<SEC-DOCUMENT>0001104659-17-018642.txt : 20170322
<SEC-HEADER>0001104659-17-018642.hdr.sgml : 20170322
<ACCEPTANCE-DATETIME>20170322172807
ACCESSION NUMBER:		0001104659-17-018642
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		47
CONFORMED PERIOD OF REPORT:	20170321
FILED AS OF DATE:		20170322
DATE AS OF CHANGE:		20170322

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:		17707572

	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>a17-8973_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;">UNITED STATES</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;">SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="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="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM 6-K</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;">&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> UNDER 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, 2017</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="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;X&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>
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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 41.75pt;text-align:justify;text-indent:-.5in;"><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; </font><font size="3" style="font-size:12.0pt;">The Management Proxy Circular of the Registrant dated March&nbsp;9, 2017 and the Notice of Annual Meeting filed as part of Exhibit&nbsp;99.1 to this Form&nbsp;6-K are hereby filed for the purpose of being and hereby are incorporated by reference into the Registrant&#146;s registration statements filed under the Securities Act of 1933, as amended.</font></p>
<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;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Form</font></u></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="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Registration No.</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">F-10</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">333-215608</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 41.75pt;text-align:justify;text-indent:-.5in;"><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; </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 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="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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta   Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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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;">&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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/s/   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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.66%;">
<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="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Assistant   Corporate Secretary</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;22, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&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;">&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;">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 Meeting and Management Proxy Circular, dated March&nbsp;9, 2017.</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 2017 Annual Meeting of Shareholders is hereby furnished, not filed, and will not be incorporated by reference into any registration statement filed by TransAlta Corporation under the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a17-8973_1ex99d1.htm
<DESCRIPTION>EX-99.1
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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="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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="179" height="59" src="g89731mm01i001.gif"></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<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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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.16%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">TransAlta Corporation</font></b></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">Notice of Annual Meeting   of Shareholders <br> &nbsp;and Management Proxy Circular </font></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">Annual Meeting April 20,   2017</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>
</div>
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<div>
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ANNUAL MEETING OF SHAREHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&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;">Table of Contents</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">1</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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 MEETING OF SHAREHOLDERS</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">2</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">4</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">5</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">7</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Registered   Shareholder</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">7</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Beneficial   Shareholder</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">8</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">BUSINESS   OF THE MEETING</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1.</font></b></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">10</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2.</font></b></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Financial   Statements</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">23</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3.</font></b></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Appointment   Of Auditors</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">23</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4.</font></b></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">25</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">26</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our Governance   Practices</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">26</font></b></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Our   Ethical Commitment</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">26</font></b></p>    </td>   </tr>
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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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><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="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">28</font></b></p>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Board   Characteristics</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">30</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Board   Expertise</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">32</font></b></p>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">The Board   Effectiveness</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">34</font></b></p>    </td>   </tr>
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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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><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>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">36</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">38</font></b></p>    </td>   </tr>
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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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><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>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">40</font></b></p>    </td>   </tr>
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<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">41</font></b></p>    </td>   </tr>
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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>
<td width="83%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:83.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Report on   Director Compensation</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">41</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 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 &#150; FORM&nbsp;58-101F1</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">A-1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">A-2</font></b></p>    </td>   </tr>
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<p style="margin:0in 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>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">B-1</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;"><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>
<div style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<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 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 2017 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 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>
<p align="center" style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<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 Proxy Circular (as defined herein), 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 Proxy Circular and other statements about our operations, financial condition, risk management priorities, targets, compensation components and strategy, ongoing objectives, strategies and outlook for 2017 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, 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>
<p align="center" style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<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;">NON-IFRS MEASURES</font></b></p>
<p align="center" style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain financial information contained in this Proxy Circular, including funds from operations (FFO) and free cash flow (FCF), may not be standard measures defined under International Financial Reporting Standards (&#147;<b>IFRS</b>&#148;) and may not be comparable to similar measures presented by other entities. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further information on non-IFRS financial measures we use, see the section entitled &#147;Additional IFRS Measures and Non-IFRS Measures&#148; contained in our Management Discussion and Analysis for the year-ended December&nbsp;31, 2016, filed with Canadian securities regulators on www.sedar.com.</font></p>
<p style="background:#D9D9D9;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="background:#D9D9D9;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;"><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;"><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="Times New Roman"><img width="154" height="55" src="g89731mm05i001.jpg"></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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;</font><font face="Arial">9</font><font face="Arial">, 2017</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;">Dear Fellow 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;"><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 2017 Annual Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;), which will take place on Thursday, April&nbsp;20, 2017 at 10:00 a.m.&nbsp;(local time) in the Palomino Room (E-H) at the BMO Centre (Stampede Park), located at 20 Roundup Way SW, in Calgary, Alberta.&#160; At the Meeting, you will have the opportunity to hear about our performance in 2016 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 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> We encourage you to visit our website at any time before the Meeting as it provides information about our company.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">We look forward to seeing you at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Sincerely,</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>
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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;">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:9.5pt;font-weight:bold;">NOTICE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In March&nbsp;2016, we asked all registered Shareholders   to advise us in writing if they did not wish to receive the 2016 Annual   Report and asked all beneficial Shareholders to advise us in writing if they   did wish to receive the 2016 Annual Report, when it became available in   March&nbsp;2017.&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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Our 2016 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;"><font size="2" face="Arial" style="font-size:9.5pt;">CST Trust Company<br>   P.O.&nbsp;Box 700<br>   Station &#147;B&#148;<br>   Montreal, Quebec&nbsp; H3B 3K3</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">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:9.5pt;">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 2017 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 MEETING OF SHAREHOLDERS</font></b></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;">NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;) of TransAlta Corporation (the &#147;<b>Company</b>&#148;) will be held on Thursday, April&nbsp;20, 2017 at 10:00 a.m.&nbsp;(local time) in the Palomino Room (E-H) at the BMO Centre (Stampede Park), </font><font face="Arial">20 Roundup Way SW</font><font face="Arial">, 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="Arial" style="font-size:10.0pt;">1.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="Arial" style="font-size:10.0pt;">2.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receive the audited consolidated financial statements of the Company for the year ended December&nbsp;31, 2016, 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="Arial" style="font-size:10.0pt;">3.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appoint the auditors of the Company and authorize the Board of Directors of the Company 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="Arial" style="font-size:10.0pt;">4.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="Arial" style="font-size:10.0pt;">5.</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Only holders of our common shares (&#147;Shareholders&#148;) of record at the close of business on March&nbsp;6, 2017, the record date set for the Meeting, 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 the Company&#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></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 of Annual Meeting.</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;">By order of the Board of Directors of TransAlta   Corporation</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:10.0pt;">John H. Kousinioris<br>   Chief Legal and Compliance Officer and Corporate Secretary</font></p>    </td>   </tr>
