011</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Expected Retirement:&nbsp; 2020</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Electric Energy/Utility</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Risk Management/Insurance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory and Compliance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Strategy and Development</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Technology/Research/<br> &nbsp;&nbsp;&nbsp; Telecommunications</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">-Trading</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>    </td>
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<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director.</font></b><font size="2" face="Arial" style="font-size:9.5pt;">&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 Chief Executive Officer 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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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 .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Mansour   brings to the Company 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>   </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 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee   Membership</font></b><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(12)</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:9.5pt;font-weight:bold;">Attendance</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:9.5pt;font-weight:bold;">Percentage</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:9.5pt;font-weight:bold;">Attendance<br>   Total</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:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board   of Directors</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18 of 18</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:9.5pt;">100%</font></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit&nbsp;and   Risk Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5 of 5</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$187,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Governance   and Environment Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2 of 2</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:9.5pt;">100%</font></p>    </td>
<td width="16%" 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:16.9%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" 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:23.26%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="2" 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:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</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>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="19%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:19.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="15%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
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<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5,231</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:19.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">36,494</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">41,725</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$194,022</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.3%;">
<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>
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<td width="8%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5,231</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:19.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">22,670</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">27,901</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$293,526</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2013</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">5,231</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">14,595</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">19,826</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$267,254</font></p>    </td>
<td width="28%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.3%;">
<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 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;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
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<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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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<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
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<td width="30%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:30.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:21.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:47.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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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<td width="100%" colspan="4" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">117,162,494</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.91%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,296,641</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.09%</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 style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">16</font><a name="PB_16_085417_3020"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GEORGIA R.   NELSON</font></b><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(13)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial"><img width="136" height="205" src="g76271mm13i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 66</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">Illinois,   U.S.A.</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">Director   Since: 2014</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">Expected   Retirement: 2022</font><br>    <b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of Expertise</font></u></b><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Construction</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Electric   Energy/Utility</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Engineering&nbsp;&amp;   Technical</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Human   Resources</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-International   Operations</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Mergers   and Acquisitions</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory   and Compliance</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Strategy   and Development</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Trading/Marketing</font></p>
<p style="margin:0in 0in .0001pt;"><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:73.34%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">President and Chief Executive Officer of PTI Resources, LLC. </font></b><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Nelson   is President and Chief Executive Officer of PTI Resources, LLC, an   independent consulting firm established in 2005. 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   (EME), 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. Ms.&nbsp;Nelson has extensive   experience in international business negotiations, environmental policy   matters and human resources.</font><br><br></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Nelson   is currently a director of Cummins Inc., Ball Corporation, and Sims Metal   Management Ltd. She is also a director of CH2MHILL Corporation, a privately   held company. Ms.&nbsp;Nelson is a past director of Nicor,&nbsp;Inc.</font><br><br></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Nelson   was a member of the Executive Committee of the National Coal Council from   2000-2015 and served as Chair from 2006-2008. She serves on the advisory   committee of the Center for Executive Women at Northwestern University.   Ms.&nbsp;Nelson was named to the 2012 National Association of Corporate   Directors (&#147;<b>NACO</b>&#148;) Directorship 100. She is   an NACO Board Fellow.</font><br><br></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Nelson   holds a Bachelor of Science form Pepperdine University and a Master of   Business Administration from the University of Southern California.</font><br><br></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" color="#161316" face="Arial" style="color:#161316;font-size:9.5pt;">Ms.&nbsp;Nelson brings to the Company and   the Board specialized knowledge in the energy, coal and mining industry as   well as human resources management.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<td width="34%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:34.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee Membership</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(14)</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:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance&nbsp;Total</font></b></p>    </td>
<td width="24%" colspan="2" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0.375pt 5.4pt;width:24.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation Received in 2015</font></b></p>    </td>   </tr>
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<td width="34%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:34.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">17 of 18</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">94%</font></p>    </td>
<td width="3%" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:3.3%;">
<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="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p style="margin:0in 0in .0001pt;"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:9.5pt;">92%</font></p>    </td>
<td width="2%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:2.48%;">
<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="21%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:21.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200,827</font></p>    </td>   </tr>
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<td width="34%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:34.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Human Resources Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">6 of 7</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">86%</font></p>    </td>
<td width="3%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:3.3%;">
<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="2%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:2.48%;">
<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 style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="71%" colspan="5" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</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>   </tr>
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<td width="7%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.72%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="19%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="13%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="14%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(3)</font></i></p>    </td>   </tr>
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<td width="7%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="19%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">29,287</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">29,287</font></p>    </td>
<td width="14%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$136,185</font></p>    </td>
<td width="28%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
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<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:7.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4,896</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4,896</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$51,506</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 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="57%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Ball Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Human Resources; Nominating/Corporate Governance</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Cummins,&nbsp;Inc.</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Compensation, Governance and Nominating</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Sims Metal Management Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Safety, Health, Environment&nbsp;&amp; Community;   Remuneration</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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<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
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<td width="30%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:30.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</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="47%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:47.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">113,524,327</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">95.83%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4,934,808</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4.17%</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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">17</font><a name="PB_17_143724_2712"></a></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 2016 Management Proxy   Circular</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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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;">BEVERLEE F.   PARK</font></b><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial"><img width="136" height="204" src="g76271mm13i002.jpg"></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Age: 54</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">British   Columbia, Canada</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">Director   Since: 2015<br>   Expected Retirement: 2030</font><br>    <b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Areas of Expertise</font></u></b><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Accounting,   Finance&nbsp;&amp; Tax</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Electric   Energy / Utility</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Human   Resources</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Mergers   and Acquisitions</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Mining</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Risk   Management/ Insurance</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory   and Compliance</font><br>    <font size="2" face="Arial" style="font-size:9.5pt;">-Strategy   and Development</font></p>
<p style="margin:0in 0in .0001pt;"><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:73.34%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Corporate Director.</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> 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. Ms.&nbsp;Park spent seventeen years of her career with   TimberWest Forest Corp. where she was most recently Chief Operations Officer   until her retirement in 2013. 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 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>    </font><font size="2" face="Arial" style="font-size:9.5pt;">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 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>    </font><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Park is currently a director of Teekay LNG   Partners, a public company, where she chairs the Audit Committee. Teekay LNG   Partners is one the world&#146;s largest independent owners of LNG and LPG   carriers. 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. Most   recently, Ms.&nbsp;Park was appointed to the Board of Governors at the   University of British Columbia. 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 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>    </font><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Park holds a Bachelor of Commerce with   distinction from McGill University (Montreal, QB), a Master of Business   Administration from the Simon Fraser University Executive program and is a   Chartered Accountant. She is also a Fellow of the Institute of Chartered   Accountants of British Columbia.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>    </font><font size="2" face="Arial" style="font-size:9.5pt;">Ms.&nbsp;Park brings to the Company and to the Board 30   years of experience in finance and accounting as well as leadership   experience in organizational change.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
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<td width="34%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Board/Committee Membership</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(15)</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Attendance   Total</font></b></p>    </td>
<td width="24%" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0.375pt 5.4pt;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value of   Compensation<br>   Received in 2015</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Board of Directors</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">12 of 13</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">92%</font></p>    </td>
<td width="18%" rowspan="3" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">95%</font></p>    </td>
<td width="24%" rowspan="3" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$132,692</font></p>    </td>   </tr>
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<td width="34%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit&nbsp;&amp; Risk Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">3 of 3</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>   </tr>
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<td width="34%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Human Resources Committee</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">4 of 4</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</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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<td width="71%" colspan="5" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>
<td width="28%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:28.98%;">
<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>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Common Shares</font></i></p>    </td>
<td width="19%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Deferred   Share Units</font></i></p>    </td>
<td width="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Total</font></i></p>    </td>
<td width="14%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(2)</font></i></p>    </td>
<td width="28%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-5.0pt;">(3)</font></i></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:7.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">9,293</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">9,530</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">18,823</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$87,529</font></p>    </td>
<td width="28%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</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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<td width="100%" colspan="2" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>   </tr>
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<td width="42%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
<td width="57%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Silver Standard Resources</font></p>    </td>
<td width="57%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Safety and Sustainability</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:42.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Teekay LNG Partners</font></p>    </td>
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:57.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit (Chair); Governance</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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<td width="100%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>   </tr>
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<td width="30%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;width:30.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">None</font></p>    </td>
<td width="14%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="54%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 5.4pt 0in 5.4pt;width:54.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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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<td width="100%" colspan="4" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2015 Annual General Meeting</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-left:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="23%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">117,164,425</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">98.91%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,294,710</font></p>    </td>
<td width="26%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.09%</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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<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 2016 Management Proxy   Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">18</font><a name="PB_18_055646_3020"></a></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 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 align="left" style="color:#010101;"></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;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
<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: John P. Dielwart, Dawn L. Farrell, P. Thomas Jenkins and   Beverlee F. Park.</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The 2013 market value is based on the   closing price on December&nbsp;31, 2013 of $13.48, the 2014 market value is   based on the closing price on December&nbsp;31, 2014 of $10.52, and the 2015   market value is based on the weighted average closing share price of our   common shares on the Toronto Stock Exchange for the 20 trading days prior to   and including December&nbsp;31, 2015 of $4.65.</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(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 five-year minimum shareholding   requirement for independent directors is three times the retainer for   directors ($480,000) and the Chair of the Board ($990,000). See <i>&#147;Compensation &#150; Report on Director Compensation &#150; Share Ownership   Requirements of Directors&#148;</i>.</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:8.0pt;">(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;Faithfull was the Chair of   the Human Resources Committee (&#147;<b>HRC</b>&#148;) until   April&nbsp;28, 2015. He ceased being a member of the HRC and was appointed a   member of the Audit and Risk Committee (&#147;<b>ARC</b>&#148;) and the   Governance and Environment Committee (&#147;<b>GEC</b>&#148;) on   April&nbsp;28, 2015.</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:8.0pt;">(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;">As at December&nbsp;31, 2015,   Mrs.&nbsp;Farrell owned 15,000 common shares of TransAlta Renewables Inc., a   public subsidiary of the Company.</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:8.0pt;">(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;">Mrs.&nbsp;Farrell&#146;s Share Units are   comprised of Restricted Share Units (&#147;<b>RSU</b>&#148;) and   Officer Deferred Share Units (&#147;<b>ODSU</b>&#148;) (as   described under<i> &#147;Compensation Discussion and Analysis &#150;   Our Variable Compensation Program&#148;</i>). As at December&nbsp;31, 2015,   she held 182,212 RSUs and 135,832 ODSUs; however, under the executive share   ownership policy, only 25% of her RSUs can be counted towards her share   ownership requirements. See <i>&#147;Compensation Discussion   and Analysis &#150; Shareholder Alignment &#150; Share Ownership Requirements&#148;</i>.</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:8.0pt;">(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;">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. See <i>&#147;Compensation Discussion and Analysis &#150; Shareholder Alignment &#150; Share   Ownership Requirements&#148;</i>.</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:8.0pt;">(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;Fohrer was appointed Chair   of the ARC and ceased being a member of the GEC on April&nbsp;28, 2015.</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:8.0pt;">(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;">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 <i>Companies&#146; Creditors   Arrangement Act</i> (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:8.0pt;">(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;">As at December&nbsp;31, 2015,   Mr.&nbsp;Giffin owned 7,500 common shares of TransAlta Renewables Inc., a   public subsidiary of the Company.</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:8.0pt;">(11)</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 Chair   of the GEC on April&nbsp;28, 2015.</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:8.0pt;">(12)</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;Mansour was appointed to the   GEC on April&nbsp;28, 2015.</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:8.0pt;">(13)</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:8.0pt;">(14)</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 appointed Chair   of the HRC on April&nbsp;28, 2015.</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:8.0pt;">(15)</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;Park joined the Board on   April&nbsp;28, 2015. She was appointed to the ARC and the HRC on   April&nbsp;28, 2015.</font></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;"><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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board Committees and Membership in 2015</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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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="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;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="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Committees<br>   (Number of Members)</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;"><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="#D9D9D9" style="background:#D9D9D9;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="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ARC</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;">GEC</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.04%;">
<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;">HRC</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;"><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:9.0pt;font-weight:bold;">(5)</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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(5)</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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4)</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 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Independent Directors</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="14%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="14%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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:2.96%;">
<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>   </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;">William D. Anderson</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&#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: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;">&#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: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;">&#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: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;">&#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>   </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;">John P. Dielwart</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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="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;">&#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: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;">&#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: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: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:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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="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;">&#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: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;">&#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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Alan J. Fohrer</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" 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>
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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;">Chair</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Gordon D. Giffin (Board Chair)</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(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 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: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:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" style="padding:0in 0in 0in 0in;width:2.04%;">
<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%" style="padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" style="padding:0in 0in 0in 0in;width:2.96%;">
<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>
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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;">P. Thomas Jenkins</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(5)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" 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="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair</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>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#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>   </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;">C. Kent Jespersen</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(6)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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="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: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: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: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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Michael M. Kanovsky</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(7)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" 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="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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>
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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>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.96%;">
<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>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Karen E. Maidment</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(8)</font><font face="Arial">&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;">&#9619;</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="14%" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" style="padding:0in 0in 0in 0in;width:2.04%;">
<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%" style="padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" style="padding:0in 0in 0in 0in;width:2.04%;">
<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%" style="padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Yakout Mansour</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(9)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" 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="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Georgia R. Nelson</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(10)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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="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: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: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: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: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;">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:1.0pt;">&nbsp;</font></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;">Martha C. Piper</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(11)</font></p>    </td>
<td width="21%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:21.76%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" 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="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="2%" 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="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;">&#8730;</font></p>    </td>
<td width="2%" 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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&#8730;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.96%;">
<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>   </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;">Beverlee F. Park</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(12)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">&#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: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;">&#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: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: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: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;">&#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>   </tr>
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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;">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>
<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="14%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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="14%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:14.0%;">
<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:2.96%;">
<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>   </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;">Dawn L. Farrell</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(13)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><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="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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&#8730; - Member</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; </font><font size="1" face="Arial" style="font-size:8.5pt;"><br> &#9619; - Designated Audit Committee Financial Expert</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;"><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:8.0pt;">(1)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson ceased to be a member of the ARC on April&nbsp;28, 2015. He was appointed to the HRC on April&nbsp;28, 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 style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">19</font><a name="PB_19_055646_7748"></a></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 2016 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 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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Faithfull ceased to be the Chair of the HRC on April&nbsp;28, 2015. He was appointed to the ARC and GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Fohrer ceased to be a member of the GEC on April&nbsp;28, 2015. He was appointed Chair of the ARC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</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; </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-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(5)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins was appointed Chair of the GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jespersen retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kanovsky retired from the Board on April&nbsp;28, 2015.&#160; He was the Chair of the GEC until his retirement.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(8)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Maidment retired from the Board on April&nbsp;28, 2015.&#160; She was the Chair of the ARC until her retirement.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(9)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Mansour was appointed to the GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson was appointed Chair of the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Piper retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(12)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Park was appointed to the ARC and the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(13)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is the President and Chief Executive Officer of TransAlta and as such is not a member of any committee.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director Meeting Attendance in 2015</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;"><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 2015 is 96%.&#160; The attendance on an individual director basis is set out in the following table and under each director&#146;s personal biography in <i>&#147;Business of the Meeting &#150; Election of Directors &#150; Director Nominee Information&#148;</i>.</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;">
<tr>
<td width="22%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.86%;">
<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>
<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 Meetings</font></b></p>    </td>
<td width="35%" colspan="3" valign="bottom" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:35.72%;">
<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>
<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;">Committee Meetings</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<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="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">Regular <br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"> Meetings)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;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;">Special <br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(13&nbsp;Meetings)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;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;">ARC<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5&nbsp;Meetings)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">GEC<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5 Meetings)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">HRC<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7 Meetings)</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<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;">&nbsp;</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;">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="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Anderson</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of 5</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of 5</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">24 of 29 (83%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Dielwart</font></p>    </td>
<td width="11%" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFFF00" style="background:white;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of 5</font></p>    </td>
<td width="11%" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">27 of 28 (96%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Faithfull</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">12 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">25 of 26 (96%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(3)</font></p>    </td>
<td width="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">18 of 18 (100%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Fohrer</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">24 of 26 (92%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(5)</font></p>    </td>
<td width="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">18 of 18 (100%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(6)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7 of 7</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">27 of 27 (100%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Jespersen</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(7)</font></p>    </td>
<td width="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8 (100%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Kanovsky</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(8)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8 (100%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Maidment</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(9)</font></p>    </td>
<td width="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7 of 7 (100%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Mansour</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(10)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">26 of 26 (100%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(11)</font></p>    </td>
<td width="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of 5</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">13 of 13</font></p>    </td>
<td width="12%" style="border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" style="padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 7</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">23 of 25 (92%)</font></p>    </td>   </tr>
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<td width="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Park</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(12)</font></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10 of 11</font></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">19 of 20 (95%)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Piper</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(13)</font></p>    </td>
<td width="11%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="12%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.0%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="11%" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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="17%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<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="22%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">57 of 59</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;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;">130 of 136</font></b></p>    </td>
<td width="12%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;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;">25 of 25</font></b></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">21 of 23</font></b></p>    </td>
<td width="11%" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.86%;">
<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;">29 of 31</font></b></p>    </td>
<td width="17%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.68%;">
<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;">262 of 274 (96%)</font></b></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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson ceased to be a member of the ARC on April&nbsp;28, 2015. He was appointed to the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Faithfull ceased to be the Chair and a member of the HRC on April&nbsp;28, 2015. He was appointed to the ARC and GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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 not a member of any standing committee of the Board, however, she attends committee meetings (excluding the <i>in camera</i> portion of the meeting).&#160; As Mrs.&nbsp;Farrell is not a member of the committees, her attendance is not recorded.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Fohrer ceased to be a member of the GEC on April&nbsp;28, 2015.&#160; He was appointed Chair of the ARC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(5)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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 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 any compensation for his attendance at committee meetings.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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 Chair of the GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jespersen retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(8)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kanovsky was the Chair of the GEC until his retirement on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(9)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Maidment was the Chair of the ARC until her retirement from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Mansour was appointed to the GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson was appointed Chair of the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(12)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Park was appointed to the ARC and the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(13)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Piper retired from the Board on April&nbsp;28, 2015.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2016 Management Proxy   Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">20</font><a name="PB_20_055646_141"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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="Times New Roman" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">the Company&#146;s Board.&#160; We have no inter-locking relationships between compensation committee members and our President and Chief Executive Officer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Company</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Director</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Committee Memberships</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Gordon D. Giffin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit, Nominating, Governance and Risk (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Timothy W. Faithfull</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit, Health, Safety, Asset Integrity and Environment</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;"><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;"><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 five 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;text-align:justify;"><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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;&#160; The table below lists the areas of expertise presented within our 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;"><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 5.75pt;text-align:justify;"><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;">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:8.0pt;">Faithfull</font></p>    </td>
<td width="6%" height="13" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:6.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">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:8.0pt;">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:8.0pt;">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:8.0pt;">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:8.0pt;">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:8.0pt;">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:8.0pt;">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:8.0pt;font-weight:bold;">Summary</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Skill Experience and Expertise</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>
<td width="5%" height="13" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:5.08%;">
<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="7%" height="13" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:7.48%;">