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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;">Calgary, Alberta<br>   March&nbsp;</font><font face="Arial">9</font><font face="Arial">,   2017</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 2017 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;">Important Notice regarding Proxy Materials and Notice and Access Procedures</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 has elected to use the notice-and-access provisions under National Instrument 54-101 and National Instrument 51-102 (&#147;<b>Notice-and-Access</b>&#148;) for distribution of the Meeting materials to Shareholders. Notice-and-Access allows the Company to post electronic versions of its proxy-related materials on the System for Electronic Document Analysis and Retrieval (&#147;<b>SEDAR</b>&#148;) and on its website, rather than mailing paper copies to Shareholders. Shareholders will still receive this Notice of Meeting and a form of proxy (or voting instruction form if applicable) and may choose to receive a paper copy of the meeting materials in accordance with the instructions set forth below.</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 Meeting materials will be available at <u>www.meetingdocuments.com/cst/ta</u> as of March&nbsp;21, 2017. The Meeting materials will also be available under the Company&#146;s profile on SEDAR at <u>www.sedar.com</u> as of March&nbsp;21, 2017.&#160; The website address for notice and access is <u>www.meetingdocuments.com/cst/ta</u>.&#160; The use of this alternative means of delivery is more environmentally friendly as it will help reduce paper use and it will also reduce the Company&#146;s printing and mailing costs. Shareholders are reminded to review the meeting materials prior to voting.</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 Company has elected to use procedures known as &#147;stratification&#148; in relation to the use of Notice-and-Access. Stratification occurs when a reporting issuer using Notice-and-Access provides a paper copy of proxy-related materials to some Shareholders but not others. A paper copy of the information circular accompanying this notice and the Company&#146;s audited consolidated financial statements for the year ended December&nbsp;31, 2016 and related Management&#146;s Discussion and Analysis as at December&nbsp;31, 2016 and for the years ended December&nbsp;31, 2016 and 2015 will be mailed to the Company&#146;s registered shareholders and beneficial shareholders who previously provided standing instructions to receive such information. If you are a beneficial shareholder who has not provided such instructions you will receive only a notice-and-access notification and a voting instruction form.</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;">Requests for paper copies should be made as soon as possible, but must be received no later than April&nbsp;6, 2017, in order to allow sufficient time for Shareholders to receive and review the meeting materials and return the proxy form or voting instruction form prior to the proxy deadline.</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;">Shareholders who are unable to attend the Meeting in person are requested to complete, date and sign the enclosed form of proxy (or voting instruction form, as applicable) and return it, in the envelope provided, to CST Trust Company, Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1 so that it is received no later than 10:00 a.m.&nbsp;(Calgary time) on April&nbsp;18, 2017.</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 2017 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="font-size:10.0pt;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;</font><font face="Arial">9</font><font face="Arial">, 2017, 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 Meeting of Shareholders of the Company (the <b>&#147;Meeting&#148;</b>), or any adjournment or postponement thereof.</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;">This Proxy Circular was provided to you because at the close of business on March&nbsp;6, 2017, 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>
<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;">Solicitation will be made primarily by mail and the cost will be borne by the Company.</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;">Unless stated otherwise, the information in this Proxy Circular is as of March&nbsp;9, 2017, 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 2017 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;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;6, 2017 (the &#147;<b>Record Date</b>&#148;),   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>
<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;">At the close of business on March&nbsp;6, 2017, there were   287,903,467 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 .05in .0001pt 1.45pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">To   transact business at the Meeting, we must have at least two persons holding   or representing by proxy not less than 25% of the outstanding shares entitled   to be voted at the Meeting.</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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 of the close of business on March&nbsp;6, 2017, we also had 10,175,380 Series&nbsp;A preferred shares, 1,824,620 Series&nbsp;B 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.E, 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>
<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;">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, controls or directs, directly or indirectly, 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;">Notice and Access</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 is using the &#147;notice and access&#148; system (&#147;<b>Notice-and-Access</b>&#148;) adopted by the Canadian Securities Administrators (&#147;<b>CSA</b>&#148;) for the delivery of the Proxy Circular and the Company&#146;s annual report in respect of the 2016 fiscal year, which includes the Company&#146;s audited consolidated financial statements and the related management&#146;s discussion and analysis for the fiscal year ended December&nbsp;31, 2016 (collectively, the &#147;<b>Meeting Materials</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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the Notice-and-Access system, the notice of Meeting and form of proxy (or voting instruction form, as applicable) will be mailed on or before March&nbsp;21, 2017 to all Shareholders of record on the Record Date. The notice of meeting provides instructions regarding the website availability of the Meeting Materials. Shareholders have the ability to immediately access the Meeting Materials on TransAlta&#146;s website and to request a paper copy of the Meeting Materials by telephone. Instructions on how to request a paper copy can be found in the Notice. The principal benefit of the Notice-and-Access system is that it reduces the environmental impact of producing and distributing paper copies of documents in large quantities.</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;">TransAlta has obtained an exemption order from Corporations Canada allowing us to use Notice-and-Access rather than mailing the Proxy Circular to Shareholders. TransAlta has elected to use procedures known as &#147;stratification&#148; in relation to the use of Notice-and-Access. Stratification occurs when a reporting issuer using Notice-and-Access provides a paper copy of proxy-related materials to some Shareholders but not others. A paper copy of the Meeting Materials will be mailed to all registered Shareholders and to beneficial Shareholders who previously provided standing instructions to receive such materials.</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;">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, 2016.&#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>
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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 2017 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;">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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">CST Trust Company<br>  </font><font face="Arial">1-888-433-6443</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;"><u><font size="2" face="Arial" style="font-size:10.0pt;">fulfillment@canstockta.com</font></u></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;">Communicating with the Board</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 Board values open dialogue and welcomes advice from our Shareholders.&#160; Our Board also encourages Shareholder participation at our annual meeting.&#160; Shareholders may communicate directly with the Board or any Board member(s)&nbsp;by directing their correspondence to the following address, noting that it is to be directed to the Board:</font></p>
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<p style="margin:0in 0in .0001pt 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>
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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;">Or:</font></p>
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<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;">corporate_secretary@transalta.com</font></u></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;">Reporting Concerns</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, 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>
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<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">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 style="margin:0in 0in .0001pt;"><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&nbsp; 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>
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<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 2018 is December&nbsp;11, 2017.&#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>
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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 2017 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>
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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;">REGISTERED SHAREHOLDER</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;">You are a registered Shareholder if you hold your common shares of TransAlta in your name and you have a share certificate.&#160; As a registered 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 face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Attend the Meeting and vote in Person</i></b></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 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>
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<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>
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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 2.</font></i></b><font face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Appoint a Proxyholder</i></b></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;">By appointing a proxyholder, you are giving someone else the authority to attend the Meeting and vote for you.</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;">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, CST Trust Company, upon arrival at the Meeting.</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 returned your signed Proxy and did not appoint anyone to be your proxyholder, Gordon D. Giffin, Chair of the Board, and Dawn L. Farrell, President and Chief Executive Officer of TransAlta, 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;"><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 Gordon D. Giffin and Dawn L. Farrell as your proxyholders, and do not indicate how you want to vote, they will vote as follows:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;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><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 22.5pt;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><b><font face="Arial" style="font-weight:bold;">FOR re-appointing the auditors; and</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;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><b><font face="Arial" style="font-weight:bold;">FOR</font></b><b><font face="Arial" style="font-weight:bold;"> 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 face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Vote by Proxy</i></b></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 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="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; and</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.</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="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; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;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.</font></p>    </td>   </tr>
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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; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;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.</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 2017 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;">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>
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<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;18, 2017</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>
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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>&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>
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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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">voting again by telephone or internet.</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 can revoke a vote you made by Proxy by voting in person at the Meeting, provided you:</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>&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 CST Trust Company, Attention:&#160; Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1.&#160; Your notice of revocation must be received before the close of business (Calgary time) on April&nbsp;19, 2017, 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;"><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>
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<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>
<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;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1.</font></i></b><font face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Vote through your </i></b></font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Intermediary</font></i></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;">If you wish to vote through your Intermediary, follow the instructions on the form of proxy (or voting instruction form) provided by your Intermediary.</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;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2.</font></i></b><font face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Vote in person</i></b></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 wish to vote in person at the Meeting, appoint yourself as your proxyholder by writing your own name in the space provided on the form of proxy (or voting instruction form).&#160; Do not complete the voting section on the form of proxy (or voting instruction form) as your vote will be taken at the Meeting and return the form of proxy (or voting instruction form) to your Intermediary in the envelope provided.</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;">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 form of proxy (or voting instruction form) to obtain a legal proxy.&#160; Once you have received your legal proxy, you will need to submit and deliver it to the Company or its registrar and transfer agent, CST Trust Company, prior to the proxy deposit date in order to vote your shares in person.</font></p>
<p style="margin:0in 0in .0001pt;"><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 3.</font></i></b><font face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Vote by telephone or the internet</i></b></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 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;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;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2017 Management Proxy   Circular</font></p>    </td>
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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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Your vote is confidential.&nbsp;   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="background:#F2F2F2;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;font-style:italic;font-weight:bold;">Questions?</font></i></b></p>
<p style="background:#F2F2F2;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;font-style:italic;font-weight:bold;">Contact our registrar and transfer agent</font></i></b></p>
<p style="background:#F2F2F2;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;font-style:italic;font-weight:bold;">CST Trust Company</font></i></b></p>
<p style="background:#F2F2F2;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:8.5pt;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:8.5pt;font-style:italic;font-weight:bold;">www.canstockta.com</font></u></i></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation 2017 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 four 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 face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ELECTION OF DIRECTORS</b></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;">TransAlta&#146;s Articles of Amalgamation 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>
<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;">Nine directors have been nominated and are standing for election to the Board. All nominees are currently directors of the Company and each nominee has indicated his or her willingness to serve as a director.&#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;23 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 and will also inform the TSX.&#160; See Appendix &#147;B&#148; to this Proxy Circular for further details regarding 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;">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 2017 are listed below.&#160; Each director has agreed to serve as a director if elected.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">John   P. Dielwart</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P.   Thomas Jenkins</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Yakout   Mansour</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dawn   L. Farrell</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(viii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia   R. Nelson</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alan   J. Fohrer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(ix)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Beverlee   F. Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon   D. Giffin</font></p>    </td>
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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>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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 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 2017 Management Proxy   Circular</font></p>    </td>
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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;">JOHN P.   DIELWART</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</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 5.75pt;"><font size="2" face="Arial"><img width="137" height="204" src="g89731mm09i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Times New Roman" 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: 64</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<br>   Expected Retirement:&nbsp; 2024</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;"><font size="2" face="Times New Roman" 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;">-Engineering and Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Financial Services / <br> &nbsp;Investment Banking</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Environment / Climate Change</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;">-Regulatory / 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>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Mergers and Acquisitions</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</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="Times New Roman" style="font-size:5.0pt;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;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 .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;">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 .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;">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 .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;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.&nbsp; Mr.&nbsp;Dielwart is also the Co-Chair of the   Sheldon Kennedy Child Advocacy Centre.</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;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>    </td>   </tr>
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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></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 2016</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="padding:0in 0in 0in 0in;width:12.22%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font><font size="2" face="Arial" style="font-size:9.5pt;"> of </font><font face="Arial">9</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">88.89%</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:23.34%;">
<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:1.0pt 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="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;">8 of 8</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.64%;">
<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" 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:16.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">95.24%</font></p>    </td>
<td width="23%" rowspan="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:23.34%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$160,000</font></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;">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:10.0pt;">4</font><font size="2" face="Arial" style="font-size:9.5pt;"> of 4</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<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="48" style="border:none;"></td>
<td width="53" style="border:none;"></td>
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<td width="76" style="border:none;"></td>
<td width="113" style="border:none;"></td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 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;text-align:justify;"><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>
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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;">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>
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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;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">0</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;">52,136</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;">52,136</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:10.0pt;">$383,200</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>
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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;text-align:justify;"><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;">0</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;">26,098</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;">26,098</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;">$121,356</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">On track</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:9.54%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2014</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">0</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,947</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">1,947</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;20,480</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p 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 16.25pt;text-indent:-10.0pt;"><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 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">ARC Resources Ltd.</font></p>    </td>
<td width="56%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Health, Safety and Environment   (Chair); Risk</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;">Denbury Resources Inc.</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;">Chair of the Board;   Reserves&nbsp;&amp; Health, Safety and Environmental</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;">Tesco Corporation</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; Compensation (Chair)</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 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Public Board   Interlocks</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>
<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>
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<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;">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>
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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 16.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting   Results of 2016 Annual General Meeting</font></b></p>    </td>   </tr>
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<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>
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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;">Percentage</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;">Votes   Withheld</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;">Percentage</font></i></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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">118,187,887</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;">98.00%</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;">2,412,941</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;">2.00%</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;"><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 .1in;"><font face="Arial">11</font><a name="PB_11_025342_1842"></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 2017 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>
<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;">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="72%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:72.92%;">
<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>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.92%;">