<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="35%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:35.6%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Banking</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;">3</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;">5</font></b></p>    </td>   </tr>
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<td width="5%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.08%;">
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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;">2</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk Management / Insurance</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:8.0pt;font-weight:bold;">5</font></b></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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Active CEO</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;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Recent CEO (last five years)</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>
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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;">2</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Recent CFO / Senior Executive (last five years)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Business Owner</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>
<td width="6%" height="16" bgcolor="#FFD900" style="background:#D9D9D9;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="16" bgcolor="#FFD900" style="background:#D9D9D9;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="16" bgcolor="#FFD900" style="background:#D9D9D9;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&#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:8.0pt;font-weight:bold;">1</font></b></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:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:6.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:6.44%;">
<p align="center" 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%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:5.08%;">
<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="7%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:7.48%;">
<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;">4</font></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">21</font><a name="PB_21_065949_653"></a></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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;"><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 align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">FINANCIAL STATEMENTS</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;"><font size="2" face="Arial" style="font-size:10.0pt;">You will receive the Company&#146;s 2015 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 2015 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;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">APPOINTMENT OF AUDITORS</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;"><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;"><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;">Fees Paid to Ernst&nbsp;&amp; Young LLP</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;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ended December&nbsp;31, 2015 and December&nbsp;31, 2014, Ernst&nbsp;&amp; Young LLP and its affiliates were paid $3,989,814 and $3,587,987 respectively, as detailed below:</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="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="100%" colspan="7" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><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 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Year   Ended December&nbsp;31</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="29%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.82%;">
<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;">2015</font></b></p>    </td>
<td width="29%" colspan="3" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.8%;">
<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>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit Fees</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,549,473</font></p>    </td>
<td width="7%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,973,020</font></p>    </td>
<td width="8%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit-related fees</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">440,341</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">586,900</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax fees</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0</font></p>    </td>
<td width="7%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:6.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">28,067</font></p>    </td>
<td width="8%" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:8.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All other fees</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">0</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.38%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.38%;">
<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;">3,989,814</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.72%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<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;">3,587,987</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><font size="5" face="Arial" style="font-size:18.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">No other audit firms provided audit services in 2015 or 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;text-align:justify;"><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;"><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;">Audit Fees</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;"><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 2015 include payments related to 2014 in the amount of $1,607,423.&#160; Total audit fees for 2014 include payments related to 2013 in the amount of $1,369,460.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The audit-related fees in 2015 were primarily for work performed by Ernst&nbsp;&amp; Young LLP in relation to compliance and regulatory reporting, the issuance of an economic interest in certain assets owned by the Company to TransAlta Renewables Inc. and miscellaneous accounting advice provided to the </font><font size="2" face="Arial" style="font-size:9.5pt;">Company</font><font face="Arial">. The audit-related fees in 2014 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 </font><font size="2" face="Arial" style="font-size:9.5pt;">Company</font><font face="Arial">.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The tax fees for 2015 and 2014 relate to various tax related matters in our domestic and foreign operations.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Nil.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Pre-Approval Policies and Procedures</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;text-align:justify;"><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 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; This 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;"><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 reappointment of Ernst&nbsp;&amp; Young LLP as auditors of the Company.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">SHAREHOLDER RIGHTS PLAN</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;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;13, 1992, we originally implemented a shareholder rights plan under the terms of the Shareholder Rights Plan Agreement between TransAlta and CIBC Mellon Trust Company, as rights agent (the &#147;<b>Rights Agent</b>&#148;).&nbsp; Subsequently, the shareholder rights plan was continued, ratified, confirmed and approved by Shareholders at the Company&#146;s annual and special Shareholders meeting held on April&nbsp;23, 2013, as amended and restated (the &#147;<b>Rights Plan</b>&#148;). The Rights Plan will expire as of the close of the Meeting unless renewed and ratified by the Shareholders.&nbsp; On February&nbsp;17, 2016, subject to approval by the majority vote of Shareholders at the Meeting, or any adjournment or postponement thereof, the Board approved the continuance, amendment and restatement of the Rights Plan pursuant to an amended and restated Shareholder Rights Plan Agreement between the Company and CST Trust Company (the successor company to CIBC Mellon Trust Company).&nbsp; There are no amendments to the principal terms of the Rights Plan.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">You will be asked at the Meeting to consider and, if deemed advisable, to approve, by a simple majority of votes cast at the Meeting, a resolution (the &#147;<b>Rights Plan Resolution</b>&#148;), to continue, ratify, confirm and approve the Rights Plan.&nbsp; For the Rights Plan to continue in effect after the Meeting, the Rights Plan Resolution must be passed by the majority vote of Shareholders.&nbsp; If the Rights Plan Resolution is not passed by a majority vote of Shareholders, the Rights Plan will terminate.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Objective of the Rights Plan</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary objective of the Rights Plan is to provide the Board with sufficient time to explore and develop alternatives for maximizing Shareholder value if a take-over bid is made for the Company and to provide every Shareholder with an equal opportunity to participate in such a bid.&nbsp; The Rights Plan encourages a potential acquiror to proceed either by way of a Permitted Bid (as defined in the Rights Plan), which requires that certain minimum standards designed to promote fairness, or the concurrence of the Board are satisfied.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Rights Plan is not being proposed to prevent a takeover of the Company, to secure the continuance of management or the directors of the Company in their respective offices or to deter fair offers for the common shares.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In adopting the Rights Plan, the Board considered the legislative framework in Canada governing take-over bids.&nbsp; Pursuant to current provincial securities legislation, a take-over bid generally means an offer to acquire voting or equity securities made to one or more persons, where the securities subject to the offer, together with the securities already owned by the bidder (including securities owned by persons acting jointly or in concert with a bidder), aggregate to 20% or more of the outstanding securities of a corporation. The current legislation provides that a take-over bid must remain open for acceptance for a period of at least 35 days and does not require bidders to receive tenders of more than 50% of the outstanding&nbsp;securities of the class subject to the take-over bid prior to taking up and paying for any securities tendered under the bid.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;25, 2016, the Canadian Securities Administrators published significant amendments (the &#147;<b>Amendments</b>&#148;) to the legislative framework governing take-over bids.&nbsp; The Amendments are expected to come into force in all provinces and territories, other than the province of Ontario, on May&nbsp;9, 2016 and in Ontario, on the later of May&nbsp;9, 2016, and the date that new legislation is proclaimed into force. &nbsp;The Amendments will require that all &#147;non-exempt&#148; take-over bids remain open for a minimum deposit period of 105 days and a target company will only be allowed to reduce the deposit period to not less than 35 days in certain circumstances and subject to certain conditions.&nbsp;&nbsp;In addition, the Amendments include a mandatory tender condition that requires a minimum of more than 50% of all outstanding securities of the class subject to the bid (excluding those beneficially owned or over which control or direction is exercised by the bidder and its joint actors), be</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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">tendered and not withdrawn before the bidder can take up and pay for any securities tendered under the bid.&nbsp; Once this minimum tendering condition has been satisfied and other terms of the bid have been complied with, the new legislation requires that the bid be extended by the bidder for at least 10 days.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">While the existing provincial legislative securities framework, together with the proposed Amendments, substantially address many concerns associated with take-over bids, there remains the possibility that control of the Company may nonetheless be acquired pursuant to a private agreement in which one or a small group of Shareholders dispose of voting or equity securities at a premium to the market price which premium is not shared with the other Shareholders.&nbsp; In addition, a person may slowly accumulate voting or equity securities of the Company through stock exchange acquisitions which may result, over time, in an acquisition of control without payment of fair value for control or a fair sharing of a control premium among all Shareholders.&nbsp; The Rights Plan addresses these concerns by applying to all acquisitions that result in the purchaser (including all persons acting jointly or in concert with such purchaser) acquiring greater than 20% of the outstanding voting or equity securities of the Company, to better ensure that Shareholders receive equal treatment.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In light of the recently published Amendments to the legislative framework governing take-over bids, the Company will actively monitor the practices of other Canadian companies and will consider the advice and recommendations of professional commentators on shareholder rights plans to assess the impact of such Amendments on our Rights Plan, which will include giving consideration to the continued relevancy and need for the Rights Plan.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Summary</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The following is a brief summary of the Rights Plan and is qualified in its entirety by reference to the full text of the Rights Plan.&nbsp; Capitalized terms used in the summary but not otherwise defined will have the meaning given to such terms in the Rights Plan.&#160; A Shareholder or any other interested party may obtain a copy of the Rights Plan by contacting in writing Investor Relations, TransAlta Corporation, Box 1900, Station &#147;M&#148;, 110 - 12th Avenue S.W., Calgary, Alberta, T2P 2M1; or by telephone at 1 (800) 387-3598 in Canada or the U.S., or (403) 267-2520 in Calgary and outside of North America; by fax at (403) 267-2590; or by e mail at investor_relations@transalta.com.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Effective Date</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The effective date of the Rights Plan is December&nbsp;31, 1992 (the &#147;<b>Effective Date</b>&#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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Term</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Provided the Rights Plan is approved at the Meeting, the Rights Plan (unless terminated earlier) will remain in effect until the earlier of the close of business on the date of the Company&#146;s 2019 annual meeting or May&nbsp;31, 2019, unless extended beyond such date by resolution of the Shareholders at such meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Is</font></i><i><font face="Arial" style="font-style:italic;">s</font></i><i><font face="Arial" style="font-style:italic;">ue of Rights</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">On the Effective Date, one right (a &#147;<b>Right</b>&#148;) was issued and attached to each common share outstanding and attaches to each common share subsequently 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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Rights Exercise Privilege</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Rights will separate from the common shares and will be exercisable eight trading days (the &#147;<b>Separation Time</b>&#148;) after a person has acquired, or commences a take-over bid to acquire, 20% or more of the common shares, other than by an acquisition pursuant to a take-over bid permitted by the Rights Plan (a &#147;<b>Permitted Bid</b>&#148;).&nbsp; The acquisition by any person (an &#147;<b>Acquiring Person</b>&#148;) of 20% or more of the common shares, other than by way of a Permitted Bid, is referred to as a &#147;<b>Flip-in Event</b>&#148;.&nbsp; Any Rights held by an Acquiring Person will become void upon the occurrence of a Flip-in Event.&nbsp; Eight trading days after the occurrence of the Flip-in Event, each Right, other than those held by the Acquiring Person, will permit the purchase of $200 worth of common shares for $100.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The issue of the Rights is not initially dilutive.&nbsp; Upon a Flip-in Event occurring and the Rights separating from the common shares, reported earnings per share on a fully diluted or non-diluted basis may be affected.&nbsp; Holders of Rights not exercising their Rights upon the occurrence of a Flip-in Event may suffer substantial dilution.</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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Lock Up Agreements</font></i></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A bidder may enter into Lock-up Agreements with the Company&#146;s Shareholders (&#147;<b>Locked up Persons</b>&#148;) whereby such Shareholders agree to tender their common shares of the Company to the take-over bid (the &#147;<b>Subject Bid</b>&#148;) without a Flip-in Event (as referred to above) occurring.&nbsp; The Lock-up Agreement must either: (i)&nbsp;permit the Locked-up Person to withdraw the common shares of the Company from the lock-up to tender to another bid or to support another transaction that in either case will provide greater value to the Shareholder than the Subject Bid; or (ii)&nbsp;permit the Locked-up Person to withdraw from the agreement in order to tender or deposit the common shares to another transaction or to support another transaction that contains an offering price that exceeds the value of the Subject Bid by as much or more than a specified amount as long as the Lock-up Agreement does not provide for a specified amount that exceeds 7% of the value of the Subject Bid.&nbsp; For purposes of clarity, a Lock-up Agreement may contain a right of first refusal or require a period of delay (or other similar limitation) to give an Offeror an opportunity to match a higher price in another transaction as long as the Shareholder can accept another bid or tender to another transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Any Lock-Up Agreement must be made availabl</font><font face="Arial">e to the Company and to the public, and under a Lock-up Agreement no &#147;break up&#148; fees, &#147;top up&#148; fees, penalties, expens</font><font face="Arial">es reimbursement or other amounts that exceed in aggregate the greater of: (i)&nbsp;2&#189;% of the value payable under the Subject Bid; and (ii)&nbsp;50% of the amount by which the value received by a Locked-up Person under another take-over bid or transaction exceeds what such Locked-up Person would have received under the Subject Bid; can be payable by such Locked-up Person if the Locked-up Person fails to deposit or tender common shares to the Subject Bid or withdraws common shares previously tendered thereto in order to deposit such common shares to another take-over bid or support another transaction.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Certificates and Transferability</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Prior to the Separation Time, the Rights are evidenced by a legend imprinted on certificates for the common shares issued from and after the Effective Date and are not transferable separately from the common shares.&nbsp; From and after the Separation Time, the Rights will be evidenced by Rights certificates which will be transferable and traded separately from the common shares.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Permitted Bid Requirements</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The requirements for a Permitted Bid include the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font face="Arial">the take-over bid must be made by way of a take-over bid circular;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font face="Arial">the take-over bid must be made to all Shareholders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(c)</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the take-over bid must be outstanding for a minimum period of 60 days and common shares tendered pursuant to the take-over bid may not be taken up prior to the expiry of the 60 day period and only if at such time more than 50% of the common shares held by Shareholders, other than the bidder, its affiliates and persons acting jointly or in concert and certain other persons (the &#147;<b>Independent Shareholders</b>&#148;), have been tendered to the take-over bid and not withdrawn; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(d)</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">if more than 50% of the common shares held by Independent Shareholders are tendered to the take-over bid within the 60 day period, the bidder must make a public announcement of that fact and the take-over bid must remain open for deposits of common shares for an additional 10 business days from the date of such public announcement.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Rights Plan allows for a competing Permitted Bid (a &#147;<b>Competing Permitted Bid</b>&#148;) to be made while a Permitted Bid is in existence.&nbsp; A Competing Permitted Bid must satisfy all the requirements of a Permitted Bid except that it may expire on the same date as the Permitted Bid, subject to the requirement that it be outstanding for a minimum period of 35 days which conforms to securities legislation requirements.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Waiver</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, acting in good faith, may, prior to the occurrence of a Flip-in Event, waive the application of the Rights Plan to a particular Flip-in Event (an &#147;<b>Exempt Acquisition</b>&#148;) where the take-over bid is made by a take-over bid circular to all holders of common shares.&nbsp; Where the Board exercises the waiver power for one take-over bid, the waiver will also apply</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 2016 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;"><font size="2" face="Arial" style="font-size:10.0pt;">to any other take-over bid for the Company made by a take-over bid circular to all holders of common shares prior to the expiry of any other bid for which the Rights Plan has been waived.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Redemption</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, with the approval of a majority vote of the votes cast by Shareholders (or the holders of Rights if the Separation Time has occurred) voting in person and by proxy, at a meeting duly called for that purpose, may redeem the Rights at $0.001 per Right.&nbsp; Rights may also be redeemed by the Board without such approval following completion of a Permitted Bid, Competing Permitted Bid or Exempt Acquisition.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Amendment</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board may amend the Rights Plan with the approval of a majority vote of the votes cast by Shareholders (or the holders of Rights if the Separation Time has occurred) voting in person and by proxy at a meeting duly called for that purpose.&nbsp; The directors without such approval may correct clerical or typographical errors and, subject to approval as noted above at the next meeting of the Shareholders (or holders of Rights, as the case may be), may make amendments to the Rights Plan to maintain its validity due to changes in applicable legislation.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Board of Directors</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Rights Plan will not detract from or lessen the duty of the Board to act honestly and in good faith with a view to the best interests of the Company.&nbsp; The Board, when a Permitted Bid is made, will continue to have the duty and power to take such actions and make such recommendations to Shareholders as are considered appropriate.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Exemptions for Investment Advisors</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Investment advisors (for fully managed accounts), trust companies (acting in their capacities as trustees and administrators), statutory bodies whose business includes the management of funds and administrators of registered pension plans acquiring greater than 20% of the common shares are exempted from triggering a Flip-in Event, provided that they are not making, or are not part of a group making, a take-over bid.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Recommendation of the Board</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has determined that the Rights Plan continues to be in the best interests of the Company and the Shareholders. The Board has approved the amendment and restatement of the Rights Plan and unanimously recommends that Shareholders vote in favour of the Rights Plan Resolution.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Accordingly, at the Meeting, you will be asked to approve the Rights Plan Resolution set forth below.</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-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;<b>BE IT RESOLVED THAT</b>:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">The Shareholder Rights Plan Agreement (the &#147;<b>Rights Plan Agreement</b>&#148;) dated as of October&nbsp;13, 1992, as amended and restated, between TransAlta Corporation and CST Trust Company (the successor company to CIBC Mellon Trust Company), as described in the Management Proxy Circular of TransAlta Corporation dated March&nbsp;10, 2016, is hereby continued, ratified, confirmed and approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">The making on or prior to April&nbsp;22, 2016, of any amendments to the Rights Plan Agreement as the Company may consider necessary or advisable to satisfy the requirements of any stock exchange or by professional commentators on shareholder rights plans to conform the Rights Plan Agreement to versions of shareholder rights plans prevalent for public reporting issuers in Canada, as may be approved by any two of the Chair of the Board, the Chief Executive Officer, the Chief Financial Officer, the Chief Legal and Compliance Officer and Corporate Secretary, or a director of TransAlta Corporation, is hereby authorized and approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font><font face="Arial">The Rights Plan Agreement, as the same may be amended in accordance with paragraph 2, be and is hereby authorized and approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font><font face="Arial">Any two directors or officers (or combination thereof) of TransAlta Corporation, be and are hereby authorized, for and on behalf of TransAlta Corporation, to execute and deliver such other documents and</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 2016 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 1.0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">instruments and take such other actions as such directors or officers may determine to be necessary or advisable to implement this resolution and the matters authorized hereby, such determination to be conclusively evidence by the execution and delivery of any such documents or instruments and the taking of any such actions.&#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;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 Rights Plan Resolution.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">ADVISORY VOTE ON 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At the Meeting, you will be asked to consider and approve, on a non-binding and 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;), which includes a discussion on our compensation strategy, the objectives of different elements of our compensation programs and the way performance is assessed and compensation decisions are made.&#160; Our compensation strategy has been designed to attract, motivate and retain qualified executives to deliver on our business 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As our Shareholder, on a non-binding and advisory basis, you have the opportunity to vote &#147;For&#148; or &#147;Against&#148; our approach to executive compensation by considering and, if deemed advisable, approving the following resolution:</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-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#147;<b>BE IT RESOLVED THAT</b>, on a non-binding and 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 connection with the 2016 annual and special meeting of Shareholders of the Company&#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;text-align:justify;"><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;"><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 advisory resolution on 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6.</font></b><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; </font><b><font face="Arial" style="font-weight:bold;">OTHER BUSINESS</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;"><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 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 2016 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:10.0pt;font-weight:bold;">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;">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, and other stakeholders, in representing your and other stakeholders&#146; interests with integrity, honesty and ethical conduct.</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;">This section discusses TransAlta&#146;s corporate governance practices and provides information pertaining to our Board.</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;">OUR GOVERNANCE PRACTICES</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 listed on the TSX, under the trading symbol &#147;TA&#148;, and the NYSE, under the trading symbol &#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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">As a &#147;foreign private issuer&#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 which can be found in this Proxy Circular under the heading &#147;New York Stock Exchange &#150; Significant Differences in Corporate Governance Practices&#148; and also on our website at </font><u><font face="Arial">http://www.transalta.com/Aboutus/CorporateGovernance/GovernanceGuidelines</font></u><font face="Arial">.</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 corporate governance practices also comply with applicable requirements enacted under U.S. Securities and Exchange Commission rules&nbsp;initiated under Sarbanes-Oxley and also incorporate a number of best practices, including certain recommendations by the Canadian Coalition for Good Governance.</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 key elements of TransAlta&#146;s governance practices are:</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;">OUR ETHICAL COMMITMENT</font></b></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;">Codes of Conduct</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;">One of our most valuable assets is our reputation.&#160; A strong commitment to ethical conduct is a basic element of our corporate governance.&#160; We have adopted the following codes of conduct to guide our business decisions and everyday business activities:</font></p>
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<p style="font-size:10.0pt;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:8.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Corporate Code of Conduct, which applies to all employees and officers of TransAlta and its subsidiaries;</font></p>
<p style="font-size:10.0pt;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:8.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Directors&#146; Code of Conduct, which applies to our directors;</font></p>
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<p style="font-size:10.0pt;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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:8.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Energy Trading Code of Conduct, which applies to all of our employees engaged in energy marketing.</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 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,</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 2016 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;">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>
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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 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>
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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 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>
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<p style="font-size:10.0pt;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></font><u><font face="Arial">,</font></u><font face="Arial"> 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>
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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;">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>
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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;">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 meets the requirements of the stock exchanges on which our shares are listed as well as those of corporate law and includes the following measures:</font></p>
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<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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.&#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="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">publishing and communicating the dates for regular blackout periods and sending a monthly reminder to all reporting insiders of their obligations;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">requiring all reporting insiders to pre-clear transactions.</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;">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 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2016 Management Proxy Circular</font></p>    </td>
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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;">THE BOARD&#146;S MANDATE</font></b></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;">The General Governance Guidelines</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 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>
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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;">Board Relationships with 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;">In accordance with the General Governance Guidelines, the Board has delegated to the President and 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>
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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;">Terms of Reference for the Chair of the Board</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 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 Chief Legal and Compliance Officer and 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>
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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;">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>
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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;">Please see each committee report in this Proxy Circular for an overview of their principal functions during 2015.</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>
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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 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>
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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 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 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 2016 Management Proxy Circular</font></p>    </td>
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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;">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;text-align:justify;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>
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<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">monitoring our risk management programs through the work of the committees, which report to the Board; and</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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>
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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 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>
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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 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.&#160; 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.&#160; In addition, the ARC is responsible for overseeing our internal audit function and our lead Internal Auditor has a direct reporting relationship to the Chair of the ARC.</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;">Meeting without Management or Non-Independent Directors</font></b></p>
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<p style="font-size:10.0pt;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 2015, the Board held in camera sessions of independent directors at the end of all regularly scheduled meetings of the Board.&#160; Each of the standing committees of the Board also held regularly scheduled in camera sessions at the end of each meeting.&#160; In 2015, the Board held five, the ARC held </font><font face="Arial">five</font><font face="Arial">, the HRC held </font><font face="Arial">seven</font><font face="Arial">, and the GEC held </font><font face="Arial">five</font><font face="Arial"> in camera sessions.</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;">Succession 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 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>
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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 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 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 2016 Management Proxy Circular</font></p>    </td>
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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;">BOARD CHARACTERISTICS</font></b></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;">Independence of 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;">The independence of our directors is determined annually by the Board at the recommendation of the GEC.&#160; 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>.&#160; 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.&#160; This criterion is also utilized to assess the independence of any new director appointed or nominated to the Board.</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;">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;<i>Business of the Meeting - Election of Directors - Nominees&#148;</i> in this Proxy Circular.</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 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 retainers, travel fees and travel supplements for foreign-based directors, and none of the directors (with the exception of Mrs.&nbsp;Dawn L. Farrell, our 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 eight out of the nine nominated directors are independent.</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;">Directors Who Are Not Independent</font></i></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;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Dawn L. Farrell, CEO of the Company and a director of the Company, is not independent.</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;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Board Chair Independence</font></i></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;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair of the Board, Ambassador 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 Ambassador Giffin&#146;s additional three-year term took effect in 2014 and will expire in 2017 following the annual meeting of Shareholders.</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;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Diversity</font></b></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;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; In 2015, 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></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;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board is currently comprised of three female directors (30%) and seven male directors (70%).&#160; Following the Meeting, assuming all of our director nominees are elected, our Board will be comprised of three female directors (33%) and six male directors (67%).&#160; With respect to executive officer positions, we have four women (50%) and four men (50%).&#160; Women comprise 18% of our total workforce.</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;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.</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="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 2016 Management Proxy Circular</font></p>    </td>
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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>
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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>
<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 and GEC are committed to maintaining and 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;"><font size="2" face="Times New Roman" 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.&#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;"><font size="2" face="Times New Roman" 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;">Attendance</font></b></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;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 Board and committee meetings be required, we make every effort to schedule such meetings to accommodate the attendance of the majority of directors.</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;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other Directorships</font></b></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;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>
<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;text-align:justify;text-justify:inter-ideograph;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Other Public Company Directorships/Committee Appointments</font></i></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 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="27%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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 2.9pt;"><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 2.9pt;"><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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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dielwart, J.P.</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ARC Resources Ltd.</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Health, Safety and Environment   (Chair); Risk</font></p>    </td>   </tr>
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Denbury Resources Inc.</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Reserves and Health, Safety and Environment;   Risk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tesco Corporation</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NASDAQ</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Compensation</font></p>    </td>   </tr>
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<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Faithfull, T.W.</font></p>    </td>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural Resources Limited</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:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
<td width="47%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Health, Safety and Environment</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Farrell, D.L.</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The Chemours Company</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Compensation; Nominating&nbsp;&amp;   Governance</font></p>    </td>   </tr>
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<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fohrer, A.J.</font></p>    </td>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PNM Resources,&nbsp;Inc.</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:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
<td width="47%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit and Ethics; Compensation and   Human Resources</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Giffin, G.D.</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Imperial Bank of Commerce</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Management Resources and Compensation</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian National Railway Company</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<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;">Audit; Donations and Sponsorship; Human Resources and   Compensation (Chair); Investment Committee of CN&#146;s Pension Trust Funds;   Strategic Planning</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Lead Director; Audit; Nominating and   Corporate Governance (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Element Financial Corporation</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Compensation and Corporate Governance</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Jenkins, P. T.</font></p>    </td>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Manulife Financial Company</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Open Text Corporation</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Thomson Reuters</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:12.08%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NASDAQ</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board of Directors</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mansour, Y.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Nelson, G.R.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ball Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
<td width="47%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ASX</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><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;"><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 2.9pt;"><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 2.9pt;"><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 2.9pt;"><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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit (Chair); Governance</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" 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 BOARD EXPERTISE</font></b></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;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Orientation and Continuing 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;"><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 0in .0001pt;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.&#160; Individual meetings are also scheduled with directors in order that an incoming director may familiarize himself or herself with the demands of the role and the expectations of both the Board and management.&#160; Once a new director joins the Board, they are provided with an orientation and education program that includes:</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:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">A director&#146;s manual containing written information about the directors&#146; duties and obligations, the Board, each committee (including the charter for each committee), 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;"><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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">33</font><a name="PB_33_071009_3020"></a></p>