<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 5.75pt;"><font size="2" face="Arial"><img width="136" height="204" src="g89731mm11i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;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: 72</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">London, UK</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: 2003<br>   Expected Retirement: 2018</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;"><font size="1" face="Arial" style="font-size:7.0pt;">&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;">-Environment / Climate Change</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 / 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;"><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 5.75pt;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 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, which at the time   was 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 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;"><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 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;"><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 0in .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 0in .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 0in .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>    </td>   </tr>  </table>
<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 5.75pt;"><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>
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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 2016</font></b></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;">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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">8 of </font><font face="Arial">9</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;">88.89%</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="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;">8 of 8</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>
<td width="16%" 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;">95.24%</font></p>    </td>
<td width="23%" 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;">$225,427</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(4)</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="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;">4 of 4</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<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>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><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;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;"><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;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;"><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;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;"><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;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;"><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%" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">50,194</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;">72,758</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;">122,952</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;">$903,697</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;text-align:justify;"><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:9.5pt;">Meets</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;text-align:justify;"><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 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="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;">63,641</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;">73,329</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;">$771,420</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;">Health,   Safety, Asset Integrity 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-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;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: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-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;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" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.56%;">
<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="15%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.96%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Director</font></i></p>    </td>
<td width="47%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.48%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Interlocking Committee</font></i></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:36.56%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="15%" valign="top" style="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 .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Gordon Giffin</font></p>    </td>
<td width="47%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 1pt 0in;width:47.48%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><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="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 2016 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;">115,338,336</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;">95.64%</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;">5,226,492</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;">4.36%</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="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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">12</font><a name="PB_12_025251_6292"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">l</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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<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="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">DAWN L. FARRELL</font></b><b><font size="1" face="Arial" 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:1.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:72.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.08%;">
<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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<td width="26%" height="80" valign="top" style="height:60.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial"><img width="136" height="205" src="g89731mm13i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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:   57</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: 2012<br>   Expected Retirement:&nbsp; N/A</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;">Non-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;">-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 &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;">-Environment / Climate   Change</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 &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>
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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="72%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:72.08%;">
<p style="margin:0in 0in .0001pt 5.75pt;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 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;">&nbsp;Mrs. Farrell became President and Chief   Executive Officer of TransAlta Corporation on January 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 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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.   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, Independent   Power Projects; and Vice-President, Energy Marketing and IPP Development at   TransAlta Corporation.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">From   2003 to 2006, Mrs. Farrell served as Executive Vice-President, Generation at   BC Hydro. In 2006, she was appointed Executive Vice-President Engineering,   Aboriginal Relations and Generation. </font></p>
<p style="margin:0in 0in .0001pt 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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.   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.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">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 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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.   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>
<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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<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></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:11.66%;">
<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 2016</font></b></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;">Board of Directors</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;">9 of   9</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%" 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:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" 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:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">N/A</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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<tr>
<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 31 of respective   year</font></b></p>    </td>   </tr>
<tr>
<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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(5)</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;">Share Units</font></i><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(6)</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:5.0pt;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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(7)</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">135,262</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;">505,764</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;">641,026</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;">$4,711,535</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;text-align:justify;"><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;">134,100</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;">321,044</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;">455,144</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;">$2,116,420</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;">Meets</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;text-align:justify;"><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 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;">133,894</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;">140,106</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;">274,000</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;">$2,882,480</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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>
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<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>
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<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 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">The   Chemours Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Compensation;   Nominating &amp; Governance </font></p>    </td>   </tr>
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<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>
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<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>
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<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;">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-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: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="#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 2016 Annual General Meeting</font></b></p>    </td>   </tr>
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<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>
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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;">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>
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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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">116,309,199</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;">96.44%</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;">4,291,629</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;">3.56%</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="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">13</font><a name="PB_13_054612_8658"></a></p>
<p style="margin:0in 0in .0001pt .1in;"><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 2017 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade 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>
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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="72%" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;padding:0in 0in 0in 0in;width:72.24%;">
<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>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.24%;">
<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 5.75pt;"><font size="2" face="Arial"><img width="136" height="205" src="g89731mm15i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 66</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: 2013<br>   Expected Retirement:&nbsp; 2023</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;"><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;">-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;">-Economics / 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;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Environment / Climate Change</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;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:72.24%;">
<p style="margin:0in 0in .0001pt 5.75pt;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 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 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;"><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, Blue Shield of   California, a non-profit health insurance provider, and Synagro, a private   waste management company</font></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;"><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 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;"><font size="2" face="Arial" style="font-size:9.5pt;">At TranAlta, Mr.&nbsp;Fohrer is the chair of the Audit and Risk   Committee of the Board.</font></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;"><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>    </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></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="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>
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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 2016</font></b></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;">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;">9 of 9</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>
<td width="16%" rowspan="2" 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:9.5pt;">100%</font></p>    </td>
<td width="23%" rowspan="2" 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:9.5pt;">U.S.$250,329</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(4)</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;">Audit&nbsp;&amp; Risk 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;">8 of 8</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>   </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="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>
<tr>
<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></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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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:5.0pt;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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">6,398</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;">49,512</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;">55,910</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;">$410,939</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;text-align:justify;"><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;">6,398</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;">31,722</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;">38,120</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;">$177,260</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;text-align:justify;"><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 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;">6,398</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;">7,148</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;">13,546</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;">$142,504</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;">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;">
<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;">None</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:1.0pt;">&nbsp;</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: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="#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 2016 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;">118,300,587</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;">98.09%</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;">2,300,241</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;">1.91%</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;">
<tr>
<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>
<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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">14</font><a name="PB_14_030510_7093"></a></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 .2in;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="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(8)</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.26%;">
<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:1.26%;">
<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="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.5%;">
<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>   </tr>
<tr height="80" style="height:60.0pt;">
<td width="26%" height="80" valign="top" style="height:60.0pt;padding:0in 0in 0in 0in;width:26.26%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial"><img width="136" height="205" src="g89731mm17i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 67</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Georgia, 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: 2002</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Board Chair Since: 2011<br>   Expected Retirement: 2018</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;"><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;">-Environment / Climate Change</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Government / Public<br> &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;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:72.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;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 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 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;"><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 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;"><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 Trilateral Commission.</font></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;"><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 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;"><font size="2" face="Arial" style="font-size:9.5pt;">At TransAlta, Ambassador Giffin is the Chair of the Board.</font></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 .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="1" face="Arial" style="font-size:5.0pt;">&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></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>
<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 2016</font></b></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: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;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;">9 of 9</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%" 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:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" 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:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$444,316</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(4)</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>
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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><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(9)</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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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:5.0pt;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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">87,141</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;">22,830</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;">109,971</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;">$808,287</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>
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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;text-align:justify;"><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:9.5pt;">On track</font></p>    </td>   </tr>
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<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;text-align:justify;"><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 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="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;">19,969</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;">56,457</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;">$601,128</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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<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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;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;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Imperial Bank of Commerce</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(10)</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;">Management Resources and Compensation</font></p>    </td>   </tr>
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<td width="43%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian National Railway Company</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<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="43%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><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:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<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="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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">ECN Capital Corp.</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;">Compensation and Corporate Governance</font></p>    </td>   </tr>
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<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>
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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;">Public Board Interlocks</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>
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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 5.75pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Company</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Director</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt .1in;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Interlocking Committee</font></i></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;">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;">Timothy 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</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 16.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2016 Annual   General Meeting</font></b></p>    </td>   </tr>
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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;">Votes For</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;">Percentage</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;">Votes Withheld</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;">Percentage</font></i></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">114,788,071</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;">95.18%</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;">5,812,757</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;">4.82%</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 .1in;"><font face="Arial">15</font><a name="PB_15_031521_1794"></a></p>
<p style="margin:0in 0in .0001pt .5in;"><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 2017 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 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="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</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 5.75pt;"><font size="2" face="Arial"><img width="136" height="204" src="g89731mm19i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 57</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;"><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;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-indent:-.05in;"><font size="2" face="Arial" style="font-size:9.5pt;">-Environment / Climate Change</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Human Resources / <br> &nbsp;Executive Compensation</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;">-Risk Management</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;">-Technology/Research /<br> &nbsp;Telecommunications</font></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 5.75pt;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 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 is   Chairman of Open Text Corporation and has served as a member of its board   since 1994. Mr.&nbsp;Jenkins also served as President and Chief Executive   Officer of Open Text from 1994 to 2005 and as Executive Chairman and Chief   Strategy Officer from 2005 to 2013.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Jenkins has been active for more than 30 years in   innovation and economic development in both the private and public sectors in   Canada. He is also a director of Manulife Financial Corporation, Thomson   Reuters Inc., an Executive Fellow at the School of Public Policy at the University   of Calgary, and a Director of the C.D. Howe Institute.&nbsp; He is the Chair of the National Research   Council of Canada.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Prior to his work in the private sector, Mr.&nbsp;Jenkins served   as a commissioned officer in the Canadian Forces Reserve and currently serves   as Honorary Colonel of 409 Tactical Fighter Squadron in Cold Lake, AB.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">At TransAlta, Mr.&nbsp;Jenkins is the chair of the Governance   and Environment Committee of the Board and a member of the Human Resources   Committee of the Board.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mr.&nbsp;Jenkins holds an M.B.A. from the Schulich School of   Business at York University, an M.A.Sc. in electrical engineering from the   University of Toronto and a B.Eng.&nbsp;&amp; Mgt. in engineering physics and   commerce from McMaster University. Mr.&nbsp;Jenkins has received honorary   doctorates from the University of Waterloo, York University, Carleton   University, McMaster University and the Royal Military College of Canada.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">He is a Fellow of the Canadian Academy of Engineering   (FCAE).&nbsp; He is the 2017 Companion of   the Canadian Business Hall of Fame (CBHF). Mr.&nbsp;Jenkins was awarded the   Canadian Forces Decoration (CD) and the Queen&#146;s Diamond Jubilee Medal   (QDJM).&nbsp; Mr.&nbsp;Jenkins is an Officer   of the Order of Canada (OC) for his contributions to education and innovation   in Canada.</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></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 2016</font></b></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;">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;">9 of 9</font></p>    </td>
<td width="11%" valign="top" 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>
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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;">4 of 4</font></p>    </td>