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2016 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 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Access to materials and minutes from recent Board and committee meetings;</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:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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.&#160; These meetings are aimed to provide new directors with an overall review of our business and capital structure; and</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:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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;"><font size="2" face="Times New Roman" 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;">Continuing Education</font></i></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;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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Presentations by management of TransAlta to provide directors information pertinent to our business; and</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:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">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="Times New Roman" 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 2015, our directors received presentations on the following topics:</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 2.9pt;"><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 2.9pt;"><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 2.9pt;"><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 2.9pt;"><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:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">February&nbsp;</font></p>    </td>
<td width="34%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:34.76%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cyber Security</font></p>    </td>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:25.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TransAlta Corporation</font></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors<br>   except G. Nelson</font></p>    </td>   </tr>
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">July&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ghost Hydro Facility Tour</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">TransAlta Corporation</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">J. Dielwart<br>   T. Jenkins<br>   B. Park</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">October&nbsp;</font></p>    </td>
<td width="34%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.76%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta Economy and Regulatory Changes</font></p>    </td>
<td width="25%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.92%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P. Tertzakian</font></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors<br>   except W. Anderson</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;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financial Literacy</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;">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, Ms.&nbsp;Park qualifies as an &#147;audit committee financial expert&#148; as defined by the U.S. Securities Exchange Act of 1934.&#160; This determination is based on an analysis of each director&#146;s education, skills and experience.&#160; 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>
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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;">External Consultants and other Third Parties</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 and its committees have the ability to retain external consultants or other third parties at their own discretion.&#160; During 2015, the HRC retained independent compensation consultants to advise it on the Company&#146;s compensation plan.</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 2016 Management Proxy Circular</font></p>    </td>
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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;">THE BOARD EFFECTIVENESS</font></b></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;">Board 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;">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>
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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;">Review<br>    <i>(Frequency)</i></font></b></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:9.0pt;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:9.0pt;font-weight:bold;">By</font></b></p>    </td>
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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:9.0pt;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:9.0pt;font-weight:bold;">Action</font></b></p>    </td>
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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:9.0pt;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:9.0pt;font-weight:bold;">Outcome</font></b></p>    </td>   </tr>
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<p style="margin:0in 2.9pt .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Full   Board<br>    <i>(Annual)</i></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;">All Members of<br>   the Board</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">Responses are reviewed by the GEC together with the Chair   of the Board.</font></p>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">A summary report is prepared by the Chair of the Board.</font></p>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">Areas of improvement and objectives are identified and   monitored.</font></p>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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>   </tr>
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<p style="margin:0in 2.9pt .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair   of the Board<br>    <i>(Annual)</i></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;">All Members of<br>   the Board</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">Board members assess and comment on the Chair of the   Board&#146;s performance measured against the position description.</font></p>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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>   </tr>
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<p style="margin:0in 2.9pt .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   Committees<br>    <i>(Annual)</i></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;">All Members of<br>   the Board</font></p>    </td>
<td width="38%" 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:38.76%;">
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">Responses are reviewed by the GEC and Chair of the Board.</font></p>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">The GEC and Board reviews and considers the proposed   changes to the Committee Charters. </font></p>    </td>
<td width="35%" 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:35.42%;">
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">A summary report is prepared by the Chair of the Board.</font></p>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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>   </tr>
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<p style="margin:0in 2.9pt .0001pt .05in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Arial" style="font-size:9.0pt;">Individual   Directors<br>    <i>(Annual)</i></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;">Each Director</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">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 style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" face="Arial" style="font-size:9.0pt;">The Chair of the Board reports summary findings to the   full Board during an in camera session.</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 2016 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 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;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Identifying New Candidates for the Board</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;">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.&#160; A competency/skills matrix that outlines the areas of expertise and experience of each director is maintained and regularly reviewed.&#160; In line with our needs, the GEC maintains an evergreen list of potential nominees which is typically generated through individual referrals.&#160; 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>
<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;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">This year, the GEC determined that the current slate of directors and the size and composition of the Board meet the needs, both in terms of strategy and business, for the next year.</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;">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: Chief Legal and Compliance Officer 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 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;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>
<p style="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;">TransAlta Corporation 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">36</font><a name="PB_36_072336_7608"></a></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 style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE AUDIT AND RISK COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></b></p>
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<p style="margin:8.0pt 0in .0001pt 6.5pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
<p style="margin:2.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><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;Park is an &#147;audit committee financial expert&#148; defined by the   U.S. Securities Exchange Act of 1934.&nbsp; </font></p>
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<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Alan Fohrer (Chair)</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">John&nbsp; Dielwart</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy Faithfull</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Yakout Mansour</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Beverlee Park</font></p>    </td>
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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>   </tr>
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<p style="margin:12.0pt 0in .0001pt 6.5pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MANDATE</font></b></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:2.0pt 5.75pt .0001pt 6.5pt;text-align:justify;"><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>
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<p style="margin:2.0pt 5.75pt .0001pt 6.5pt;text-align:justify;"><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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2015, the ARC completed the following:</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Financial Reporting</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   the Company&#146;s annual information form and relevant portion of the Proxy   Circular for the year ended December&nbsp;31, 2015, and made recommendations   to the Board with respect to the independence of the ARC members and the   individual to be designated as an &#147;audit committee financial expert&#148; as   provided under U.S. securities laws.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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 6.5pt;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">together   with the GEC, reviewed the Company&#146;s insurance programs and coverage vis &#224;   vis its risk profile;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">37</font><a name="PB_37_074606_6997"></a></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 2016 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 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="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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   the financial performance of the Company&#146;s pension plans.</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 6.5pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">External Auditors</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">adopted   the Canadian Public Accountability Board&#146;s Standards for auditor review and   assessments;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">approved   the fees payable to the external auditors;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Internal Auditors</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   the mandate, independence, qualifications and resources of the internal   auditor;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   and discussed with the Internal Auditor any complaints received from the   Company&#146;s Ethics Help-Line to ensure that all matters were investigated and   addressed as required;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">met   privately, without any members of management present, with the Internal   Auditor in order to address processes, management support in the fulfillment   of the department&#146;s responsibilities, and any other matters that arose.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt 24.5pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2015 the ARC:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">met   regularly with external auditors; the Internal Auditor; the CEO; the CFO; the   Managing Director, Corporate Controller; the Chief Legal and Compliance   Officer and Corporate Secretary and other members of management, as required;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   the changes made to the Company&#146;s trade compliance program.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Alan J. Fohrer (Chair)&#160;&#160; John P. Dielwart&#160;&#160; Timothy Faithfull&#160;&#160; Yakout Mansour&#160;&#160; Beverlee Park</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">38</font><a name="PB_38_074639_7056"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE GOVERNANCE AND ENVIRONMENT COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></b></p>
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<p style="margin:8.0pt 0in .0001pt 6.5pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
<p style="margin:2.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><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:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P. Thomas Jenkins<br>   (Chair)</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">William Anderson</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">John&nbsp; Dielwart</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy Faithfull</font></p>    </td>
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<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Yakout Mansour</font></p>    </td>
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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>   </tr>
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<p style="margin:12.0pt 0in .0001pt 6.5pt;text-align:justify;"><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:2.0pt 5.75pt .0001pt 6.5pt;text-align:justify;"><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:2.0pt 0in .0001pt .05in;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:2.0pt 5.75pt .0001pt 6.5pt;text-align:justify;"><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="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2015, the GEC completed the following:</font></p>
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<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate Governance</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   and approved the GEC portion of the Proxy Circular; and</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">39</font><a name="PB_39_074659_5335"></a></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 2016 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>
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<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed   with management the EH&amp;S policies of the Company;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2015 the GEC met in camera, without management present, at the conclusion of each in person meeting.</font></p>
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<p style="margin:0in 0in .0001pt 6.3pt;text-align:justify;"><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 2015.</font></p>
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<p style="margin:0in 0in .0001pt 6.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">P. Thomas Jenkins (Chair)&#160;&#160; William D. Anderson&#160;&#160; John P. Dielwart&#160;&#160; Timothy Faithfull&#160;&#160; Yakout Mansour</font></p>
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<p style="margin:0in 0in .0001pt 6.75pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT OF THE HUMAN RESOURCES COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></b></p>
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<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><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 6.5pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All members of the HRC are independent. 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="2" face="Arial" style="font-size:10.0pt;">Georgia Nelson (Chair)</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;">William Anderson</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;">P. Thomas Jenkins</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;">Beverlee<br>   Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt 5.75pt;text-align:justify;"><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>
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<p style="margin:0in .05in .0001pt 5.75pt;text-align:justify;"><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 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2015, the HRC completed the following:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">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.&#160; The HRC also undertook a comprehensive review of compensation risks.&#160; 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">In February, the HRC reviewed and recommended to the Board for approval the variable compensation payable to the executives.&#160; 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.&#160; It also recommended to the Board the approval of its report to Shareholders and the CD&amp;A;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">In July, the HRC reviewed our comparator group to ensure its continued alignment with the Company;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">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.</font></p>
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<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015, the HRC also:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed and recommended to the Board approval of the CEO&#146;s role description;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">recommended to the Board approval of Long Term Incentive Plan grants;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">conducted annual salary review for executive officers;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed achievements of variable compensation plans at each of its regularly scheduled meetings;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed the 2015 annual pension report;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed the HRC charter and approved the 2016 HRC work plan;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed and approved personal goals for the CEO and each of her direct reports; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">reviewed and approved updated share ownership guidelines for the Company&#146;s officers.</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 2016 Management Proxy   Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2015 the HRC met in camera, without management present, at the conclusion of each in person meeting. </font></p>
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<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><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 2015.</font></p>
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<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia R. Nelson (Chair)&#160;&#160; William Anderson&#160;&#160; P. Thomas Jenkins&#160;&#160; Beverlee F. Park</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 2016 Management Proxy   Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">42</font><a name="PB_42_092607_455"></a></p>
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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>
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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="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPENSATION</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>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT ON DIRECTOR COMPENSATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">the complexity of our industry and size of our business;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">the retention and attraction of qualified individuals to serve as directors on our Board;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">the provision of competitive compensation; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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 face="Arial">the importance we place on aligning directors&#146; compensation with the interests of our Shareholders.</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;">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 (as defined herein) and to Canadian companies of similar size. &#160;Beginning January&nbsp;1, 2015, a flat fee compensation system for the independent directors was implemented.</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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Components of Compensation for 2015</font></b></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Retainers</font></b><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
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<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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><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="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="Arial" style="font-size:10.0pt;">$330,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Board   Member</font></p>    </td>
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<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="Arial" style="font-size:10.0pt;">$160,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><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="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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><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="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="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><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="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="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Governance   and Environment Committee</font></p>
<p style="margin:0in 0in .0001pt .3in;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$15,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Fee   for each Board meeting in excess of ten</font></p>    </td>
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<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="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Travel Fees</font></b></p>    </td>
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<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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Arial" style="font-size:10.0pt;">If   travelling more than 1,000 kilometres round trip</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<td width="71%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:71.68%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Arial" style="font-size:10.0pt;">If   traveling more than 7,500 kilometres round trip</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$3,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Arial" style="font-size:10.0pt;">Travel   supplement for directors outside of Canada</font></p>    </td>
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<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="Arial" style="font-size:10.0pt;">$10,000/year</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<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 .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">For 50% of the retainer, the director can choose to receive it as cash, deferred share units or common shares. For the other 50% of their retainer, the director can choose to receive it as deferred share units or common shares.</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;text-align:justify;"><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;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">DSUs are allocated to each director&#146;s account on the 15th 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;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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, 2015, the accrual in respect of DSUs currently outstanding to directors was $2,114,899.68, based on the closing price of a TransAlta common share on December&nbsp;31, 2015 of $4.91.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">43</font><a name="PB_43_092607_4141"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2016 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 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="2" face="Times New Roman" 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;">Share Ownership Requirements of 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that directors&#146; compensation should align with Shareholders&#146; interests.&#160; 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.&#160; Each independent director is required to acquire and hold a minimum value of three times the director&#146;s annual retainers.&#160; In July&nbsp;2015, the Board amended the external directors&#146; share ownership policy, which included specifying that the ownership value be determined in reference to the average closing price of the Company&#146;s shares for the 20 trading days preceding the applicable date on the TSX.&#160; On February&nbsp;17, 2016, the Board further amended the external directors&#146; share ownership policy to increase the period of time directors have to meet their share ownership requirements from three years to five years.&#160; New directors are also required to acquire and hold the equivalent of one times the annual retainer within two years of joining the Board.</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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholdings of Directors at December&nbsp;31, 2015</font></b></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 .05in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Director&nbsp;and&nbsp;Year<br>   Appointed</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom: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:9.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total<br>   Shares&nbsp;and<br>   DSUs</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Change<br>   Year&nbsp;Over<br>   Year</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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: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:-3.0pt;">(2)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="10%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<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;">Multiple<br>   of<br>   Requirement</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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;">Equity&nbsp;at&nbsp;risk<br>   Multiple&nbsp;of<br>   2015&nbsp;Annual<br>   Retainer</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.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="13%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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;">Ownership<br>   Requirement<br>   Met</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">W.D. Anderson </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2003</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">74,242</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">16,082</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$345,226.54</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.72x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.16x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">58,160</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$611,843.83</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P. Dielwart </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2014</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">26,098</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">24,151</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$121,356.18</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.25x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.76x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">1,947</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$20,480.22</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">T.W. Faithfull </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2003</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">90,464</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">17,135</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$420,658.00</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.88x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.63x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">73,329</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$771,420.40</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">D.L. Farrell </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2012</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">455,144</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">202,866</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$2,116,419.60</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.23x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">252,278</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$2,858,313.00</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">A.J. Fohrer - 2013</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">38,120</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">24,574</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$177,260.15</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.37x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.11x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">13,546</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$142,504.03</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">G.D. Giffin </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2002</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">75,347</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">26,390</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$350,363.68</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.35x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.06x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">48,957</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$515,023.72</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T. Jenkins </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2014</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">508,289</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">(296,676)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$2,363,544.83</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4.92x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">14.77x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Yes</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">804,965</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$5,092,637.32</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Y. Mansour </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2011</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">41,725</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">13,823</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$194,021.99</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.40x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.21x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">27,902</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$293,525.89</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">G. Nelson </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2014</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">29,287</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">24,391</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$136,185.36</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.28x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.85x</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(6)</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
<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="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.5%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">4,896</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">$51,506.31</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.5%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<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>
<tr>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F. Park </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&#150;</font></i><font size="1" face="Arial" style="font-size:9.0pt;"> 2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">18,823</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">$87,528.88</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.18x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.55x</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(7)</font></p>    </td>   </tr>
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<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<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>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<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>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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>  </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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<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 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Includes units credited in lieu of reinvested dividends.&#160; See <i>&#147;Report on Director Compensation &#150; Components of Compensation for 2015 &#150; Deferred Share Units&#148;</i> for further information on the DSU plan.&#160; Mrs.&nbsp;Farrell&#146;s holdings includes Common Shares, ODSUs and Restricted Share Units eligible to be counted towards share ownership under the executive share ownership policy.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">The 2014 value is based on the closing price of a TransAlta common share as of December&nbsp;31, 2014 of $10.52 and the 2015 value is based on the weighted average closing price of TransAlta common share on the TSX for the 20 trading days prior to and including December&nbsp;31, 2015 of $4.65.&#160; In accordance with the executive share ownership policy, the value of Mrs.&nbsp;Farrell&#146;s holdings for 2014 was based on the weighted average closing price of TransAlta common shares on the TSX for the 20 trading days prior to and including March&nbsp;4, 2015 of $11.33.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(3)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Due to the changes to the independent directors&#146; share ownership policy, independent directors now have until the later of five years from the date they joined the Board and February&nbsp;17, 2018 to meet the independent directors&#146; share ownership requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(4)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Dielwart was appointed to the Board on October&nbsp;1, 2014 and has until October&nbsp;1, 2019 to meet the requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(5)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is required to hold four times her base salary in accordance with the executive share ownership policy.&#160; Mrs.&nbsp;Farrell has until December&nbsp;1, 2017, 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;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(6)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson was appointed to the Board on April&nbsp;29, 2014 and has until April&nbsp;29, 2019 to meet the requirement.</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(7)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Park was appointed to the Board on April&nbsp;28, 2015 and has until April&nbsp;28, 2020 to meet the requirement.</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 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 2016 Management Proxy   Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">44</font><a name="PB_44_092607_8627"></a></p>
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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>
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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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Summary of Directors&#146; Compensation for the Fiscal Year 2015</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Beginning January&nbsp;1, 2015, a flat fee compensation system for the independent directors was implemented.&nbsp; The flat fee provides each independent Board member an annual retainer of $160,000 and the Chair of the Board an annual retainer of $330,000.&#160; The flat fee includes up to ten (10)&nbsp;Board meetings and for every Board meeting after ten (10), a meeting fee of $1,500 is paid. &nbsp;The fees were determined in recognition of the significant time and energy required of the directors in the performance of their duties. &nbsp;Directors are expected to prepare for and attend an average of five Board meetings per year, participate on Board committees and ensure that they stay informed about the Company&#146;s business and the rapidly changing business and regulatory environment. &nbsp;In addition, the Board believes that the Company must offer a competitive compensation package to attract and retain experienced, skilled and knowledgeable directors who are willing and able to meet these expectations.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the year-ended December&nbsp;31, 2015, the independent directors received additional compensation due to the additional ad hoc meetings that occurred in 2015.&nbsp; The additional ad hoc committee and board meetings that arose in 2015 required significant time and energy of the members of the Board and related to strategic initiatives of the Company, including as it related to the changing regulatory landscape and executing on related party transactions with TransAlta Renewables Inc.</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;"><b><font size="1" face="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" 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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" 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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Name&nbsp;(a)</font></b></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: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;">Fees<br>   Earned<br>   ($)</font></b></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: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;">Board<br>   Meeting<br>   Fee</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;"><br>   ($)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Ad&nbsp;Hoc<br>   Committee<br>   Fees<br>   ($)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;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:9.0pt;font-weight:bold;">Chair&nbsp;Fee<br>   ($)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Share-based<br>   awards<br>   ($)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;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:9.0pt;font-weight:bold;">All&nbsp;other<br>   compen-<br>   sation</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;"><br>   ($)</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total<br>   ($)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">W.D. Anderson</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">7,500</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">40,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">40,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">9,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">256,500.00</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">Ad Hoc</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P. Dielwart</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">12,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">20,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">192,000.00</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">T.W. Faithfull</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">10,500</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">8,173.04</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">19,500</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">198,173.04</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">HRC</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">Shares</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">D.L. Farrell</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">N/A</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">A.J. Fohrer</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(6)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">9,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">50,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">16,826.84</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">15,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">250,826.84</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">ARC</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">G.D. Giffin</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(7)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">165,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">12,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">60,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">165,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">15,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">417,000.00</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">Ad Hoc</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">Shares</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T. Jenkins</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(8)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">12,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">40,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">10,096.23</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">222,096.23</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">GEC</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">C.K. Jespersen</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(9)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">3,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">55,307.68</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">M.M. Kanovsky</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(10)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">4,903.88</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">26,153.84</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">57,211.56</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">GEC</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">K.E. Maidment</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(11)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">8,173.04</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">3,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">63,480.72</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">ARC</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">Shares</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Y. Mansour</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">12,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">80,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">15,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">187,000.00</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">G.R. Nelson</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(12)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">10,500</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">16,826.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">80,000</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">13,500</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">200,826.84</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">HRC</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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 style="margin:0in 0in .0001pt 5.75pt;"><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>
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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>
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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>
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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>
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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>
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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>
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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>
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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>
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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>
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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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F. Park</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(13)</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">53,846.14</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">9,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">10,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">-</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">53,846.14</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">6,000</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">132,692.28</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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:9.0pt;">Shares</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;">DSU</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:12.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:11.0%;">
<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="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
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<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
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<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
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<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">M.C. Piper</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(14)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">26,153.84</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">4,500</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">56,807.68</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:9.0pt;">Cash</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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:9.0pt;">DSU</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="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="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<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>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="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="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" style="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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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:9.0pt;font-weight:bold;">883,461.50</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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:9.0pt;font-weight:bold;">94,500</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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;">160,000</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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;">164,999.87</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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;">883,461.50</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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:9.0pt;font-weight:bold;">103,500</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:14.0%;">
<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;">2,289,922.87</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="12%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="11%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<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="14%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;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="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<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 .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">The flat fee includes for up to ten (10)&nbsp;Board meetings.&#160; For every Board meeting after ten (10), a meeting fee of $1,500 per meeting is paid.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">45</font><a name="PB_45_092607_7906"></a></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 2016 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 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">This column includes travel fees paid to each director and a travel supplement for foreign-based directors.&#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. Commencing in the second quarter of 2015, directors that reside outside of Canada received $10,000 annually (pro-rated for 2015).</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson was Chair of one of our ad hoc committees.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Faithfull was the Chair of the HRC until April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(5)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is President and CEO of the Company and did not receive any Director compensation.&#160; Her compensation is reported in the <i>&#147;Summary Compensation Table&#148;</i> for Named Executive Officers (&#147;<b>NEO</b>&#148;) in this Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Fohrer was appointed as Chair of the ARC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Giffin is Chair of the Board and was the Chair of one of our ad hoc committees.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(8)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins was appointed as the Chair of the GEC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(9)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jespersen retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kanovsky retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Maidment retired from the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(12)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Nelson was appointed as the Chair of the HRC on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(13)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Park was appointed to the Board on April&nbsp;28, 2015.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">(14)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Piper retired from the Board on April&nbsp;28, 2015.</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;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table shows the manner in which each director received their annual retainer for the year ended December&nbsp;31, 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 style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Director</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:20.46%;">
<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;">Cash&nbsp;(%)</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:20.46%;">
<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;">Equity&nbsp;(%)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:1.68%;">
<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>   </tr>
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<td width="48%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">W.D. Anderson</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J.P. Dielwart</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">T.W. Faithfull</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">D.L. Farrell</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A.J. Fohrer</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">G.D. Giffin</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P.T. Jenkins</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">C.K. Jespersen</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">M.M. Kanovsky</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">K.E. Maidment</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Y. Mansour</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">G.R. Nelson</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B.F. Park</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:10.0pt;">M.C. Piper</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.26%;">
<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="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">50</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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 style="margin:0in 0in .0001pt 1.6in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<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 1.6in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</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; </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 1.6in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Messrs.&nbsp;Jespersen and Kanovsky, and Mses. Maidment and Piper retired from the Board on April&nbsp;28, 2015.</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;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 the table <i>&#147;Summary of Directors&#146; Compensation for the Fiscal Year 2015&#148;</i>.</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 2016 Management Proxy   Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">46</font><a name="PB_46_092607_3736"></a></p>
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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>
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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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">REPORT ON EXECUTIVE COMPENSATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" 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;">Letter to Shareholders</font></b></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As the Chairs of the HRC and of the Board, we are pleased to share with you the Board&#146;s approach to considering and determining compensation for TransAlta&#146;s most senior executive officers for 2015. The design and application of TransAlta&#146;s executive compensation strategy is a key responsibility of your Board. Our approach is based on three key tenets: pay for performance, alignment with Shareholder interests and sound risk-management principles.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Anticipating a prolonged period of low commodity prices, TransAlta set a strategy designed to achieve world-class safety performance, deliver quality operational and financial performance, pay down $500 million in debt and modestly grow the Company in 2015. Significant results were achieved:</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:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta&#146;s 2015 safety injury frequency rate (&#147;<b>IFR</b>&#148;) was 0.75, our best ever;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta&#146;s adjusted comparable fleet availability was a satisfactory 90.2%;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">organizational restructuring across the company reduced the total staff complement by 486 positions through reductions, attrition and consolidation. This included a reduction in the total size of the management team from 225 to 139 positions;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">the combination of reduced costs, improved operating performance and significant improvement in operating efficiency, yielded total cost savings of approximately $50 million;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta repaid $500 million of U.S. debt in January&nbsp;2015 and increased liquidity to $1.4 billion range in January&nbsp;2016;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta raised more than $1 billion in capital from two major transactions with TransAlta Renewables and Alberta Investment Management Company (&#147;<b>AIMCo</b>&#148;).&#160; TransAlta&#146;s ownership in TransAlta Renewables remains at approximately 64%, ensuring TransAlta remains committed to maintaining its majority ownership position;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">received approval from the Alberta Utilities Commission to construct Sundance Unit 7, an 856 MW high efficiency natural gas-fired power station;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">in Western Australia, TransAlta advanced the construction of South Hedland and we expect it to bring new cash flows starting in mid-2017. TransAlta also completed construction on a AUD$183 million natural gas pipeline;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta signed a new 15-year, 72 MW power supply contract for our Windsor facility;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta acquired a 21 MW solar facility in Massachusetts and a 50 MW wind facility in Minnesota; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">TransAlta also restructured its contractual arrangement with Suncor Energy at the Poplar Creek facility to extend the contracted cash flows attributed to Poplar Creek from 2023 to 2030, when ownership of the facility will transfer to Suncor.&#160; </font><font face="Arial">The transaction included an agreement to acquire Suncor&#146;s interest in two wind farms: the 20 MW Kent Breeze facility located in Ontario and, Suncor&#146;s 51% interest in the 88 MW Wintering Hills facility located in Alberta.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The achievements highlighted above were realized despite consistently low power prices and depressed economic activity in Alberta and the Pacific Northwest of the U.S.&#160; Low volatility in Alberta negatively impacted the ability to leverage the flexibility of our Hydro portfolio in the province. In sum, during difficult times, TransAlta&#146;s management was focused on making progress.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board recognizes, and shares the disappointment of our investors, that these meaningful improvements in our business have not yet been realized through a growing stock price. &#160;TransAlta firmly believes, however, that these steps have laid a foundation for future success.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Philosophy</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta&#146;s compensation strategy includes comparable funds from operations (&#147;<b>FFO</b>&#148;) as a key performance metric.&#160; This metric provides the best assessment of the Company&#146;s cash flow, use of capital and asset management. Consequently, our compensation plan reinforces management decisions that optimize resource allocation, encourage prudent financial and operational improvements and foster an environment of continued growth for the Company.</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 2016 Management Proxy Circular</font></p>    </td>
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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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Our compensation plans 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.&#160; The HRC and the Board strongly encourage you to read the <i>&#147;2015 CEO Pay for Performance Analysis&#148;</i> in this Proxy Circular.</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;text-align:justify;"><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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Annual Incentive Plan</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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 depending on the level of FFO achieved. Individual 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>
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<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">FFO (weighted 50%);</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">FCF (weighted 25%); and</font></p>
<p style="font-size:10.0pt;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;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Availability (weighted 25%).</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, FFO must also meet a minimum level before executives can earn any AIC payout. This minimum is approved by the Board and ensures the affordability of our AIC.</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;text-align:justify;"><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 officer deferred share units (&#147;<b>ODSUs</b>&#148;), which must be held until retirement. This also assists executives to meet their share ownership requirements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 the specified thresholds are not achieved, and restricted share units (&#147;<b>RSUs</b>&#148;):</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:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">PSUs (weighted 2/3</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">rds</font><font face="Arial">&#160;) cliff-vest at the end of three years and payout based on the three year average of:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Growth in FFO/share (weighted 1/3</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font><font face="Arial">);</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Growth in FCF/share (weighted 1/3</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font><font face="Arial">); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Total shareholder return (&#147;<b>TSR</b>&#148;) relative to the S&amp;P/TSX Composite Index (weighted 1/3</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font><font face="Arial">).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">RSUs (weighted 1/3</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font><font face="Arial">) cliff-vest at the end of three years.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 Company Performance</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">diversifying and growing the Company&#146;s asset base geographically and by fuel source;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">planning for the reduced life span of our coal-fired power generation facilities as a result of new Canadian and U.S. environmental regulations;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">planning for the additional merchant exposure TransAlta will face when the Alberta long-term PPAs expire; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">designing a strategy to succeed in a lower power price context.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015, TransAlta achieved the following performance against its AIC targets:</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 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</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 style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</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;">$770m</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;">$740m</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Free cash flow (&#147;<b>FCF</b>&#148;) </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</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;">$430m</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;">$460m</font></p>    </td>   </tr>
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<td width="37%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:37.98%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="29%" 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:29.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.6%</font></p>    </td>
<td width="32%" 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:32.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.2% </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</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;text-align:justify;"><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:6.5pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;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 13.7pt;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">48</font><a name="PB_48_083921_7056"></a></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 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 CEO Performance and Compensation</font></b></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;text-align:justify;"><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 80%) and individual performance objectives (weighted 20%).&#160; In assessing her 2015 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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.&#160; This includes an annual bonus (21%) and equity-based (53%), as detailed below:</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 9.0pt;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">AIC</font></u></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">The Board assessed Mrs.&nbsp;Farrell&#146;s accomplishments against her individual goals at 90%, which is aligned with the corporate AIC scorecard result of 89%.&#160; When Mrs.&nbsp;Farrell&#146;s individual AIC component (which was weighted 20% in 2015) is combined with her corporate AIC component (which was weighted 80% in 2015) the result is an AIC award of $762,660, which is 89% of target (90% of base salary).&#160; Mrs.&nbsp;Farrell elected to receive her 2015 AIC award entirely in ODSUs.</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 9.0pt;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">MTIP</font></u></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font color="black" face="Arial" style="color:black;">Mrs.&nbsp;Farrell received an MTIP grant of 220% of her base salary of $950,000 (i.e. $2,090,000) for the performance period 2013 &#150; 2015. The grant consisted of PSUs (weighted 2/3</font><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;position:relative;top:-3.0pt;">rds</font><font color="black" face="Arial" style="color:black;">) and RSUs (weighted 1/3</font><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;position:relative;top:-3.0pt;">rd</font><font color="black" face="Arial" style="color:black;">).&#160; All share units vested on January&nbsp;1, 2016. As the Company did not achieve threshold on the PSU targets, Mrs.&nbsp;Farrell did not receive a PSU payout. The RSUs vested and Mrs.&nbsp;Farrell received </font><font face="Arial">$287,417, which represents approximately 14% <font color="black" style="color:black;">of her original MTIP grant value.&#160; In other words, the payout was aligned with Company performance.</font></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;text-align:justify;"><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 2015 accurately reflects the performance of the Company in 2015. In addition, the performance-based nature of Mrs.&nbsp;Farrell&#146;s incentive compensation is evidenced by the comparison of her target, reported and realized compensation for the last three years:</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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<td width="6%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target<br>   Compensation&nbsp;</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000</font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3&nbsp;Year&nbsp;Average&nbsp;Realized<br>   Compensation&nbsp;</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000</font></b></p>    </td>
<td width="20%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Realized&nbsp;Compensation<br>   as&nbsp;a&nbsp;Percentage&nbsp;of</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>   Target&nbsp;Compe<font color="black" style="color:black;">nsation</font></font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3 Year Average Reported<br>   Compensation&nbsp;</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000</font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Realized&nbsp;Compensation<br>   as&nbsp;a&nbsp;Percentage&nbsp;of<br>   Reported&nbsp;Compensation</font></b></p>    </td>   </tr>
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<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="14%" 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:14.28%;">
<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;">$3,965</font></p>    </td>
<td width="19%" 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:19.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,065</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 0in 0in 0in;width:20.32%;">
<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>
<td width="19%" 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:19.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,923</font></p>    </td>
<td width="19%" 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:19.58%;">
<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>
<tr>
<td width="6%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2014</font></p>    </td>
<td width="14%" 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:14.28%;">
<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;">$3,965</font></p>    </td>
<td width="19%" 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:19.74%;">
<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;">$1,895</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 0in 0in 0in;width:20.32%;">
<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;">48%</font></p>    </td>
<td width="19%" 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:19.9%;">
<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;">$3,690</font></p>    </td>
<td width="19%" 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:19.58%;">
<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;">51%</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2013</font></p>    </td>
<td width="14%" 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:14.28%;">
<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;">$3,965</font></p>    </td>
<td width="19%" 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:19.74%;">
<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;">$1,881</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 0in 0in 0in;width:20.32%;">
<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;">47%</font></p>    </td>
<td width="19%" 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:19.9%;">
<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;">$3,528</font></p>    </td>
<td width="19%" 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:19.58%;">
<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;">53%</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;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Target compensation includes base pay, perquisites and variable compensation if paid at target.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Realized compensation includes the three year average of base salary, perquisites, AIC and MTIP payouts. Unvested RSUs were valued using the common share price on the TSX as at December&nbsp;31 of the applicable year, and unvested PSUs were assigned a value of zero as performance achieved could be below threshold.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Reported compensation is &#147;Total Compensation&#148; as reported in the <i>&#147;Summary Compensation Tabl</i>e<i>&#148;</i> in this Proxy Circular less the &#147;Pension Value.&#148;</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">49</font><a name="PB_49_084928_5335"></a></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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Responsibility to Get it Right</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC and the Board are committed to maintaining 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 committed to the principle that compensation is aligned with performance and incents actions designed to achieve strategic goals.&#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;27 of this Proxy Circular. On behalf of the members of the HRC and the Board, we thank you for your continued support of TransAlta.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Georgia R. Nelson</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Chair of the HRC</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
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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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPENSATION DISCUSSION AND ANALYSIS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Introduction</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">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;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">rigour</font><font face="Arial"> in setting performance goals and assessing performance; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">a clear link between pay and performance.</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;">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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Our disclosure is organized as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy / Changes for 2016</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;52</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;53</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;57</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;58</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;59</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;">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;62</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2015 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;">2015 NEO Annual Compensation 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;64</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;70</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other Required Disclosure</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;71</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;"><font size="2" face="Arial" style="font-size:10.0pt;">For the fiscal year ended December&nbsp;31, 2015 our Named Executive Officers (&#147;<b>NEOs</b>&#148;) were:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Dawn L. Farrell, President and Chief Executive Officer;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Donald Tremblay, Chief Financial Officer;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Brett M. Gellner, Chief Investment Officer;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">John H. Kousinioris, Chief Legal and Compliance Officer and Corporate Secretary; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Wayne Collins, Executive Vice-President, Coal and Mining Operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Summary</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;"><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, consistent with 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>
<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;"><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 specific annual and 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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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:-5.0pt;">th</font><font face="Arial">&#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 of two times target.&#160; A description of our Comparator Group is provided in the <i>&#147;Ensuring Competitive Compensation at TransAlta&#148;</i> section of this CD&amp;A.</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 2016 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Compensation Strategy comprises a mix of fixed and variable compensation plans, which the HRC and Board believe reinforce management decisions that optimize resource allocation and encourage prudent financial and operational performance while maintaining a balanced level of risk-taking.&#160; The HRC and the Board also believe our compensation strategy promotes sustained growth in cash flow, and aligns compensation with Shareholder value creation.</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;"><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 FFO:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">provides an appropriate 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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">is the best measure of the health of the Company;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">is critical to maintain in times of change and transformation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">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.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our variable compensation plans for 2015 included:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">an AIC plan that is funded through a 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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">an MTIP that consists of 2/3</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">rds</font><font face="Arial">&#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:-5.0pt;">rd</font><font face="Arial">&#160;RSUs. All units cliff vest at the end of three years; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">an ODSU plan that allows executives to direct all or a portion of their base pay and AIC awards into ODSUs. This provides direct alignment of interests between the executive and Shareholders as these ODSUs may not be redeemed until their termination or retirement from 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Changes for 2016</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective for the 2016 performance year, the Board has modified the Company&#146;s variable compensation plans to enhance the alignment of interests between our executives and Shareholders:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">the AIC plan includes a corporate scorecard and three separate business unit scorecards consisting of one for each of the following: Coal and Mining, Gas and Renewables, and Trading and Marketing;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">the weighting of Company performance for executive AIC awards has increased for the second consecutive year:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">for the CEO, her 2016 AIC award will be based 100% on corporate performance (previously 80% corporate and 20% individual);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">for business-unit executives, AIC awards will be based 50% on business unit performance, 25% on corporate performance, and 25% on individual performance (previously 75% corporate and 25% individual); and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">for non-business unit executives, AIC awards remain unchanged at 75% corporate and 25% individual.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">in order to enhance the longer-term focus of the MTIP, and to increase focus on improving share price performance, we have added stock options to the MTIP mix. As such, the MTIP has been renamed Long-Term Incentive Plan (&#147;<b>LTIP</b>&#148;) and will include PSUs, RSUs and stock options (weighted 50%, 25%, 25% respectively);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">PSU metrics have been refined and, for 2016, will be based on FFO-to-Debt (weighted 50%) and Reported FCF (weighted 50%). Relative TSR will also be used as a modifier of 80% to 120%;</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 2016 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font face="Arial">individual LTIP targets have been reduced at every level of the organization to recognize the decrease in our share price and to reduce the costs of our compensation programs. Executive LTIP targets are now as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">CEO &#150; 185% (previously 220%);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Chief Investment Officer &#150; 150% (previously 175%); and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">remaining executives &#150; 105% (previously 125%).</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Guiding Principles</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;"><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 its decisions in 2015, were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">align executive pay to performance through a mix of short and medium to longer-term incentive programs;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">emphasize performance-based compensation, with the majority of executive pay &#147;at-risk&#148;;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">focus variable compensation on FFO, FCF and availability, which are strategically important metrics for the Company;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">ensure executives are substantial shareowners to align their interests with the interests of Shareholders; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">attract and retain executives to lead the Company to achieve its strategy and growth objectives without taking excessive risks.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation Governance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In setting our </font><font face="Arial">Compensation</font><font face="Arial"> Strategy, and in designing and applying all elements of compensation, the HRC:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">oversees the implementation of our Compensation Strategy to ensure that it aligns with our corporate objectives and performance as a whole;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">ensures, through effective policy and compensation plan design, that the interests of executives are aligned with those of long-term Shareholders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">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;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">undertakes an annual review of compensation-related risks to ensure that the program design, processes and safeguards in place are effective to mitigate excessive risk-taking; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">receives advice from its independent advisor, Meridian Compensation Partners LLC (&#147;<b>Meridian</b>&#148;), on TransAlta&#146;s compensation strategy and considers the advice provided by Willis 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
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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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;"><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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OUR FIXED COMPENSATION PROGRAM</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The fixed elements of our compensation program provide a competitive base of secure compensation necessary to attract and retain executive talent.&#160; Our fixed compensation comprises </font><font face="Arial">three</font><font face="Arial"> elements:</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;"><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="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;">
<tr>
<td width="33%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.6%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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:12.46%;">
<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;">Measurement</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.28%;">
<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="6%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:6.64%;">
<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="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.12%;">
<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="24%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.9%;">
<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;">Performance Period</font></b></p>    </td>   </tr>
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<td width="33%" valign="bottom" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:33.6%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .3in;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;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Competitive positioning, attraction and   retention</font></p>
<p style="margin:0in .05in .0001pt .3in;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;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">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="#FFF200" 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:12.46%;">
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Scope of role</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFF200" 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:13.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFF200" 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:6.64%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="9%" valign="top" bgcolor="#FFF200" 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:9.12%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&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="24%" valign="top" bgcolor="#FFF200" 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:24.9%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Annual</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;"><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 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;text-align:justify;"><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;"><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;">
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<td width="34%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.1%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Elements</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.36%;">
<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;">Measurement</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.18%;">
<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;">Target and Range</font></b></p>    </td>
<td width="6%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:6.58%;">
<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;">Form</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.06%;">
<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;">Eligibility</font></b></p>    </td>
<td width="24%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.72%;">
<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;">Performance Period</font></b></p>    </td>   </tr>
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<td width="34%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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="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="1" face="Arial" style="font-size:8.0pt;">Flexible health and dental benefits </font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFF200" 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:12.36%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFF200" 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:13.18%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFF200" 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:6.58%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Flex credits   to provide flexibility in coverage</font></p>    </td>
<td width="9%" valign="top" bgcolor="#FFF200" 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:9.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFF200" 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:24.72%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">No   performance requirements</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Benefits are   elected every two years</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" bgcolor="#FFFF00" style="background:white;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<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;">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:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;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;&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>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.36%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.18%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash payment   at retirement</font></p>    </td>
<td width="9%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.72%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">No   performance period.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><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="34%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<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;"><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 .3in;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;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Provides a defined benefit (&#147;<b>DB</b>&#148;) 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="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="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="#FFF200" 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:12.36%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFF200" 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:13.18%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="6%" valign="top" bgcolor="#FFF200" 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:6.58%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred Cash</font></p>    </td>
<td width="9%" valign="top" bgcolor="#FFF200" 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:9.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees over the <i>Income Tax Act</i>   limit </font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pensionable   service period</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective January&nbsp;1, 2016, only the CEO and the CEO&#146;s direct reports will be eligible to participate in the defined benefit supplemental pension plan, and all future executives, including any subsequent CEO, will participate in a new defined contribution supplemental pension plan.</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Perquisites</font></i></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;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Elements</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.36%;">
<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;">Measurement</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.2%;">
<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="6%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:6.6%;">
<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;">Form</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.08%;">
<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;">Eligibility</font></b></p>    </td>
<td width="24%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.76%;">
<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 .05in .0001pt .3in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .3in;text-align:justify;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;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Car allowance</font></p>
<p style="margin:0in .05in .0001pt .3in;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;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Lump sum payment in lieu of competitive   executive perquisites</font></p>    </td>
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<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;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFF200" 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:13.2%;">
<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;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
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<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;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
<td width="9%" valign="top" bgcolor="#FFF200" 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:9.08%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Directors and   above </font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><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;"><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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">54</font><a name="PB_54_090748_5796"></a></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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></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;"><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 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Variable Compensation Program</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;"><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, and our variable compensation plans are 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="27%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.94%;">
<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="18%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:18.86%;">
<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;">Target and Range</font></b></p>    </td>
<td width="5%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:5.72%;">
<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;">Form</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;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;">Eligibility</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;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;">Performance Period</font></b></p>    </td>   </tr>
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<td width="27%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:3.0pt .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reinforce and drive the Company&#146;s short-term priorities</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reward and recognize corporate and individual performance</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Targets and ranges set around budgeted performance</font></p>    </td>
<td width="23%" valign="top" bgcolor="#FFF200" 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:23.94%;">
<p style="margin:3.0pt .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate   Goals:</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">50% FFO</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">25% FCF</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">25%   Availability</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Individual Goals:</font></p>
<p style="font-size:10.0pt;margin:0in .05in .0001pt .2in;text-indent:-.15in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Predetermined and measurable goals (approved by the Board each year)</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFF200" 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:18.86%;">
<p style="margin:3.0pt 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="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90%</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:8.5pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55%</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:8.5pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55%</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of   target):</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:8.5pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">All   execs&nbsp;&nbsp;&nbsp; 0 &#150; 200%</font></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash</font></p>    </td>
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<p align="center" style="margin:3.0pt .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All non-union employees</font></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1 year</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2015 corporate performance measures were:</font></p>
<p style="margin:0in 0in .0001pt;"><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;margin-left:.1in;width:98.66%;">
<tr height="4" style="height:2.8pt;">
<td width="27%" height="4" style="border:solid windowtext 1.0pt;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:27.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</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;">Weighting</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;">Threshold</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;">Maximum</font></b></p>    </td>   </tr>