<td width="11%" valign="top" 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:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" 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;">$175,000</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;">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;">6 of 6</font></p>    </td>
<td width="11%" valign="top" 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:0in 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: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="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>
<tr>
<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<br>   Shares</font></i><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(11)</font></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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">244,650</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;">52,797</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;">297,447</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;">$4,137,151</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;text-align:justify;"><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;">481,565</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;">26,724</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;">508,289</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;">$2,363,545</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;">Meets</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;text-align:justify;"><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 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;">804,965</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;">2,526</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;">807,491</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;">$5,092,637</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;text-align:justify;"><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:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Manulife Financial Corporation</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Risk</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Open Text Corporation</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Chair of the Board</font></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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Thomson Reuters Corporation</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit</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;">None</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:1.0pt;">&nbsp;</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: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="#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 2016 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;">117,831,284</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;">97.70%</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;">2,769,544</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;">2.30%</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>
<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="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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">16</font><a name="PB_16_033515_8569"></a></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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<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 5.75pt;"><font size="2" face="Arial"><img width="136" height="204" src="g89731mm21i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 69</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;"><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;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-indent:-.05in;"><font size="2" face="Arial" style="font-size:9.5pt;">-Environment / Climate Change</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-indent:-.05in;"><font size="2" face="Arial" style="font-size:9.5pt;">-Risk Management / Insurance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory and 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>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Technology / Research /<br> &nbsp;Telecommunications</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Trading</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;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></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 0in .0001pt 5.75pt;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 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 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;"><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 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;"><font size="2" face="Arial" style="font-size:9.5pt;">In 2009, Mr.&nbsp;Mansour was named to the U.S. Department of   Energy Electricity Advisory Committee as a vice chair.&nbsp; He also served on the various committees of   the North American Electric Reliability Corporation and its predecessor   organization, CEGRE, the Transmission Council of the Canadian Electric   Association, and the Board of Directors of the Electric Power Research   Institute.</font></p>
<p style="margin:0in 0in .0001pt 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;"><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="Times New Roman" 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></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:11.64%;">
<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;">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:16.88%;">
<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>
<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:23.34%;">
<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 2016</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 0in 0in 0in;width:35.92%;">
<p style="margin:0in 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;">9 of 9</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.64%;">
<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:16.88%;">
<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:23.34%;">
<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:35.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit 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;">8 of 8</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.64%;">
<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:16.88%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$227,934</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(4)</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:35.92%;">
<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;">4 of 4</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<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:16.88%;">
<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:23.34%;">
<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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<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></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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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:5.0pt;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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">5,231</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;">54,730</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;">59,961</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;">$440,713</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;text-align:justify;"><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;">5,231</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;">36,494</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;">41,725</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;">$194,022</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;text-align:justify;"><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 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;">5,231</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;">22,670</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;">27,901</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;">$293,526</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="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>
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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 5.75pt;"><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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="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;">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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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 2016 Annual   General Meeting</font></b></p>    </td>   </tr>
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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;">Votes For</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;">Percentage</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;">Votes Withheld</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;">Percentage</font></i></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">118,134,448</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;">97.95%</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;">2,466,380</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;">2.05%</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 .1in;"><font face="Arial">17</font><a name="PB_17_034231_4974"></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 2017 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 4.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">GEORGIA R. NELSON</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(12)</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 5.75pt;"><font size="2" face="Arial"><img width="136" height="205" src="g89731mm23i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 67</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Illinois, 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: 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; 2022</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;"><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;">-Construction</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;">-Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-indent:-.05in;"><font size="2" face="Arial" style="font-size:9.5pt;">-Environment / Climate Change</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;">-Mergers and Acquisitions</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory and 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>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Trading/Marketing</font></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%" height="80" valign="top" style="border:none;height:60.0pt;padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in 0in .0001pt 5.75pt;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 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 PTI Resources, LLC.&nbsp; </font></b><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Nelson is President and Chief Executive Officer of PTI   Resources, LLC, an independent consulting firm established in 2005.&nbsp; Mrs.&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. Mrs.&nbsp;Nelson has extensive   experience in international business negotiations, environmental policy   matters and human resources.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Nelson is currently a director of Cummins Inc., Ball   Corporation, and Sims Metal Management Ltd.&nbsp;   She is also a director of CH2MHILL Corporation, a privately held   company.&nbsp; Mrs.&nbsp;Nelson is a past   director of Nicor,&nbsp;Inc.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&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. Mrs.&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></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;"><font size="2" face="Arial" style="font-size:9.5pt;">At TransAlta, Mrs.&nbsp;Nelson is the chair of the Human   Resources Committee of the Board.</font></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;"><font size="2" face="Arial" style="font-size:9.5pt;">Mrs.&nbsp;Nelson holds a Bachelor of Science from Pepperdine   University and a Master of Business Administration from the University of   Southern California.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" color="#161316" face="Arial" style="color:#161316;font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 5.75pt;text-align:justify;"><font size="2" color="#161316" face="Arial" style="color:#161316;font-size:9.5pt;">Mrs.&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="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></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 2016</font></b></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;">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;">9 of 9</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>
<td width="16%" rowspan="2" 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:9.5pt;">100%</font></p>    </td>
<td width="23%" rowspan="2" 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:9.5pt;">$250,329</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(4)</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;">6 of 6</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>   </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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<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></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:5.0pt;font-style:italic;position:relative;top:-3.0pt;">(2)</font></i></p>    </td>
<td width="26%" 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:5.0pt;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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">0</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;">46,938</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;">46,938</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;">$344,994</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;text-align:justify;"><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;">0</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;">29,287</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;">29,287</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;">$136,185</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;text-align:justify;"><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 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;">0</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;">4,896</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;">4,896</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;">$51,506</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>