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<td width="27%" bgcolor="#FFF200" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:27.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO </font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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>
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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;">$740m</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$770m</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$810m</font></p>    </td>   </tr>
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<td width="27%" bgcolor="#FFFF00" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:27.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
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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;">25%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$420m</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;">$430m</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;">$470m</font></p>    </td>   </tr>
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<td width="27%" height="5" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:27.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFF200" 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 5.4pt 0in 5.4pt;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">89.6%</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:18.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.6%</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">91.6%</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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<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;text-align:justify;"><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;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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">55</font><a name="PB_55_091812_2897"></a></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 2016 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 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 align="left" style="color:#010101;"></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;"><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;text-align:justify;"><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;"><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;"><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: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>
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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 and Range</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;">Form</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;">Eligibility</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;">Performance</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;">Period</font></b></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Performance Share Units</font></u></i></b></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reinforce and drive longer-term Shareholder value creation</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reward and recognize corporate performance</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Targets based on performance relative to 3-year metrics</font></p>    </td>
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<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Metric:</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">1/3 Growth in FFO per share</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">1/3 Growth in FCF per share</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">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 .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff vest   at the end of 3 years</font></p>    </td>
<td width="20%" valign="top" bgcolor="#FFF200" 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:20.52%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base salary):</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146.7%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CIO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116.7%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CFO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;83.3%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Execs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83.3%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of   target):</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">All Execs&nbsp;&nbsp;&nbsp; 0% &#150; 200% </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:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash or   shares</font></p>    </td>
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<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>
<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;">At the discretion of the Board</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFF200" 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:13.28%;">
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><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;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#FFFF00" style="background:white;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.46%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">Restricted Share Units</font></u></i></b></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reinforce and drive longer-term Shareholder value creation</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Retention</font></p>    </td>
<td width="23%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.72%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff vest at   the end of 3 years</font></p>    </td>
<td width="20%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.52%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Target (% of base salary):</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73.3%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CIO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58.3%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">CFO &nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7%</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-indent:-12.95pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Execs</font><font size="1" face="Arial" style="font-size:1.0pt;">  </font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7%</font></p>    </td>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash or shares</font></p>    </td>
<td width="11%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><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;">At the discretion of the Board</font></p>    </td>
<td width="13%" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">At the discretion of the   Board</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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<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 .25in;text-align:justify;text-indent:-.25in;"><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;">&#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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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 and is awarded 2/3</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">rds</font><font face="Arial">&#160;in PSUs and 1/3</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">rd</font><font face="Arial">&#160;in 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Each year, 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 to be achieved over the next three year performance period. 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 key financial metrics which, for PSUs granted in 2015, were as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><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;margin-left:.1in;width:98.66%;">
<tr height="4" style="height:2.8pt;">
<td width="27%" height="4" style="border:solid windowtext 1.0pt;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:27.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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;">Weighting</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<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;">Threshold</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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;">Target</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-left:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<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;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#FFF200" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:27.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Growth in FFO/Share</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<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="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<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="27%" bgcolor="#FFFF00" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:27.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Growth in FCF/Share</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<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="18%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="27%" height="5" bgcolor="#FFF200" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:27.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Relative TSR</font></p>    </td>
<td width="18%" height="5" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFF200" 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 5.4pt 0in 5.4pt;width:18.16%;">
<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="#FFF200" 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 5.4pt 0in 5.4pt;width:18.14%;">
<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="#FFF200" 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 5.4pt 0in 5.4pt;width:18.16%;">
<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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For each performance target, including those applied to executives, PSUs do not pay out if performance for the PSUs are below the threshold and vest up to 200% of target if performance meets or exceeds the maximum.&#160; PSUs and RSUs are redeemed on the vesting date by multiplying the number of vested 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2013, the Company adopted an ODSU 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 ODSUs.&#160; This also ensures that our executives are aligned with Shareholder interests over the longer-term as ODSUs must be held until retirement and the value of ODSUs is tied directly to the Company&#146;s share price.&#160; ODSUs are included in assessing required share ownership levels.</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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">56</font><a name="PB_56_092551_3020"></a></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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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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;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><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;">Compensation At-Risk in 2015</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The &#147;at-risk&#148; and equity vs. cash compensation for our executives is illustrated in the table below as a percentage of target TDC:</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="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<tr>
<td width="32%" valign="top" style="border:solid windowtext 1.0pt;padding:.05in 0in .05in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Type of   Compensation</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.05in 0in .05in 0in;width:22.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">CEO</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.05in 0in .05in 0in;width:22.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">CFO</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.05in 0in .05in 0in;width:22.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Other   Executives</font></b></p>    </td>   </tr>
<tr>
<td width="32%" 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:32.3%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total target compensation   at-risk</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<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;">74%</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<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;">63%</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<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;">65%</font></p>    </td>   </tr>
<tr>
<td width="32%" 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:32.3%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Equity-based compensation</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<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="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44%</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
<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>
<tr>
<td width="32%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash compensation (1 &#150; 3 years)</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:22.56%;">
<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;">26%</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:22.56%;">
<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;">37%</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:22.56%;">
<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;">35%</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Share Ownership Requirements</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;text-align:justify;"><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. Our executives are required to achieve the following:</font></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="34%" valign="top" style="border:solid windowtext 1.0pt;padding:.05in 0in .05in 0in;width:34.8%;">
<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="24%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.05in 0in .05in 0in;width:24.18%;">
<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;">Ownership   Requirement</font></b></p>    </td>
<td width="41%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.05in 0in .05in 0in;width:41.02%;">
<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;">Holding Requirement</font></b></p>    </td>   </tr>
<tr>
<td width="34%" 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:34.8%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">CEO</font></p>    </td>
<td width="24%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.18%;">
<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="41%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.02%;">
<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>
<tr>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.8%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Chiefs and Executive Vice-Presidents</font></p>    </td>
<td width="24%" 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:24.18%;">
<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="41%" 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:41.02%;">
<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;"><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;">
<tr>
<td width="80%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:80.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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. 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)&nbsp;will have five years from the new effective date to achieve   the new share ownership level. Our CEO is required to maintain this ownership   level for 1 year after her employment ends.</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:2.0pt 0in .0001pt 1.45pt;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;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:5.0pt;">&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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The achievement of the required ownership level is   calculated based on common shares, ODSUs 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="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>  </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;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes each NEO&#146;s share ownership using the weighted average closing share price of our common shares on the TSX for the 20 trading days prior to and including December&nbsp;31, 2015 of $4.65:</font></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="98%" style="border-collapse:collapse;margin-left:6.5pt;">
<tr>
<td width="17%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.06%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name and<br>   Principal<br>   Position</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Number of<br>   Shares<br>   Required</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Number of<br>   Eligible Shares<br>   Owned </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Multiple of   Base<br>   Pay</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Compliance<br>   with Policy </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Percentage of<br>   Target Total<br>   Compensation</font></b></p>    </td>
<td width="15%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total Value of<br>   Shares Owned at<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dec.&nbsp;31, 2015 </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(3)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" 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:17.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">President and Chief Executive Officer</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">817,204</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">455,144</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.23</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,116,419</font></p>    </td>   </tr>
<tr>
<td width="17%" 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:17.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><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:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Financial Officer</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">193,548</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">101,011</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.04</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">37%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$469,701</font></p>    </td>   </tr>
<tr>
<td width="17%" 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:17.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">B.M. Gellner<br>    </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Investment Officer</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">215,054</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">112,447</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.05</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$522,881</font></p>    </td>   </tr>
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<td width="17%" 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:17.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H.   Kousinioris</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Legal and Compliance Officer</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">204,301</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">62,171</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.61</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$289,096</font></p>    </td>   </tr>
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<td width="17%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.06%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.   Collins</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">EVP, Coal and Mining Operations</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:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">193,548</font></p>    </td>
<td width="13%" 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:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">26,591</font></p>    </td>
<td width="13%" 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:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.27</font></p>    </td>
<td width="13%" 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:13.9%;">
<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%" 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:13.9%;">
<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>
<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:15.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$123,648</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:1.0pt 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.5pt;"><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;">&#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 all common shares, all ODSUs, and RSUs up to 25% of shares required.&#160; For Mrs.&nbsp;Farrell and Mr.&nbsp;Collins, this value does not include the ODSUs they elected to receive for their 2015 AIC.</font></p>
<p style="margin:1.0pt 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.5pt;"><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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Due to the significant changes to our share ownership policy in 2012, all NEOs have five years from December&nbsp;2012 to satisfy their share ownership requirements, with the exception of Mr.&nbsp;Tremblay and Mr.&nbsp;Collins who have five years from December&nbsp;2014.</font></p>
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;"><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;">&#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, ODSUs and RSUs eligible to be counted towards the share ownership multiplied by the weighted average closing price of our common shares on the TSX for the 20 trading days prior to and including December&nbsp;31, 2015 of $4.65.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">57</font><a name="PB_57_112351_3020"></a></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 2016 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 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 align="left" style="color:#010101;"></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;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the recent and significant share price decline, the HRC is committed to monitoring each NEO&#146;s compliance.</font></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Please refer to the section &#147;Total Value of Equity Holdings at December&nbsp;31, 2015&#148; on page&nbsp;72 of this Proxy Circular for a detailed breakdown of each NEO&#146;s equity holdings.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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:-5.0pt;">th</font><font face="Arial">&#160;percentile of the Comparator Group when goals are achieved.</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;"><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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Industry Benchmarking &#150; Our   Comparator Group</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">We strive to be competitive in the market in which we   compete for talent.&nbsp; 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>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:2.0pt 0in .0001pt 1.45pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;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:2.0pt 0in .0001pt 1.45pt;text-align:justify;"><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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:2.0pt 0in .0001pt;"><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.&#160; Additionally, we weight Canadian-based companies at 75% and U.S.-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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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, is a more appropriate comparison for competitive compensation purposes.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table lists the companies that were used in our 2015 executive compensation review:</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 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Canadian-Based   Companies<br>   (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<br>   (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&nbsp;&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>
<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;AES Corporation</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: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>
<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;">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>
<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;Calpine Corporation</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:8.0pt;">Portland General Electric</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="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;Atlantic Power   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;">Inter Pipeline Ltd.</font></p>    </td>
<td width="25%" valign="top" style="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;Dynegy Inc.</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;">SCANA Corporation</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;Brookfield Renewable   Energy</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:8.0pt;">Keyera Corp.</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;Great Plains Energy Inc.</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:8.0pt;">UIL Holdings Corporation</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="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;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>
<td width="25%" valign="top" style="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,&nbsp;Inc.</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>
<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: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: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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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Cenovus Energy Inc.</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;">Penn West Petroleum 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>
<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: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>
<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:8.0pt;">TransCanada 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: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%" 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:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Enbridge Inc.</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 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%" valign="top" style="border:none;border-bottom: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>
<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 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 .25pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;">Use of External Advisors</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015, the HRC continued to engage Meridian to assist with its ongoing review of our Compensation Strategy.&#160; 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 HRC&#146;s quarterly meetings.</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;">
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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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">58</font><a name="PB_58_112351_7748"></a></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 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 align="left" style="color:#010101;"></div>
</div>
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<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;text-align:justify;"><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 2015 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Willis Towers Watson has been engaged since 2002 to provide compensation consultative services as well as pension consulting and actuarial services for two of our Ontario pension plans on an ongoing basis.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Aon Hewitt has been engaged since 2007 to act as our primary actuary and as a consultant on our pension plans.</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;"><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.&#160; The following table summarizes the fees paid to compensation advisors in 2014 and 2015.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;margin-left:7.85pt;width:98.54%;">
<tr>
<td width="26%" rowspan="2" style="border:solid windowtext 1.0pt;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;">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:36.58%;">
<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:36.5%;">
<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;">2015</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:9.16%;">
<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>
<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;">Willis<br>   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:8.0pt;font-weight:bold;">($)</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:9.16%;">
<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;">Meridian</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;">($)</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="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:9.16%;">
<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;">Total<br>   fees paid</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;">($)</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Willis<br>   Towers<br>   Watson</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="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:9.14%;">
<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;">Meridian</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;">($)</font></b></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .5pt 0in .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="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:9.1%;">
<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;">Total<br>   fees paid</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>   </tr>
<tr>
<td width="26%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.9pt .5pt 2.9pt .5pt;width:26.92%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Executive Compensation and   Compensation-Related Fees (Management)</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">13,538</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12,433</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:9.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25,971</font></p>    </td>   </tr>
<tr>
<td width="26%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.9pt .5pt 2.9pt .5pt;width:26.92%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Executive   Compensation and Compensation-Related Fees</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">(HRC)</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200,843</font></p>    </td>
<td width="9%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200,843</font></p>    </td>   </tr>
<tr height="29" style="height:21.55pt;">
<td width="26%" height="29" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:21.55pt;padding:2.9pt .5pt 2.9pt .5pt;width:26.92%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">249,842</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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">368,096</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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">30,771</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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">301,061</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:2.9pt .5pt 2.9pt .5pt;width:9.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">331,832</font></p>    </td>   </tr>
<tr height="29" style="height:22.0pt;">
<td width="26%" height="29" style="border:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:26.92%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Fees Paid</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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">466,412</font></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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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%" 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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">266,539</font></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:2.9pt .5pt 2.9pt .5pt;width:9.16%;">
<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;">859,194</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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44,309</font></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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200,843</font></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:2.9pt .5pt 2.9pt .5pt;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">313,494</font></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:2.9pt .5pt 2.9pt .5pt;width:9.1%;">
<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;">558,646</font></b></p>    </td>   </tr>  </table>
<p style="margin:2.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#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$189,606 in 2015 and USD$239,426 in 2014 for pension services rendered to our US subsidiaries.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ANNUAL COMPENSATION RISK REVIEW PROCESS</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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.&#160; 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 impact.&#160; 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.&#160; Our plans are based on Company-wide financial metrics and payouts are based on a combination of absolute and relative measures.&#160; 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>
<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;"><font size="2" face="Arial" style="font-size:10.0pt;">A comprehensive compensation-related risk assessment was undertaken by Willis Towers Watson for the 2013 performance year, which captured the changes we were making to our executive incentive plans at that time.&#160; The HRC has updated this assessment for each year following, and its independent consultant, Meridian, supports the HRC&#146;s findings</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">59</font><a name="PB_59_112351_141"></a></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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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 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 align="left" style="color:#010101;"></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">that our pay programs and policies are not reasonably likely to have a material adverse effect on TransAlta, our business or our values.</font></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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Safeguards Which Mitigate Compensation Risks</font></i></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;"><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>
<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"><img width="720" height="417" src="g76271mm27i001.jpg"></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;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PERFORMANCE ANALYSIS</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;"><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. The HRC&#146;s and the Board&#146;s comprehensive assessment of the results achieved take the following into consideration:</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"><img width="720" height="149" src="g76271mm27i002.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;text-align:justify;"><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;"><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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">60</font><a name="PB_60_112351_7608"></a></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 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 align="left" style="color:#010101;"></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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 Company Performance and Evaluation</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2015 was a year marked by many successes and accomplishments. We:</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="96%" style="border-collapse:collapse;margin-left:.25in;">
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">reduced   costs by approximately $50 million through a company-wide organizational   restructuring, which included reducing the total size of our management team   from 225 to 139. We </font><font face="Arial">eliminated a full layer   of management, clarified accountabilities, simplified decision-making and   created an effective, decentralized business model. Streamlining and   productivity improvement efforts resulted in top quartile performance at the   mine, and sustainable cost reductions across TransAlta;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">achieved our   best-ever IFR of 0.75;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">raised more   than $1 billion in capital through strategic transactions with TransAlta   Renewables and AIMCo;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">raised $400M in low-cost project debt;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">received S&amp;P confirmation that we would maintain our   investment grade, based on our track record of taking steps to pay down debt;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">commissioned   a new gas pipeline and began construction on a new, 150 MW natural gas power   station in Western Australia;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">met all key milestones and deliverables at South Hedland and   continued to enhance TA&#146;s reputation in Australia;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">entered into   a 15-year and 72 MW power supply contract for our Windsor facility with   Ontario&#146;s Independent Electricity System Operator;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">added one solar and three more wind acquisitions to our   portfolio;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">received   approval from the Alberta Utilities Commission to construct Sundance Unit 7,   an 856 MW high efficiency natural gas-fired power station, and then continued</font><font face="Arial"> development work to ensure readiness to build when final timing   is determined;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">met all Operational Integrity Program milestones; and</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">continued to leverage technology to enhance performance while   reducing costs; reduced storage costs and moved data to the cloud;   successfully launched EM.Power.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2016, 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 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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 Variable Compensation Performance</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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">AIC Performance</font></i></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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Individual AIC awards are based on both a corporate and personal component (80% / 20% respectively for the CEO, and 75% / 25% respectively for the remaining executives). However, we have adjusted these ratings effective 2016 to reflect 100% corporate performance for the CEO and 50% business unit performance / 25% corporate performance / 25% individual performance for business unit executives. AIC awards also have a payout range of 0 &#150; 2x target.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">61</font><a name="PB_61_112351_8146"></a></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 2016 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 style="margin:0in 0in .0001pt;text-align:justify;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2015 AIC:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="8%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Achievement</font></b></p>    </td>
<td width="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Result Towards<br>   Payout</font></b></p>    </td>   </tr>
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<td width="29%" 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:29.88%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO</font></p>    </td>
<td width="11%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<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;">50%</font></p>    </td>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
<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;">$770m</font></p>    </td>
<td width="14%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$740m</font></p>    </td>
<td width="13%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.64%;">
<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>
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<td width="29%" 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:29.88%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FCF </font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.74%;">
<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;">25%</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
<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;">$430m</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$460m</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.88%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</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:11.74%;">
<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;">25%</font></p>    </td>
<td width="8%" 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:8.6%;">
<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;">90.6%</font></p>    </td>
<td width="14%" 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:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.2% </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="13%" 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:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</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:22.64%;">
<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>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Overall 2015   Corporate AIC Result</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="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
<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="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.12%;">
<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>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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="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:22.64%;">
<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;">89%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 8.55pt;text-align:justify;text-indent:-8.55pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;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 7.65pt;text-align:justify;text-indent:-7.65pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">MTIP Performance</font></i></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below summarizes the weightings, targets, and achievements for each metric applied to PSUs granted in 2013, which vested on January&nbsp;1, 2016. As the Company did not achieve threshold for any metric, there were no payouts:</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 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Achievement</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Result Towards<br>   Payout</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO growth per share</font></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;">1/3</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">rd</font></p>    </td>
<td width="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
<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;">3%</font></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-7%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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="22%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.64%;">
<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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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FCF growth per share</font></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;">1/3</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">rd</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
<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;">6%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.12%;">
<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="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<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="22%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.64%;">
<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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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Relative TSR </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(beta adj. by 0.8)</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:11.74%;">
<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;">1/3</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">rd</font></p>    </td>
<td width="8%" 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:8.6%;">
<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;">P50</font></p>    </td>
<td width="14%" 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:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">P7</font></p>    </td>
<td width="13%" 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:13.0%;">
<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="22%" 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:22.64%;">
<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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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Overall 2015   PSU Result</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><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;">0%</font></b></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The RSUs granted in 2013 were granted at a share price of $15.12. They vested on January&nbsp;1, 2016 at a share price of $4.91. As such, and after the inclusion of accumulated dividend equivalents, the RSUs granted in 2013 paid out at 41% of their original grant value.&#160; Combined with PSUs, approximately 13% of the original MTIP grant value paid out.</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;text-align:justify;"><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;"><font size="2" face="Times New Roman" 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;">CEO and Executive Compensation</font></b></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC, with the assistance of 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining 2015 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 in 2015 included </font><font face="Arial">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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 face="Arial">74% of Mrs.&nbsp;Farrell&#146;s overall target total compensation opportunity is at-risk and performance-based.&#160; This includes an annual bonus (21%) and equity-based compensation (53%)</font><font face="Arial">.</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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2015 CEO AIC</font></i></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;text-align:justify;"><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 are reflective of Mrs.&nbsp;Farrell&#146;s individual performance and, as such, the Board approved an individual performance rating for Mrs.&nbsp;Farrell of 90%, which is aligned with the corporate AIC scorecard result of 89%.&#160; When Mrs.&nbsp;Farrell&#146;s individual AIC component (which was weighted 20% in 2015) is combined with her corporate AIC component (which was weighted 80% in 2015), the result is an AIC award of $762,660, which is 89% of target (90% of base salary).</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">62</font><a name="PB_62_102631_1469"></a></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 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2015 Leadership Recognition Awards</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015, all members of the executive team were actively involved in the strategic reorganization of TransAlta, which involved significant cost reductions, strengthening the balance sheet, and execution of critical growth projects. Four NEOs made contributions that were significantly in excess of expectations and for performance not otherwise recognized under our AIC program. The HRC therefore approved special leadership recognition awards for each of these four NEOs to recognize their contribution, which are further detailed in the <i>&#147;2015 NEO Annual Compensation Analysis&#148;</i> section.</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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">2015 MTIP</font></i></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As noted above, the Company did not achieve threshold for the three metrics for the PSUs granted in 2013, resulting in no payouts.&#160; The RSUs granted in 2013 paid out at 41% of their original grant value. Combined, approximately 13% of the original MTIP grant value was earned. The HRC determined that these results were aligned with company performance.</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:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Overall</font></i><i><font face="Arial" style="font-style:italic;"> Performance Assessment</font></i></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2016, the HRC and the independent members of the Board considered the factors addressed above, the Company&#146;s overall performance, and the performance of the CEO and her executive team in 2015.&#160; The HRC and the Board acknowledged that the Company did not meet target under the AIC plan and did not meet threshold under the MTIP, and that these results were reflected in the compensation awarded to the CEO and her team.&#160; The HRC and the Board did not provide salary increases to any NEO in 2015.&#160; The HRC and the Board believe that the Company&#146;s compensation plan is effectively paying for performance.</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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2015 CEO PAY FOR PERFORMANCE ANALYSIS</font></b></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;text-align:justify;"><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 realized compensation with her target and reported compensation, which has been significantly lower than all of the past three years. Mrs.&nbsp;Farrell&#146;s pay for performance alignment is also well illustrated when compared to the three-year average of realized compensation and TSR of our Comparator Group.</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 4.3pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target<br>   Compensation </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000 </font></b></p>    </td>
<td width="20%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3 Year Average Realized<br>   Compensation </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)<br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000 </font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Realized Compensation<br>   as a Percentage of<br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target Compe<font color="black" style="color:black;">nsation</font></font></b></p>    </td>
<td width="20%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3 Year Average Reported<br>   Compensation </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(3)<br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$000 </font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Realized Compensation<br>   as a Percentage of<br>   Reported Compensation</font></b></p>    </td>   </tr>
<tr>
<td width="6%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.9%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="14%" 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:14.06%;">
<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;">$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:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,065</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:19.68%;">
<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>
<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:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,923</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:19.16%;">
<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>
<tr>
<td width="6%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.9%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2014</font></p>    </td>
<td width="14%" 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:14.06%;">
<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;">$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:20.1%;">
<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;">$1,895</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:19.68%;">
<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;">48%</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:20.1%;">
<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;">$3,690</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:19.16%;">
<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;">51%</font></p>    </td>   </tr>
<tr>
<td width="6%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.9%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2013</font></p>    </td>
<td width="14%" 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:14.06%;">
<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;">$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:20.1%;">
<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;">$1,881</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:19.68%;">
<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;">47%</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:20.1%;">
<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;">$3,528</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:19.16%;">
<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;">53%</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;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 13.5pt;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#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 13.5pt;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Realized compensation includes the three year average of base salary, perquisites, AIC and MTIP payouts. Unvested RSUs were valued using the end-of-year share price, and unvested 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-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#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 <i>&#147;Summary Compensation Table&#148;</i> in this Proxy Circular less the &#147;Pension Value.&#148;</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;"><font size="2" face="Times New Roman"><img width="720" height="234" src="g76271mm29i001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Note</font><font size="1" face="Arial" style="font-size:8.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160; Realized compensation reflects the three year average of base salary, AIC payments, and vested longer term incentives.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">63</font><a name="PB_63_103513_7056"></a></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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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 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="2" face="Times New Roman" 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;">2015 NEO ANNUAL COMPENSATION ANALYSIS</font></b></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;text-align:justify;"><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="18%" 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:18.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial"><img width="126" height="148" src="g76271mm29i002.gif"></font></p>    </td>
<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.66%;">
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell became President and CEO of TransAlta   on January&nbsp;2, 2012.&nbsp; 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 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to TransAlta, Mrs.&nbsp;Farrell</font><font face="Arial"> sits on the board of directors of   The Chemours Company, a NYSE-listed chemical company, The Conference Board of   Canada and the Business Council of Canada.&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 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell   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 4.3pt .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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>   </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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mrs.&nbsp;Farrell&#146;s actual performance for the 2015 AIC and details the incentive earned against each goal:</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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<td width="31%" rowspan="2" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2015 Corporate   / Individual Goals </font></b></p>    </td>
<td width="26%" colspan="2" 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:26.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">TARGET</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>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="13%" 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:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% Achieved</font></b></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:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>   </tr>
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<td width="31%" 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:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<p 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="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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;">$770m </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">$740m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<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>   </tr>
<tr>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FCF </font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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;">$430m </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">$460m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<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>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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;">90.6%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">90.2% </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<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="31%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.4%;">
<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="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<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="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">16%</font></p>    </td>   </tr>
<tr>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.4%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<p 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="31%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" 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:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" 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;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<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="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:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Farrell&#146;s 2015 AIC award was based on 80% corporate performance and 20% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Corporate performance was 89%, resulting in an equivalent factor of 64% of her 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Individual performance, as discussed above and as determined by the HRC in relation to her pre-established and quantifiable personal goals, was 90%, resulting in an equivalent factor of 16% of her 2015 base pay.</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:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mrs.&nbsp;Farrell for 2015, recommended by the HRC to the Board and approved in February&nbsp;2016, was $762,660, which represents </font>89%<font face="Arial"> of target and </font>80%<font face="Arial"> of her 2015 base pay. Mrs.&nbsp;Farrell elected to receive the full amount of her AIC award in ODSUs.&#160; Details of the annual incentive amount for 2015 are provided in column &#147;f&#148; of the <i>&#147;Summary Compensation Table.&#148;</i></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 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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">64</font><a name="PB_64_105149_5335"></a></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 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="2" face="Times New Roman" 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;">Donald Tremblay &#150; Chief Financial Officer</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="18%" 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:18.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial"><img width="126" height="145" src="g76271mm29i003.gif"></font></p>    </td>
<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.66%;">
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><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 and is responsible for all financial policy,   planning and reporting, tax, treasury, risk management, internal audit and   investor relations.&nbsp; 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 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">He 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 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Tremblay   holds a Bachelor of Applied Arts from the University of Quebec and is a   Chartered Professional Accountant (CPA, CA (Quebec)).</font></p>
<p style="margin:0in 4.3pt .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Tremblay&#146;s actual performance for the 2015 AIC and details the incentive earned against each goal:</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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<td width="31%" rowspan="2" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2015 Corporate   / Individual Goals </font></b></p>    </td>
<td width="26%" colspan="2" 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:26.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>
<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>
<td width="42%" colspan="3" 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:42.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Times New Roman" style="color:black;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" 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:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></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;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="red" face="Times New Roman" style="color:red;font-size:5.0pt;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:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></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:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" 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:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<p 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="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$770m </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">$740m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<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>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<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>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">$460m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<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>   </tr>
<tr>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.6%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:13.4%;">
<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>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 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;">90.2% </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>   </tr>
<tr>
<td width="31%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.4%;">
<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>
<td width="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<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="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12%</font></p>    </td>   </tr>
<tr>
<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.4%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<p 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="31%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.44%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" 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:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" 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;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<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="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:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">49%</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;text-align:justify;"><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;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Tremblay&#146;s 2015 AIC award was based on 75% corporate performance and 25% individual performance:</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:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Corporate performance was 89%, resulting in an equivalent factor of 37% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 90%, resulting in an equivalent factor of 12% of his 2015 base pay.</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:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Tremblay for 2015, recommended by the HRC to the Board and approved in February&nbsp;2016, was $220,894, which represents</font> 89%<font face="Arial"> of target and </font>49%<font face="Arial"> of his 2015 base pay.&#160; Details of the annual incentive amount for 2015 are provided in column &#147;f&#148; of the <i>&#147;Summary Compensation Table.&#148;</i></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">65</font><a name="PB_65_105748_5796"></a></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 2016 Management Proxy Circular</font></p>    </td>
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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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial"><img width="126" height="144" src="g76271mm29i004.gif"></font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner became   TransAlta&#146;s Chief Investment Officer on March&nbsp;31, 2014 and is   responsible for all strategic corporate investments, mergers and   acquisitions, and greenfield projects. Prior to being appointed to this   position he was the Company&#146;s Chief Financial Officer from 2010 to 2014, and   was Vice-President, Commercial Operations from 2008 to 2009</font><font face="Arial">.</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">He 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 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt 8.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner   holds 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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Gellner&#146;s actual performance for the 2015 AIC and details the incentive earned against each goal:</font></p>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2015 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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Times New Roman" style="color:black;font-size:5.0pt;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="red" face="Times New Roman" style="color:red;font-size:5.0pt;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" color="black" face="Arial" style="color:black;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="Times New Roman" style="font-size:5.0pt;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<p 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="31%" 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:31.46%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$770m </font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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;">$740m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<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>
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<td width="31%" 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:31.46%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<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>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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;">$460m</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<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>   </tr>
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<td width="31%" 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:31.46%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.6%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.42%;">
<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>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;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;">90.2% </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>   </tr>
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<td width="31%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.46%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.42%;">
<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>
<td width="13%" style="border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11%</font></p>    </td>   </tr>
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<td width="31%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:31.46%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:13.42%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:1.45pt 0in 1.45pt 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:1.45pt 0in 1.45pt 0in;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:15.54%;">
<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="31%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.46%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" 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:13.42%;">
<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="13%" 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;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
<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="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:15.54%;">
<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>  </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;text-align:justify;"><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;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Gellner&#146;s 2015 AIC award was based on 75% corporate performance and 25% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Corporate performance was 89%, resulting in an equivalent factor of 37% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 80%, resulting in an equivalent factor of 11% of his 2015 base pay.</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:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Gellner for 2015, recommended by the HRC to the Board and approved in February&nbsp;2016, was $238,563, which represents</font> 87%<font face="Arial"> of target and </font>48%<font face="Arial"> of his 2015 base pay.&#160; Details of the annual incentive amount for 2015 are provided in column &#147;f&#148; of the <i>&#147;Summary Compensation Table.&#148;</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">66</font><a name="PB_66_110057_2897"></a></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 style="margin:0in 0in .0001pt;text-align:justify;"><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="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;">John H. Kousinioris &#150; Chief Legal and Compliance Officer and Corporate Secretary</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="96%" style="border:none;border-collapse:collapse;margin-left:.25in;">
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<td width="20%" height="128" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:95.85pt;padding:0in 0in 0in 0in;width:20.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial"><img width="126" height="148" src="g76271mm31i001.jpg"></font></p>    </td>
<td width="79%" height="128" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:95.85pt;padding:0in 0in 0in 0in;width:79.54%;">
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><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, government relations, regulatory compliance and corporate   secretarial matters.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><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 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris holds 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 4.3pt .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Kousinioris&#146; actual performance for the 2015 AIC and details the incentive earned against each goal:</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;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2015 Corporate / Individual Goals </font></b></p>    </td>
<td width="25%" nowrap colspan="2" height="22" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;height:16.6pt;padding:0in 5.4pt 0in 5.4pt;width:25.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
<td width="38%" nowrap colspan="3" height="22" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;height:16.6pt;padding:0in 5.4pt 0in 5.4pt;width:38.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>
<td width="0" height="22" style="border:none;height:16.6pt;"></td>  </tr>
<tr height="20" style="height:15.0pt;">
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
<td width="13%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>
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<td width="0" height="14" style="border:none;height:10.5pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="10%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO</font></p>    </td>
<td width="10%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$770m </font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$740m</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<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="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<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>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;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="10%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<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="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$460m</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<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="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="10%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.6%</font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.2% </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" style="border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual   Goals</font></b></p>    </td>
<td width="10%" nowrap height="16" style="border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<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%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" style="height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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>
<td width="13%" nowrap height="16" style="height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="13%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11%</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="10%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<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%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;55%&nbsp;</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="36%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:36.38%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="10%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="16" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;"></td>
<td width="12%" nowrap height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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="13%" nowrap height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<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%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.16%;">
<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>
<td width="0" height="16" style="border:none;height:12.0pt;"></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;text-align:justify;"><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:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;">&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;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:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;">&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris&#146; 2015 AIC award was based on 75% corporate performance and 25% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">Corporate performance was 89%, resulting in an equivalent factor of 37% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 80%, resulting in an equivalent factor of 11% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Kousinioris for 2015, recommended by the HRC to the Board and approved in February&nbsp;2016, was $226,634, which represents </font><font face="Arial">87% </font><font face="Arial">of target and</font><font face="Arial"> 48%</font><font face="Arial"> of his 2015 base pay).&#160; Details of the annual incentive amount for 2015 are provided in column &#147;f&#148; of the <i>&#147;Summary Compensation Table.&#148;</i></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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">67</font><a name="PB_67_101004_5915"></a></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 2016 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 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 align="left" style="color:#010101;"></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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Wayne Collins &#150; Executive Vice-President, Coal and Mining Operations</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>
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<td width="20%" height="128" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:95.85pt;padding:0in 0in 0in 0in;width:20.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial"><img width="126" height="148" src="g76271mm31i002.jpg"></font></p>    </td>
<td width="79%" height="128" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:95.85pt;padding:0in 0in 0in 0in;width:79.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Collins joined the Company on May&nbsp;14,   2014 as Executive Vice-President, Coal and Mining Operations and is   responsible for all of TransAlta&#146;s coal and mining operations as well as   corporate engineering and technical services.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Collins has more than 34 years of experience   in power generation.&nbsp; In his previous   role as Chief Operating Officer for Stanwell Corporation Ltd, he was   responsible for a fleet comprising coal, gas and hydro power generation and a   large open cut coal mine.&nbsp; His career   has predominantly been in operations and maintenance but also included a   period developing and building new renewable power plants.</font></p>
<p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Collins holds degrees in Engineering and   Business. He is a Chartered Professional Engineer (Australia) and a graduate   of the Australian Institute of Company Directors.</font></p>
<p style="margin:0in 4.3pt .0001pt .1in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table summarizes Mr.&nbsp;Collins&#146; actual performance for the 2015 AIC and details the incentive earned against each goal:</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;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2015 Corporate / Individual Goals </font></b></p>    </td>
<td width="25%" nowrap colspan="2" height="4" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:25.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">ACTUAL</font></b></p>    </td>
<td width="0" height="4" style="border:none;height:2.8pt;"></td>  </tr>
<tr height="20" style="height:15.0pt;">
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>
<td width="12%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
<td width="13%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>
<td width="0" height="20" style="border:none;height:15.0pt;"></td>  </tr>
<tr height="14" style="height:10.5pt;">
<td width="0" height="14" style="border:none;height:10.5pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="11%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FFO</font></p>    </td>
<td width="11%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;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;">$770m </font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$740m</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<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="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<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>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FCF </font><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="11%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;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;">$430m </font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$460m</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<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="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:16.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="11%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;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;">90.6%</font></p>    </td>
<td width="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90.2% </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" style="border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="11%" nowrap height="16" style="border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;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="14%" height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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>
<td width="12%" nowrap height="16" style="height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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>
<td width="13%" nowrap height="16" style="height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">80%</font></p>    </td>
<td width="13%" nowrap height="16" style="border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">11%</font></p>    </td>
<td width="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="11%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;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="14%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;">
<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="12%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" nowrap height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<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="0" height="16" style="border:none;height:12.0pt;"></td>  </tr>
<tr height="16" style="height:12.0pt;">
<td width="35%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.54%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="11%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="16" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.06%;"></td>
<td width="12%" nowrap height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<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="13%" nowrap height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<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%" nowrap height="16" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<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>
<td width="0" height="16" style="border:none;height:12.0pt;"></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;text-align:justify;"><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:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;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="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Adjusted from reported comparable availability of 89% for economic dispatching at Centralia and Sundance Unit 5, as well as the cost of the <i>force majeure </i>at Keephills Unit 1 and the timing of the contract restructuring at the Poplar Creek co-generation facility.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Collins&#146; 2015 AIC award was based on 75% corporate performance and 25% individual performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">Corporate performance was 89%, resulting in an equivalent factor of 37% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">Individual performance, as determined by the HRC in relation to his pre-established and quantifiable personal goals, was 80%, resulting in an equivalent factor of 11% of his 2015 base pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As such, the AIC award to Mr.&nbsp;Collins for 2015 recommended by the HRC to the Board and approved in February&nbsp;2016 was $214,706, which represents 87</font><font face="Arial">%</font><font face="Arial"> of target and </font><font face="Arial">48%</font><font face="Arial"> of his 2015 base pay.&#160; Mr.&nbsp;Collins elected to receive 25% of his AIC award in ODSUs.&#160; Details of the annual incentive amount for 2015 are provided in column &#147;f&#148; of the <i>&#147;Summary Compensation Table.&#148;</i></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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">68</font><a name="PB_68_110335_7056"></a></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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2011 through 2015, assuming a $100 initial investment at December&nbsp;31, 2010, 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 total compensation of our NEOs, which shows a strong correlation between our share performance and realized pay.</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"><img width="720" height="357" src="g76271mm31i003.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 style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investment</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;">Dec.&nbsp;31,<br>   2010</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 5.4pt 0in 5.4pt;width:10.82%;">
<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;">Dec.&nbsp;31,<br>   2011</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;">Dec.&nbsp;31,<br>   2012</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 5.4pt 0in 5.4pt;width:10.8%;">
<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;">Dec.&nbsp;31,<br>   2013</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 5.4pt 0in 5.4pt;width:10.8%;">
<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;">Dec.&nbsp;31,<br>   2014</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;">Dec.&nbsp;31,<br>   2015</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="35%" nowrap height="17" valign="bottom" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:35.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<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="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$105</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$81</font></p>    </td>
<td width="10%" nowrap height="17" bgcolor="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$78</font></p>    </td>
<td width="10%" height="17" bgcolor="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<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="10%" height="17" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$33</font></p>    </td>   </tr>
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<td width="35%" 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 5.4pt 0in 5.4pt;width:35.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 5.4pt 0in 5.4pt;width:10.82%;">
<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 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$89</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$92</font></p>    </td>
<td width="10%" nowrap height="17" style="height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$101</font></p>    </td>
<td width="10%" height="17" style="height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$109</font></p>    </td>
<td width="10%" height="17" style="border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$97</font></p>    </td>   </tr>
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<td width="35%" nowrap height="17" valign="bottom" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:35.14%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<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="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<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="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<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%" nowrap height="17" bgcolor="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<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="#FFF200" style="background:#F2F2F2;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<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>
<td width="10%" height="17" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,222,588</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">NEO 3-year average   realized compensation</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,405,624</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$8,791,062</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,850,506</font></p>    </td>
<td width="10%" nowrap height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,336,333</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,409,193</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 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,578,579</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;"><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.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">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.&#160; 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 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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">69</font><a name="PB_69_110637_5335"></a></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   2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;"><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 align="left" style="color:#010101;"></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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table sets forth the annual compensation received by the NEOs during the 2013, 2014 and 2015 financial years.&#160; For a description of the plans and programs addressed in this table, you may refer to the section above entitled <i>&#147;Compensation Discussion and Analysis.&#148;</i> For retirement arrangements, you may refer to the section below entitled <i>&#147;Retirement Plan Benefits.&#148;</i></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="23%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Name and</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Principal Position</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 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Year</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 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Salary</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</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 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Share<br>   Based<br>   Awards&nbsp;</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(1)<br>    </font><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Option<br>   Based</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Awards</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" colspan="2" valign="top" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Non-equity Incentive<br>   Plan Compensation </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="7%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Pension<br>   Value </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">&nbsp;(5)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><sup><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;</font></sup></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</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 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">All Other<br>   Compensation </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(6)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total<br>   Compensation</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(a)</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(b)</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(c)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(d)&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(e)</font></b></p>    </td>
<td width="18%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:18.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(f)</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0.375pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(g)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(h)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(i)</font></b></p>    </td>   </tr>
<tr height="24" style="height:17.95pt;">
<td width="23%" height="24" style="border:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Annual<br>   Incentive<br>   Plan </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="10%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Long-term<br>   Incentive<br>   Plans </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>
<td width="7%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="24" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="17" style="height:13.0pt;">
<td width="23%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">D.L. Farrell </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(7)<br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">President and Chief Executive Officer</font></p>    </td>
<td width="6%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2015</font></p>    </td>
<td width="7%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="8%" 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 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">0</font></p>    </td>
<td width="8%" 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 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">762,660</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" 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 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">488,800</font></p>    </td>
<td width="10%" height="17" bgcolor="#F2F2F2" style="background:#F2F2F2;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">225,700</font></p>    </td>
<td width="10%" 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 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">4,515,675</font></p>    </td>   </tr>
<tr height="4" style="height:2.65pt;">
<td width="6%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2014</font></p>    </td>
<td width="7%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="8%" 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 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="8%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">0</font></p>    </td>
<td width="8%" 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 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,105,088</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" 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 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">304,400</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</font></p>    </td>
<td width="10%" 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 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">4,519,488</font></p>    </td>   </tr>
<tr height="20" style="height:14.8pt;">