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<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;text-align:justify;"><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;text-align:justify;"><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:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ball Corporation</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="43%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Cummins,&nbsp;Inc.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Sims Metal Management Ltd.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Safety, Health, Environment&nbsp;&amp; Community; Remuneration</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="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>
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<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;">None</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:1.0pt;">&nbsp;</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: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="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 2016 Annual   General Meeting</font></b></p>    </td>   </tr>
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<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;">117,311,342</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;">97.27%</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;">3,289,486</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;">2.73%</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="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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">18</font><a name="PB_18_035300_7977"></a></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;">BEVERLEE F. PARK</font></b><b><font size="1" face="Arial" 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 5.75pt;"><font size="2" face="Arial"><img width="136" height="204" src="g89731mm25i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><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: 55</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">British Columbia, 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: 2015<br>   Expected Retirement:&nbsp; 2030</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;"><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;">-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;">-Environment / Climate Change</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;">-Mergers and 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;">-Risk Management/ Insurance</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">-Regulatory and 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;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></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 0in .0001pt 5.75pt;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 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; Ms.&nbsp;Park is a   senior executive with management and board experience in a range of   industries, including forest products, shipping, mining, transportation, real   estate, and electricity transmission.&nbsp;   Ms.&nbsp;Park spent seventeen years of her career with TimberWest   Forest Corp. where she was most recently Chief Operations Officer until her   retirement in 2013.&nbsp; Over that time,   she also held the roles of Interim Chief Executive Officer, President of the   real estate division (Couverdon Real Estate) and Executive Vice President and   Chief Financial Officer.</font></p>
<p style="margin:0in 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;"><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 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;"><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.&nbsp; Teekay LNG Partners is one the world&#146;s   largest independent owners of LNG and LPG carriers.&nbsp; She is also a director of Silver Standard   Resources Inc., a public mining company, focused on the operation,   development, exploration and acquisition of precious metals projects in North   and South America.&nbsp; Most recently,   Ms.&nbsp;Park was appointed to the Board of Governors at the University of   British Columbia.&nbsp; In addition, she is   a director of InTransit BC.&nbsp;   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 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;"><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 also a Fellow of the   Chartered Professional Accountants (FCAB)and Fellow of the Institute of   Chartered Accountants (FCA) of British Columbia.</font></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;"><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 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><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>
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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></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:11.66%;">
<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 2016</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:0in 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;">9 of 9</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>
<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="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;">8 of 8</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>
<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:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">100%</font></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$166,000</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 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;">6 of 6</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:0in 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: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="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;text-align:justify;"><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:5.0pt;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:5.0pt;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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">2016</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;">18,739</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;">22,348</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;">41,087</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;">$301,989</font></p>    </td>
<td width="26%" rowspan="2" 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: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;text-align:justify;"><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 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;">9,293</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;">9,530</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;">18,823</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;">$87,529</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="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;text-align:justify;"><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="43%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;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;">Silver Standard Resources</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Safety and Sustainability</font></p>    </td>   </tr>
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<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;">Teekay LNG Partners</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;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit (Chair); Governance</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>
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<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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p 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="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;">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>
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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 16.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Voting Results of 2016 Annual   General Meeting</font></b></p>    </td>   </tr>
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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;">Votes For</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;">Percentage</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;">Votes Withheld</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;">Percentage</font></i></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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">118,098,113</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;">97.92%</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;">2,502,715</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;">2.08%</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 .1in;"><font face="Arial">19</font><a name="PB_19_045123_6241"></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 2017 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;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="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The following nominee directors are   Canadian residents: John P. Dielwart, Dawn L. Farrell, P. Thomas Jenkins and   Beverlee F. Park.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The 2014 market value is based on the   closing price of our Common Shares on the TSX on December&nbsp;31, 2014 of   $10.52; the 2015 market value is based on 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; and the 2016 market value is based   on 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, 2016 of   $7.35.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;"><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;">The compensation payable to   Mr.&nbsp;Faithfull, Mr.&nbsp;Fohrer, Ambassador Giffin, Mr.&nbsp;Mansour and   Mrs.&nbsp;Nelson are converted to U.S. dollars using the exchange rate on the   13</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;day of the last month of each compensation   quarter.&nbsp; The amounts appearing in this   table are in Canadian dollars and reflect the actual amounts paid using the   exchange rate on the 13</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;day of the last   month of each compensation quarter.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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, 2016,   Mrs.&nbsp;Farrell also owned 15,000 common shares of TransAlta Renewables   Inc., a public subsidiary of the </font><font size="1" face="Arial" style="font-size:8.0pt;">Company</font><font size="1" face="Arial" style="font-size:8.0pt;">.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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 eligible shares for purposes of the executive share ownership   policy, which consists of common shares, 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, 2016, she held 228,610 RSUs and 277,154 ODSUs. In   addition, as at December&nbsp;31, 2016, Mrs.&nbsp;Farrell held 457,218   Performance Share Units (&#147;<b>PSU&#148;</b>) and   395,628 options to acquire common shares. 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;"><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 has met. 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;"><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;">Ambassador 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;"><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;">As at December&nbsp;31, 2015,   Ambassador Giffin also owned 7,500 common shares of TransAlta Renewables   Inc., a public subsidiary of the </font><font size="1" face="Arial" style="font-size:8.0pt;">Company</font><font size="1" face="Arial" style="font-size:8.0pt;">.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;">Ambassador Giffin will be retiring   from the Board of Directors of Canadian Imperial Bank of Commerce in   April&nbsp;2017.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;">As at December&nbsp;31, 2016,   Mr.&nbsp;Jenkins also owned 120,000 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;"><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;">Mrs.&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>  </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;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the election of these nominees as directors.</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;">Board Committees and Membership in 2016</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;"><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="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>
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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="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>
<td width="2%" valign="bottom" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" bgcolor="#D9D9D9" style="background:#D9D9D9;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="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>
<td width="14%" bgcolor="#D9D9D9" style="background:#D9D9D9;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="Arial" style="font-size:9.0pt;font-weight:bold;">(4)</font></b></p>    </td>
<td width="2%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;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>
<td width="14%" bgcolor="#D9D9D9" style="background:#D9D9D9;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="Arial" style="font-size:9.0pt;font-weight:bold;">(3)</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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<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.16%;">
<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>