<td width="6%" 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:14.8pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2013</font></p>    </td>
<td width="7%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:14.8pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">950,000</font></p>    </td>
<td width="8%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="8%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:14.8pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">421,088</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:14.8pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 5.4pt 0.375pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">423,800</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:14.8pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 5.4pt 0.375pt 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">3,954,888</font></p>    </td>   </tr>
<tr height="18" style="height:13.45pt;">
<td width="23%" rowspan="3" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(8)</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="6%" height="18" bgcolor="white" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="7%" height="18" bgcolor="white" style="background:white;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">450,000</font></p>    </td>
<td width="8%" height="18" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">562,500</font></p>    </td>
<td width="8%" height="18" bgcolor="white" style="background:white;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="18" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">220,894</font></p>    </td>
<td width="10%" height="18" bgcolor="white" style="background:white;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="18" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">177,800</font></p>    </td>
<td width="10%" height="18" bgcolor="white" style="background:white;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">126,000</font></p>    </td>
<td width="10%" height="18" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,537,194</font></p>    </td>   </tr>
<tr height="11" style="height:8.55pt;">
<td width="6%" height="11" bgcolor="white" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="7%" height="11" bgcolor="white" style="background:white;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">339,231</font></p>    </td>
<td width="8%" height="11" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">621,634</font></p>    </td>
<td width="8%" height="11" bgcolor="white" style="background:white;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="11" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">219,482</font></p>    </td>
<td width="10%" height="11" bgcolor="white" style="background:white;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="11" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">137,400</font></p>    </td>
<td width="10%" height="11" bgcolor="white" style="background:white;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">259,500</font></p>    </td>
<td width="10%" height="11" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.55pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,577,247</font></p>    </td>   </tr>
<tr height="17" style="height:13.05pt;">
<td width="6%" height="17" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="7%" height="17" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.05pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.05pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="7%" height="17" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.05pt;padding:0in 5.4pt 0.375pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.05pt;padding:0in 5.4pt 0.375pt 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>   </tr>
<tr height="16" style="height:12.1pt;">
<td width="23%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">B.M. Gellner </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(9)<br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Chief Investment Officer</font></p>    </td>
<td width="6%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="7%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="8%" 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:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">875,000</font></p>    </td>
<td width="8%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" 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:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">238,563</font></p>    </td>
<td width="10%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" 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:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">206,800</font></p>    </td>
<td width="10%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">126,000</font></p>    </td>
<td width="10%" 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:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,946,363</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="6%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="7%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">975,000</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">323,500</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">127,400</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,951,900</font></p>    </td>   </tr>
<tr height="13" style="height:9.85pt;">
<td width="6%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.85pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="7%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:9.85pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="8%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:9.85pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,624,946</font></p>    </td>
<td width="8%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:9.85pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:9.85pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">188,500</font></p>    </td>
<td width="10%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:9.85pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:9.85pt;padding:0in 5.4pt 0.375pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">151,800</font></p>    </td>
<td width="10%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:9.85pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="10%" height="13" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:9.85pt;padding:0in 5.4pt 0.375pt 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,491,246</font></p>    </td>   </tr>
<tr height="17" style="height:13.0pt;">
<td width="23%" rowspan="3" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">J.H. Kousinioris </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(10)<br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Chief Legal and Compliance Officer and Corporate Secretary</font></p>    </td>
<td width="6%" height="17" bgcolor="white" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="7%" height="17" bgcolor="white" style="background:white;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">593,750</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="17" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">226,634</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="17" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">190,800</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">126,000</font></p>    </td>
<td width="10%" height="17" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,612,184</font></p>    </td>   </tr>
<tr height="8" style="height:6.25pt;">
<td width="6%" height="8" bgcolor="white" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="7%" height="8" bgcolor="white" style="background:white;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="8%" height="8" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,068,750</font></p>    </td>
<td width="8%" height="8" bgcolor="white" style="background:white;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="8" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">302,575</font></p>    </td>
<td width="10%" height="8" bgcolor="white" style="background:white;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="8" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">147,400</font></p>    </td>
<td width="10%" height="8" bgcolor="white" style="background:white;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">276,000</font></p>    </td>
<td width="10%" height="8" bgcolor="white" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,269,725</font></p>    </td>   </tr>
<tr height="16" style="height:12.1pt;">
<td width="6%" height="16" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="7%" height="16" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="8%" height="16" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">593,750</font></p>    </td>
<td width="8%" height="16" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" height="16" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0.375pt 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">150,575</font></p>    </td>
<td width="10%" height="16" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" height="16" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0.375pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">166,800</font></p>    </td>
<td width="10%" height="16" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">276,000</font></p>    </td>
<td width="10%" height="16" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0.375pt 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,662,125</font></p>    </td>   </tr>
<tr height="16" style="height:11.65pt;">
<td width="23%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid black 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:23.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">W.   Collins </font></b><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(11)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Executive   Vice-President, Coal and Mining Operations</font></p>    </td>
<td width="6%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="7%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">450,000</font></p>    </td>
<td width="8%" 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:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">562,500</font></p>    </td>
<td width="8%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" 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:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">214,706</font></p>    </td>
<td width="10%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" 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:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">174,800</font></p>    </td>
<td width="10%" height="16" bgcolor="#F2F2F2" style="background:#F2F2F2;height:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="10%" 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:11.65pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,428,006</font></p>    </td>   </tr>
<tr height="12" style="height:8.95pt;">
<td width="6%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="7%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">281,250</font></p>    </td>
<td width="8%" 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:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">281,260</font></p>    </td>
<td width="8%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="8%" 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:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">181,034</font></p>    </td>
<td width="10%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="7%" 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:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">141,400</font></p>    </td>
<td width="10%" height="12" bgcolor="#F2F2F2" style="background:#F2F2F2;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">207,500</font></p>    </td>
<td width="10%" 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:8.95pt;padding:0in 5.4pt 0in 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,092,444</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="6%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:6.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2013</font></p>    </td>
<td width="7%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:7.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 1pt 5.4pt;width:8.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="8%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 1pt 5.4pt;width:8.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="7%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 1pt 5.4pt;width:7.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</font></p>    </td>
<td width="10%" height="11" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:8.5pt;padding:0in 5.4pt 1pt 5.4pt;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">N/A</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;text-align:justify;"><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:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">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 from 2013 to 2015:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">MTIP amounts reported in 2015 were based on the grant of units issued on January&nbsp;1, 2015 for the period 2015 to 2017, using the closing price of the common shares on the TSX on December&nbsp;31, 2014 of $10.52.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">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="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Amounts reported in column (f)&nbsp;relate to cash payments made under the AIC.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(3)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Annual Incentive Plan amounts reported in 2015, 2014 and 2013 relate to the performance level achieved in each of those years under the AIC plan.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(4)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">No long-term non-equity incentive plan payments were made to the NEOs in 2015, 2014 or 2013.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(5)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">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="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(6)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Amounts in column (h)&nbsp;relate to car allowances and annual perquisite allowances, as well as the special one-time leadership recognition awards where applicable. For Mrs.&nbsp;Farrell, column (h)&nbsp;also includes $4,215 for her additional life insurance. 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). For Mr.&nbsp;Collins, column (h)&nbsp;also includes his $150,000 sign-on bonus and a $37,500 moving allowance.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(7)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell received a special one-time leadership recognition award of $150,000 on October&nbsp;31, 2015.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(8)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Tremblay was appointed Chief Financial Officer 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. On October&nbsp;31, 2015, he received a special one-time leadership recognition award of $100,000.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(9)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Gellner was promoted to Chief Investment Officer on August&nbsp;20, 2013. On January&nbsp;1, 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. On January&nbsp;1, 2014, he received a one-time RSU grant of $100,000 that vests on January&nbsp;1, 2016. On October&nbsp;31, 2015, he received a special one-time leadership recognition award of $100,000.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(10)</font><font face="Arial">&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kousinioris was appointed Chief Legal and Compliance Officer on December&nbsp;3, 2012 and was additionally appointed Corporate Secretary on October&nbsp;2, 2015.&#160; 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. On October&nbsp;31, 2015, he received a special one-time leadership recognition award of $100,000.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(11)</font><font face="Arial">&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Collins was appointed Executive Vice-President, Coal and Mining Operations on May&nbsp;14, 2014. Upon appointment, he received a one-time sign-on bonus of $150,000.</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 2016 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 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;text-align:justify;"><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;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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Incentive Plan Awards - Outstanding Share Awards</font></i></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;"><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, 2015 and that vests in future 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)<br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Market or payout<br>   value of vested share-<br>   based awards that<br>   have not yet been<br>   paid out or<br>   distributed (aggregate<br>   market value or<br>   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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">RSUs</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 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2015</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2018</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">146,052</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">73,026</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$717,116 </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 0in 0in 0in;width:11.68%;">
<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;">$358,558 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2014</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2017</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">120,960</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">60,480</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$593,916 </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 0in 0in 0in;width:11.68%;">
<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;">$296,958 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2013</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2016</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">0</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">58,537</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$287,417 </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 0in 0in 0in;width:18.3%;">
<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;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">267,013</font></b></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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">192,043</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$1,311,032 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$942,933 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<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:2.8pt;padding:0in 0in 0in 0in;width:15.82%;">
<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><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2015</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2018</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">39,308</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">19,654</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$193,002 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$96,501 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">Apr.&nbsp;1,   2014</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2017</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">24,080</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">30,128</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$118,234 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$147,928 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2013</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2016</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">N/A</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">N/A</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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 0in 0in 0in;width:11.68%;">
<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;">N/A</font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">N/A</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">63,388</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">49,782</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$311,236 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$244,429 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</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 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">B.M. Gellner </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(4)</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2015</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2018</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">61,146</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">30,573</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$300,229 </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 0in 0in 0in;width:11.68%;">
<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;">$150,114 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2014</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2017</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">50,638</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">33,697</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$248,633 </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 0in 0in 0in;width:11.68%;">
<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;">$165,454 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2013</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2016</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">0</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">56,009</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$275,005 </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 0in 0in 0in;width:18.3%;">
<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;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">111,785</font></b></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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">120,280</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$548,862 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$590,573 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.8pt;">
<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:2.8pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">J.H. Kousinioris </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2015</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2018</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">41,492</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">20,746</font></p>    </td>
<td width="10%" height="4" style="height:2.8pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$203,728 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$101,861 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:2.8pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2014</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2017</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">34,360</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">37,237</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$168,705 </font></p>    </td>
<td width="11%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$182,835 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2013</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2016</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">0</font></p>    </td>
<td width="10%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">16,629</font></p>    </td>
<td width="10%" height="4" style="height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:11.68%;">
<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;">$81,647 </font></p>    </td>
<td width="18%" height="4" style="border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<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;">$0</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">75,852</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">74,612</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">$372,433 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$366,344 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.1pt;">
<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:3.1pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.   Collins </font></b><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(6)</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.1pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2015</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2018</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.1pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">39,308</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.1pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">19,654</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.1pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$193,002 </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 0in 0in 0in;width:11.68%;">
<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;">$96,501 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">Jul.&nbsp;1,   2014</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2017</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">15,836</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">7,918</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$77,754 </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 0in 0in 0in;width:11.68%;">
<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;">$38,877 </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 0in 0in 0in;width:18.3%;">
<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;">$0</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 0in 0in 0in;width:15.82%;"></td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2013</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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.&nbsp;1,   2016</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">N/A</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">N/A</font></p>    </td>
<td width="10%" height="4" bgcolor="#F2F2F2" style="background:#F2F2F2;height:3.3pt;padding:0in 0in 0in 0in;width:10.84%;">
<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;">N/A</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 0in 0in 0in;width:11.68%;">
<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;">N/A</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 0in 0in 0in;width:18.3%;">
<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;">N/A</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">55,144</font></b></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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">27,572</font></b></p>    </td>
<td width="10%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$270,756 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$135,378 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="15%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;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 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">573,181</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 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">464,289</font></b></p>    </td>
<td width="10%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$2,814,318 </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 0in 0in 0in;width:11.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$2,279,657 </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 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$0</font></b></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;text-align:justify;"><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:1.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">For RSUs and PSUs granted in 2015 and 2014, and for RSUs granted in 2013, the numbers shown reflect the units outstanding, including dividend equivalents, as of December&nbsp;31, 2015. For PSUs granted in 2013, the numbers shown reflect 0 because the Company did not achieve threshold on any metric. As such, no PSUs vested on January&nbsp;1, 2016.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">For RSUs and PSUs granted in 2015 and 2014, and for RSUs granted in 2013, the values were calculated using the closing price of a TransAlta common share on the TSX on December&nbsp;31, 2015 (i.e. the last trading day of 2015) of $4.91. PSUs granted in these years were assumed to be at target performance. For PSUs granted in 2013, the values reflect $0 because the Company did not achieve threshold on any metric. As such, no PSUs paid out on January&nbsp;1, 2016.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(3)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Tremblay joined the Company on March&nbsp;31, 2014. As such, he received his 2014 MTIP grant on April&nbsp;1, 2014. He also received a one-time RSU grant of $200,000 upon being appointed CFO and the units fully vested on January&nbsp;1, 2016.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(4)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Gellner received a one-time special equity grant of $750,000 (50% PSUs and 50% RSUs) on January&nbsp;1, 2013 and the units fully vested on January&nbsp;1, 2016. He also received a one-time RSU grant of $100,000 on January&nbsp;1, 2014 for his outstanding performance and leadership in executing TransAlta Renewables and the units fully vested on January&nbsp;1, 2016.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(5)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kousinioris received a one-time RSU grant of $475,000 (i.e. one times his base salary) and the first tranche (i.e. 50%) vested on January&nbsp;1, 2015 and the second tranche vested on January&nbsp;1, 2016. Upon grant, it was stipulated that the after-tax value of all vested units must be held in TransAlta common shares until Mr.&nbsp;Kousinioris&#146; share ownership guideline is met.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(6)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Collins joined the Company on May&nbsp;14, 2014. As such, he received his 2014 MTIP grant on July&nbsp;1, 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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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">71</font><a name="PB_71_111509_2897"></a></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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;"><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 align="left" style="color:#010101;"></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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Incentive Plan Awards &#150; Value Vested During the Year</font></i></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;text-align:justify;"><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 2015:</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;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="37%" colspan="2" rowspan="3" style="border:solid windowtext 1.0pt;border-left:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:37.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Share Based Awards &#150; <br>   value vested during the year</font></b></p>    </td>
<td width="36%" rowspan="3" style="border:solid windowtext 1.0pt;border-left:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">value earned during the year</font></b></p>    </td>
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<td width="19%" height="19" style="border:none;border-right:solid windowtext 1.0pt;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:19.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">PSOPs </font></b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="36%" height="19" style="border:none;border-right:solid black 1.0pt;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">AIC </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="36%" height="19" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="25%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:25.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell </font></b></p>    </td>
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<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;">0</font></p>    </td>
<td width="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<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;">0</font></p>    </td>
<td width="36%" 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 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">762,660</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="25%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:25.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.   Tremblay</font></b></p>    </td>
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<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="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<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="36%" 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 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">220,894</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="25%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:25.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M.   Gellner</font></b></p>    </td>
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<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="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<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="36%" 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 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">238,563</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="25%" height="19" style="border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:25.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">(3)</font></p>    </td>
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<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="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">57,877</font></p>    </td>
<td width="36%" 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 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">226,634</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></td>  </tr>
<tr height="19" style="height:14.25pt;">
<td width="25%" height="19" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:14.25pt;padding:0in 5.4pt 0in 5.4pt;width:25.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.   Collins</font></b></p>    </td>
<td width="19%" 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 5.4pt 0in 5.4pt;width:19.5%;">
<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="17%" 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 5.4pt 0in 5.4pt;width:17.9%;">
<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="36%" 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 5.4pt 0in 5.4pt;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">214,706</font></p>    </td>
<td width="0" height="19" style="border:none;height:14.25pt;"></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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">As the Company did not achieve threshold for the 2012 to 2014 grant cycle under the retired Performance Share Ownership Plan (&#147;PSOP&#148;), whereby the units would have vested on January&nbsp;1, 2015, there were no PSOP payouts. We note that the PSOP was replaced by the MTIP effective January&nbsp;1, 2013 whereby the first grant cycle (i.e. 2013 to 2015) vested on January&nbsp;1, 2016.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font><font face="Arial">&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">The amounts disclosed in this column relate to payments made with respect to 2015 under the AIC and are also included in column (f)&nbsp;of the <i>&#147;Summary Compensation Table.&#148;</i></font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(3)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kousinioris&#146; RSUs payment is in relation to the vesting of the first tranche (i.e. 50%) of the one-time RSU grant that he received on June&nbsp;6, 2014, which represented 1.0x his base salary of $475,000.&#160; The second tranche (i.e. 50%) vested on January&nbsp;1, 2016. Upon grant, it was stipulated that the after-tax value of all unvested units must be held in TransAlta common shares until Mr.&nbsp;Kousinioris&#146; 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total Value of Equity Holdings at December&nbsp;31, 2015</font></b></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 height="20" style="height:15.0pt;">
<td width="25%" rowspan="3" style="border:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="74%" colspan="4" height="20" style="border:solid windowtext 1.0pt;border-left:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:74.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total Value of Equity Holdings </font></b></p>    </td>   </tr>
<tr height="26" style="height:19.75pt;">
<td width="18%" height="26" style="border:none;border-right:solid windowtext 1.0pt;height:19.75pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Shares </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="18%" height="26" style="border:none;border-right:solid windowtext 1.0pt;height:19.75pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">RSUs </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1,2)</font></p>    </td>
<td width="18%" height="26" style="border:none;border-right:solid windowtext 1.0pt;height:19.75pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">DSUs </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(3)</font></p>    </td>
<td width="18%" height="26" style="border:none;border-right:solid windowtext 1.0pt;height:19.75pt;padding:0in 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr height="17" style="height:13.0pt;">
<td width="18%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="17" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="25%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">623,565</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">861,236</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">631,618</font></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 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,116,419</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="25%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.   Tremblay</font></b></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">246,450</font></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">223,251</font></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<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="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">469,701</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="25%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M.   Gellner</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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">272,881</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">540,789</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<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="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 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">813,670</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="25%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">51,596</font></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">334,603</font></p>    </td>
<td width="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.72%;">
<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="18%" height="20" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">386,199</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="25%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:25.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W. Collins</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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45,542</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">123,648</font></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 5.4pt 0in 5.4pt;width:18.72%;">
<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="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 5.4pt 0in 5.4pt;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">169,190</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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(1)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Based on the 20-day volume-weighted average closing price of our common shares on the TSX at December&nbsp;31, 2015 of $4.65.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(2)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">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="font-size:10.0pt;margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.7pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-4.0pt;">(3)</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">This column does not include the value of Mrs.&nbsp;Farrell&#146;s DSUs for her 2015 AIC, which she elected to receive as DSUs.</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="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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">72</font><a name="PB_72_112229_3020"></a></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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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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;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>In 2015, all employees who had pensionable earnings over approximately $228,000 (90% of the $253,500 ceiling set by the <i>Income Tax Act</i>) also participated in our defined benefit, non-registered supplementary pension plan (the &#147;<b>SPP</b>&#148;).&#160; However, effective January&nbsp;1, 2016, SPP eligibility became limited to the members of the executive team, and all future new executives will participate in a DC SPP.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Retirement benefits provided by the DC Plan and the SPP are summarized below.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Our DC Plan is a non-contributory plan whereby we contribute 10% of employees&#146; pensionable earnings (base pay and AIC) to the plan.&#160; However, effective July&nbsp;1, 2016 our DC Plan will become a contributory plan with optional employee contributions whereby the Company will contribute 5% and the employee can contribute up to 5%.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015, the maximum annual contribution was $22,833.&#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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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, 2015:</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 height="28" style="height:21.0pt;">
<td width="24%" rowspan="2" style="border:solid windowtext 1.0pt;height:21.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Accumulated Value at<br>   Start of year</font></b></p>    </td>
<td width="18%" height="28" style="border:solid windowtext 1.0pt;border-bottom:none;height:21.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Compensatory</font></b></p>    </td>
<td width="18%" 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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Non-Compensatory</font></b></p>    </td>
<td width="18%" 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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Accumulated Value at<br>   End of Year</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.65pt;">
<td width="18%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="4" style="border:solid windowtext 1.0pt;border-top:none;height:2.65pt;padding:0in 5.4pt 0.375pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="18%" height="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:2.65pt;padding:0in 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="24%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<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>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0.375pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,833</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">614</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">259,093</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="24%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D.   Tremblay</font></b></p>    </td>
<td width="18%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<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>
<td width="18%" height="20" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0.375pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,833</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,590</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">51,941</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="24%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M.   Gellner</font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<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>
<td width="18%" height="20" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0.375pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,833</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,815</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">219,721</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="24%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="18%" height="20" style="border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<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>
<td width="18%" height="20" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0.375pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,833</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<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="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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">78,470</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="24%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W. Collins</font></b></p>    </td>
<td width="18%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,483</font></p>    </td>
<td width="18%" height="20" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 1pt 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22,833</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-407</font></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 5.4pt 0in 5.4pt;width:18.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44,909</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 receive a committed value over a specific time frame.</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;"><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 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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">73</font><a name="PB_73_103444_2161"></a></p>
<p style="margin:0in 0in .0001pt;"><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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></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;"><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, 2015, and shows our accrued obligation as of that date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="12%" valign="bottom" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name</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:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Number of<br>   Years of<br>   Credited<br>   Service</font></b></p>    </td>
<td width="25%" colspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Annual Benefits Payable</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Accrued<br>   Obligation at<br>   Start of Year</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Compensatory</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Non-<br>   Compensatory</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:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Accrued<br>   Obligation at<br>   End of Year</font></b></p>    </td>   </tr>
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<td width="12%" 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:12.28%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">At Year End</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">At Age 65</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="12%" 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:12.28%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" 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:12.28%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(#)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</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:12.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></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:12.72%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8.42</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">237,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">495,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,247,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">466,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">431,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.48%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,144,000</font></p>
<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%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></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:12.72%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.75</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">17,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">157,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">115,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">155,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">19,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.48%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">289,000</font></p>
<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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></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:12.72%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">7.33</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">76,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">207,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,136,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">184,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">94,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.48%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,414,000</font></p>
<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%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H.   Kousinioris</font></b></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></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:12.72%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.08</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">161,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">346,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">168,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">37,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.48%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">551,000</font></p>
<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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.28%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.   Collins</font></b></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></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:12.72%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.75</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">15,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">119,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">152,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21,000</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;">&nbsp;</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:12.48%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">292,000</font></p>
<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;"><font size="1" face="Arial" style="font-size:8.0pt;">Assumptions:</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-9.35pt;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">An annual discount rate of 3.6% in measuring the accrued pension liability at December&nbsp;31, 2015;</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-align:justify;text-indent:-9.35pt;"><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; </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 20.15pt;text-align:justify;text-indent:-9.35pt;"><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; </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 20.15pt;text-align:justify;text-indent:-9.35pt;"><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; </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;"><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;">Termination and Change of Control Benefits</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">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 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="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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">74</font><a name="PB_74_105310_7056"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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: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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the event of involuntary termination without cause, the following lump sum payments will be made to the executive instead of our standard policies:</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 .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Payment for outplacement services if   requested.</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;"><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 subsidiaries&#146; employees, consultants, clients or customers.</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;"><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, 2015:</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="12%" rowspan="2" style="border:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Severance<br>   Period</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Amount of<br>   Base Pay</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Annual<br>   Incentive</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Calculated<br>   at Target</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Benefits</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">PSU Value</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Other</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(# of<br>   months)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;"> (3)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></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 5.4pt 0in 5.4pt;width:10.98%;">
<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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,900,000</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 5.4pt 0in 5.4pt;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="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 5.4pt 0in 5.4pt;width:10.98%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,655,000</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,279,138</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,639,600</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10,601,738</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</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 5.4pt 0in 5.4pt;width:10.98%;">
<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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">371,250</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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">252,000</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">518,157</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">336,789</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,261,195</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></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 5.4pt 0in 5.4pt;width:10.98%;">
<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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">412,500</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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">347,000</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">849,165</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">465,710</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,944,375</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</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 5.4pt 0in 5.4pt;width:10.98%;">
<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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">391,875</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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">283,000</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">576,213</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">386,588</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,464,176</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W. Collins</font></b></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 5.4pt 0in 5.4pt;width:10.98%;">
<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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">371,250</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 5.4pt 0in 5.4pt;width:10.98%;">
<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="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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">296,000</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">485,986</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">242,993</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 5.4pt 0in 5.4pt;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,179,229</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="12%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</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 5.4pt 0in 5.4pt;width:10.98%;"></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 5.4pt 0in 5.4pt;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;">4,712,500</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 5.4pt 0in 5.4pt;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;">3,256,875</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 5.4pt 0in 5.4pt;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;">868,000</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 5.4pt 0in 5.4pt;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;">2,833,000</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 5.4pt 0in 5.4pt;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;">5,708,658</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 5.4pt 0in 5.4pt;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;">3,071,680</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 5.4pt 0in 5.4pt;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;">20,450,713</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 pensionable service credits for the   severance period.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(2)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">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 the TSX on December&nbsp;31, 2015 (the last   trading day of 2015) of $4.91.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(3)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 the   TSX on December&nbsp;31, 2015 (the last trading day of 2015) of $4.91.</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">75</font><a name="PB_75_105745_5335"></a></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 2016 Management Proxy Circular</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;"><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 align="left" style="color:#010101;"></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;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">An amount equal to 24 months of base salary for all NEOs;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">An amount equal to 24 months of AIC at target for all NEOs;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Unvested MTIP units vest at 100% of target for all NEOs;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">An amount equal to the grant of additional MTIP units for the year subsequent to termination;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Reimbursement of up to $10,000 for expenses incurred in obtaining financial or tax advice; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Payment for outplacement services if requested.</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;"><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, except with 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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, 2015:</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="14%" rowspan="2" style="border:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Severance<br>   Period</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Annual<br>   Incentive<br>   Calculated<br>   at Target</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Benefits</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Additional<br>   Pension<br>   Value</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">PSU Value</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Other</font></b></p>    </td>
<td width="10%" height="56" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:42.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
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<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(# of<br>   months)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($) </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;">(2)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;position:relative;top:-4.0pt;"> (3)</font></p>    </td>
<td width="10%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.25pt;padding:0in 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">D.L. Farrell</font></b></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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">1,900,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">1,710,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,655,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,704,365</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,639,600</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10,026,965</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">24</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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">900,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">495,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">337,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">686,236</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">431,929</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,994,165</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">1,000,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">550,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">451,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,132,195</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">882,240</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,175,435</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">J.H. Kousinioris</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">24</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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">950,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">522,500</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 5.4pt 0in 5.4pt;width:10.74%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">382,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">768,266</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">564,260</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3,339,027</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W. Collins</font></b></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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">900,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<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;">495,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<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%" 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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">396,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">645,756</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">322,878</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,903,633</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="14%" height="20" style="border:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;width:14.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,650,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,772,500</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,018,000</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,221,000</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 5.4pt 0in 5.4pt;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,936,818</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 5.4pt 0in 5.4pt;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,840,907</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 5.4pt 0in 5.4pt;width:10.74%;">
<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;">23,439,225</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<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:5.0pt;position:relative;top:-5.0pt;">(1)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(2)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 the TSX on   December&nbsp;31, 2015 (the last trading day of 2015) of $4.91.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(3)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 the   TSX on December&nbsp;31, 2015 (the last trading day of 2015) of $4.91.</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 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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">76</font><a name="PB_76_110209_5796"></a></p>
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<p style="margin:0in 0in .0001pt 13.7pt;text-align:justify;text-indent:-13.7pt;"><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;text-align:justify;"><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;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;"><font size="2" face="Arial" style="font-size:10.0pt;">We have an employee share option plan that provides for grants of options to employees from time to time.&#160; Directors do not participate in this plan and in 2016 option awards were made to executives as part of the Company&#146;s revised long-term incentive strategy.&#160; The options granted in 2016 will cliff vest after three years and expire after seven years. 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.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">There were no options exercised in 2015.</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Equity Compensation Plan Information as at December&nbsp;31, 2015</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;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2015, there were 1.06 million options to purchase shares outstanding, all of which were exercisable as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Plan Category</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:9.5pt;font-weight:bold;">Number&nbsp;of&nbsp;securities&nbsp;to<br>   be issued upon<br>   exercise of outstanding<br>   options, warrants and<br>   rights</font></b></p>    </td>
<td width="22%" height="40" valign="bottom" bgcolor="#FFD900" style="background:#D9D9D9;border:solid windowtext 1.0pt;border-left:none;height:30.1pt;padding:0in 5.4pt 0in 5.4pt;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Weighted-average<br>   exercise price of<br>   outstanding options,<br>   warrants and rights</font></b></p>    </td>
<td width="24%" height="40" valign="bottom" bgcolor="#FFD900" style="background:#D9D9D9;border:solid windowtext 1.0pt;border-left:none;height:30.1pt;padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Number of securities<br>   remaining available for<br>   future issuance under<br>   equity compensation<br>   plans (excluding<br>   securities reflected in<br>   first column)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Equity compensation plans approved by security holders</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="26%" height="4" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:26.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="26%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:26.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="22%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="24%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="26%" height="4" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:26.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Share Option Plan</font></p>    </td>
<td width="26%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:26.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1.06 million</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font></p>    </td>
<td width="22%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$21.45</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(2)</font></p>    </td>
<td width="24%" height="4" valign="top" bgcolor="#FFF200" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;height:3.3pt;padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">11.79 million</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(3)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="26%" height="4" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:26.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="22%" height="4" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="24%" height="4" valign="top" bgcolor="#FFF200" 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 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="26%" height="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:26.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">1.06 million</font></b></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" height="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:2.8pt;padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">11.79 million</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(3)</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</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; </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 .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(2)</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; </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-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(3)</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">This includes shares reserved under the retired PSOP.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 to purchase common shares of the Company on the open market.&#160; Senior management, including the executive team, is not eligible to 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.&#160; As at December&nbsp;31, 2015, 1.507 million shares had been purchased by employees under this plan.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">The plan was cancelled by the Company effective January&nbsp;1, 2016.</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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2015.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Arial">77</font><a name="PB_77_110432_2897"></a></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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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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<!-- SEQ.=1,FOLIO='77',FILE='C:\JMS\107899\16-7627-1\task7867005\7627-1-mm-33.htm',USER='107899',CD='Mar 31 12:42 2016' -->

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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;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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 2015, the annual cost of this coverage was approximately US$646,855 and was paid by the Company.&#160; Directors and officers are not subject to any deductible in respect of amounts which may be paid on their behalf under this policy.&#160; We are reimbursed for payments made under the corporate indemnity provisions, subject to a deductible of US$</font><font face="Arial">4</font><font face="Arial">&nbsp;million with respect to those insured losses.</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;"><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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 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 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;"><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;"><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>
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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"><img width="216" height="54" src="g76271mm33i001.gif"></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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,   Alberta<br>   March&nbsp;10, 2016</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">John   Kousinioris<br>   Chief Legal and Compliance Officer 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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<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 2016 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font face="Arial">78</font><a name="PB_78_110651_3020"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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: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:10.0pt;font-weight:bold;">APPENDIX &#147;A&#148;<br> CHECKLIST OF CORPORATE GOVERNANCE DISCLOSURE &#151; FORM&nbsp;58-101F1</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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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority 8 of 9</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(b)</font></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(c)</font></p>
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority of independent   directors</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(d)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See table on page&nbsp;33</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(e)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(f)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Independent chair of the   board</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(g)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Attendance record for   each director</font></p>
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Written position   description for CEO</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">4(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">New director orientation</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">4(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">Continuing education   program for directors</font></p>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(c)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(c)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See GEC on page&nbsp;39</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;43</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(c)</font></p>    </td>
<td width="69%" 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:69.16%;">
<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See HRC on page&nbsp;41</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(d)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;58</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">None</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 style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A-</font><font face="Arial">1</font><a name="PB_1_121642_7764"></a></p>
<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>
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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 2016 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 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 align="left" style="color:#010101;"></div>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;35</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>    </td>
<td width="69%" 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:69.16%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;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>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">11(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</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:22.5%;">
<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(c)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(a)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(b)</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><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>
<p style="margin:2.0pt .05in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 5.75pt .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;32</font></p>    </td>   </tr>  </table>
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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;">NEW YORK STOCK EXCHANGE &#151; SIGNIFICANT DIFFERENCES IN CORPORATE GOVERNANCE PRACTICES</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compliance with NYSE Standards</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;">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 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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">A-</font><font face="Arial">2</font><a name="PB_2_121703_5335"></a></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;">APPENDIX &#147;B&#148;<br> GENERAL GOVERNANCE GUIDELINES FOR 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">A.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">INTRODUCTION</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 of Directors (the &#147;<b>Board</b>&#148;) is responsible for overseeing the management of TransAlta Corporation (the &#147;<b>Company</b>&#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;<b>CEO</b>&#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;<b>CEO</b>&#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;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has adopted the following guidelines to meet its governance responsibilities.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">B.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">BOARD ORGANIZATION AND 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;<b>Chair</b>&#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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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 8 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;<b>Committee</b>&#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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;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 or a committee of independent directors.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">1</font><a name="PB_1_121736_2730"></a></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 2016 Management Proxy Circular</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Majority Voting for Directors and Form&nbsp;of Proxy</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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;&#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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><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="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">2</font><a name="PB_2_121759_5796"></a></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;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 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;text-align: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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;<b>DSUs</b>&#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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">C.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">BOARD MEETINGS 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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 Chief Legal and Compliance Officer and Corporate Secretary or Assistant 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;text-align:justify;text-justify:inter-ideograph;"><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 2016 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;">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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">D.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">COMMITTEE ORGANIZATION AND 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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Committee Agendas</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 of each committee, in consultation with the appropriate members of management and the Chief Legal and Compliance Officer and Corporate Secretary or Assistant 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">E.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">BOARD AND MANAGEMENT RESPONSIBILITIES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Appointment of Chief Executive Officer and Senior 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;">The Board, at the recommendation of the Human Resources Committee (the &#147;<b>HRC</b>&#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;text-align:justify;text-justify:inter-ideograph;"><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 those officers that report directly to the CEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Evaluation of the Chief Executive Officer</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 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;"><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="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">4</font><a name="PB_4_121835_3020"></a></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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Corporate Strategy</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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Limits to Management Authority</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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Succession Planning and Management Development</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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Risk Assessment</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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">i)</font><font size="1" face="Times New Roman" 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 face="Arial" style="font-style:italic;">Enterprise Risk Management</font></i></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 delegated to the Audit and Risk Committee (the &#147;<b>ARC</b>&#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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Arial" style="font-size:10.0pt;">ii)</font><font size="1" face="Times New Roman" 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 face="Arial" style="font-style:italic;">Compensation Risk Assessment</font></i></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 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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Internal Controls</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 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;"><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;"><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 2016 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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Insider Trading and Disclosure Practices</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 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 Chief Legal Officer, Corporate Secretary or Assistant Corporate Secretary before trading in TransAlta securities and provide confirmation immediately following any trade.</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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Outside Advisors for Individual 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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">EVALUATION OF THE BOARD AND THE BOARD-MANAGEMENT RELATIONSHIP</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Assessing the Chair&#146;s Performance</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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Assessing the Board, Committee,&nbsp;Individual Director Performance and Board-Management Relationship</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 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;"><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="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">6</font><a name="PB_6_121909_141"></a></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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">G.</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">COMMUNICATION AND SHAREHOLDER AND STAKEHOLDER RELATIONS</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="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Board Communications Policy</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, 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2)</font></b><font size="1" face="Times New Roman" 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; </font><b><font face="Arial" style="font-weight:bold;">Shareholder and other Stakeholder Communication</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 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 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;"><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;"><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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">7</font><a name="PB_7_121925_7608"></a></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 2016 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:10.0pt;font-weight:bold;">SOLICITATION OF PROXIES</font></b></p>
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<p style="margin:0in 5.75pt .0001pt;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. Officers and employees of the Company may solicit proxies without   compensation by telephone, facsimile or in person. 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><br><br></p>
<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">They may be reached at:</font></p>
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<p style="font-size:10.0pt;margin:0in 5.75pt .0001pt 1.0in;text-indent:-66.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Phone:</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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; </font><font face="Arial">North   American Toll Free: 1.877.659.1820</font><br>    <font face="Arial">Outside   North America, Banks and Brokers Call Collect: 416.867.2272</font></p>
<p style="font-size:10.0pt;margin:0in 5.75pt .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Email:</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">contactus@kingsdaleshareholder.com</font><br>    <font face="Arial">Facsimile:</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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; </font><font face="Arial">416.867.2271   or 1.866.545.5580 (toll free)</font></p>
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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">TransAlta   Corporation 110 - 12th Avenue SW Box 1900, Station &#147;M&#148; Calgary, Alberta   Canada T2P 2M1 403.267.7110 www.transalta.com </font></p>
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<TYPE>EX-99.2
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<FILENAME>a16-7627_1ex99d2.htm
<DESCRIPTION>EX-99.2 TRANSALTA CORPORATION'S FORM OF PROXY FOR ITS 2016 ANNUAL AND SPECIAL MEETING OF SHAREHOLDER
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">THIS IS YOUR PROXY - DO NOT DESTROY &#151; THIS IS AN IMPORTANT DOCUMENT</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Arial" 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 Company.</font></b></p>
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<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;">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>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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 and Special Meeting</b> (the &#147;<b>Meeting</b>&#148;) of shareholders of TransAlta Corporation (the &#147;<b>Company</b>&#148;) to be held on Friday, April&nbsp;22, 2016 at 10:00&nbsp;a.m.&nbsp;(local time) in the Spectrum Ballroom at Hotel Arts, located at 119 12</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;">&#160;Avenue SW, Calgary, Alberta, and at any continuation after an adjournment thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="1" face="Arial" 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" face="Arial" 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Items on which shareholder&#146;s action is required:</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;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Election of Directors.&nbsp;   Directors and management recommend shareholders vote for the election   of the management nominees.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Withhold   from<br>   Voting</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">01&nbsp;&nbsp; John P. Dielwart</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">02&nbsp;&nbsp; Timothy W. Faithfull</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">03&nbsp;&nbsp; Dawn L. Farrell</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">04&nbsp;&nbsp; Alan J. Fohrer</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">05&nbsp;&nbsp; Gordon D. Giffin</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">06&nbsp;&nbsp; P. Thomas Jenkins</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">07&nbsp;&nbsp; Yakout Mansour</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">08&nbsp;&nbsp; Georgia R. Nelson</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">09&nbsp;&nbsp; Beverlee F. Park</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.26%;">
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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;punctuation-wrap:simple;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Withhold from<br>   Voting</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appointment of Ernst&nbsp;&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&nbsp;&amp; Young LLP.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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;punctuation-wrap:simple;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Against</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">3.&nbsp;&nbsp;&nbsp;&nbsp; Resolution confirming the Company&#146;s   Shareholder Rights Plan, as described in the accompany Management Proxy   Circular.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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;punctuation-wrap:simple;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">FOR</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Against</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The form of proxy must be deposited with the Company&#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 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The undersigned hereby revokes any proxy previously given with respect to the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="1" face="Arial" 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.&#160; If no choice is specified, the shares will be voted: (i)&nbsp;FOR the election of each of the persons nominated by management for election as directors, (ii)&nbsp;FOR the appointment of Ernst&nbsp;&amp; Young LLP as auditors of the Company at a remuneration to be fixed by the Board of Directors, (iii)&nbsp;FOR the confirmation of the Company&#146;s Shareholder Rights Plan; and (iv)&nbsp;FOR the advisory vote to accept management&#146;s approach to executive compensation.</font></b><font size="1" face="Arial" style="font-size:8.0pt;">&#160; 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 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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.&#160; 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 the proxy and all executors, administrators, trustees, corporate officers,&nbsp;etc. must indicate the capacity in which they sign.&#160; 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 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Your name</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">(please   print exactly as it appears on the back of the proxy form)</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Your signature</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" 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>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position and signature</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">(complete   this section if you are signing on behalf of a corporation, estate or trust)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><i><font size="1" face="Arial" 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" face="Arial" style="font-size:8.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTING OPTIONS AND INSTRUCTIONS</font></u></b></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;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE BY MAIL</font></b><font size="1" face="Arial" style="font-size:9.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">The form of proxy must be deposited with the Company&#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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">1.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" 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.&#160; 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">2.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" 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.&#160; 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">3.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">4.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:9.0pt;">The name of the shareholder must appear exactly as it is shown on the affixed label.&#160; If shares are held jointly, any one of the joint owners may sign.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">5.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" 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 Company&#146;s Transfer Agent by mail to CST Trust Company, Attention:&#160; 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;punctuation-wrap:simple;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">6.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:9.0pt;">For further information, see the Management Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE BY PHONE</font></b><font size="1" face="Arial" style="font-size:9.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE BY INTERNET</font></b><font size="1" face="Arial" style="font-size:9.0pt;">:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>www.cstvotemyproxy.com</u></font></p>
<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;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" 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="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>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.86%;">
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<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" face="Arial" 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:2.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:8.58%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:9.86%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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:2.82%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.86%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.86%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<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:2.82%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" 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:2.92%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.94%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.86%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
MU_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =
M?\*/^$.\/?\ 0$T[_P !U_PH_P"$.\/?] 33O_ =?\*/^$.\/?\ 0$T[_P !
LU_PH_P"$.\/?] 33O_ =?\*LV&@:5I<YFT_3K2VE9=I>*)5)'ID#IP*__]D!

end
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<DOCUMENT>
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<SEQUENCE>31
<FILENAME>g76271mm21i001.jpg
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<DOCUMENT>
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begin 644 g76271mm21i002.jpg
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<DOCUMENT>
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begin 644 g76271mm21i003.jpg
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<DOCUMENT>
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begin 644 g76271mm21i004.jpg
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