<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;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:2.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="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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<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<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:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="21%" valign="top" style="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" 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: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%" 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="Symbol" style="font-size:10.0pt;">&#214;</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="Symbol" style="font-size:10.0pt;">&#214;</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>
<tr>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.16%;">
<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>
<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%" valign="top" 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%" valign="top" 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>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<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></p>    </td>
<td width="21%" valign="top" style="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" 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%" 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="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%" 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="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%" 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>
<tr>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.16%;">
<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></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%" valign="top" 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>
<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%" 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>
<tr>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
<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:6.5pt;position:relative;top:-3.0pt;">(2)</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%" valign="bottom" 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: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:2.04%;">
<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>
<tr>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.16%;">
<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></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>
<td width="14%" valign="top" 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>
<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>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<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></p>    </td>
<td width="21%" valign="top" style="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" 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%" 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="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%" 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>
<tr>
<td width="27%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:27.16%;">
<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></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>
<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;">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;">Beverlee F. Park </font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.5pt;">&#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 .05in;"><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>
<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: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%" valign="top" 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;">Dawn L. Farrell</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(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>
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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:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.96%;">
<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>  </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:8.5pt;">&#8730; - Member<br> &#9619; - Designated Audit Committee Financial Expert</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="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" 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 retired from the Board on April&nbsp;22, 2016.</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;">Ambassador 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;">(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;">Mrs.&nbsp;Farrell is the CEO 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;"><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%;"><a name="PB_19_055646_7748"></a>
<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 2017 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_034312_2261"></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;">Director Meeting Attendance in 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;">Directors are expected to attend all regularly scheduled meetings of the Board and its committees.&#160; Aggregate attendance for our directors in 2016 is 98.94%.&#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>
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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:9.0pt;font-weight:bold;">Board<br>   Meetings</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:39.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Committee<br>   Meetings</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Regular<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">   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:12.58%;">
<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 Hoc</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><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1   Meeting)</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ARC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(8 Meetings)</font></b></p>    </td>
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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;">GEC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(4 Meetings)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">HRC<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(6</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;"> Meetings)</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<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<br>   Attendance</font></b></p>    </td>   </tr>
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<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Anderson</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<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%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<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="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<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>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Dielwart</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">20 of 21 (95%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Faithfull</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">20 of 21 (95%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Farrell</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<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="12%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fohrer</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">17 of 17 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Giffin</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<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="12%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10 of 10 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Jenkins</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<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="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="19%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">20 of 20 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mansour</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<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="19%" height="19" bgcolor="#FFFF00" style="background:white;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">21 of 21 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Nelson</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-right:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<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="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="19%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15 of 15 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Park</font></p>    </td>
<td width="14%" height="19" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 9</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1 of 1</font></p>    </td>
<td width="13%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8 of 8</font></p>    </td>
<td width="12%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.98%;">
<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="13%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6 of 6</font></p>    </td>
<td width="19%" height="19" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:19.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">24 of 24 (100%)</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:14.18%;">
<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;">82 of 84</font></b></p>    </td>
<td width="12%" height="19" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 5.4pt 0in 5.4pt;width:12.58%;">
<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;">3 of 3</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;">40 of 40</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;">14 of 14</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;">27 of 27</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;">160 of 162 (99%)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">A special committee of the Board was established on an <i>ad hoc</i> basis to consider the Off-Coal Agreement, which was   entered into with the Government of Alberta in November&nbsp;2016.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson retired from the Board on April&nbsp;22,   2016.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;">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). As   Mrs.&nbsp;Farrell is not a member of the committees, her attendance is not   recorded.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;">Ambassador Giffin is not a member of any standing   committee of the Board; however, as Chair of the Board, he attends committee   meetings.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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 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="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: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;">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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to support the renewal of skills, expertise and   personal attributes on the Board, the Board has adopted, subject to the   discretion of the Board, a mandatory retirement age of 72 and a maximum   tenure of 15 years, whichever comes first, for all non-management   directors.&nbsp; According to this policy,   subject to the discretion of the Board, Ambassador Giffin will be subject to   retirement in 2017 since he has served on the Board for 15 years and   Mr.&nbsp;Faithfull will be subject to retirement in 2017 since he has reached   the retirement age of 72.</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;text-indent:.5in;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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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 .05in .0001pt 0in;text-align:justify;"><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 six years.</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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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="1" face="Arial" style="font-size:2.0pt;">&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;text-indent:.5in;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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 2016, the Board considered the one-year extension of the term of Ambassador Giffin as Chair of the Board and the one-year extension of the term of Mr.&nbsp;Faithfull as a Director of the Company to be essential components to permit the Board to most effectively meet the needs of the Company for the next year.&#160; &nbsp;The Board, without Ambassador Giffin or Mr.&nbsp;Faithfull participating in deliberations, and on the recommendation of the GEC, unanimously approved the one-year extension of the term of Ambassador Giffin and Mr.&nbsp;Faithfull, which extensions will expire upon the conclusion of the annual meeting of Shareholders to be held in 2018.&nbsp; The Board came to this conclusion based on, among other things, the special</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 .1in;"><font face="Arial">21</font><a name="PB_21_051025_7056"></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 2017 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>
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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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">circumstances of the Company, the relatively short tenure of our director nominees</font><font face="Arial"> and the need to ensure that the Board maintains an appropriate level of continuity and experience in and knowledge of the Company&#146;s business</font><font face="Arial">. The Board also considered the numerous and valuable contributions that Ambassador Giffin and Mr.&nbsp;Faithfull provide the Board, including:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">in the case of Ambassador Giffin:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">the skill set of Ambassador Giffin and his unique ability to provide valuable contributions to the Company in navigating the current regulatory uncertainty;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">his extensive knowledge of the Company&#146;s business received as Chair of the Board; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">he has attended 100 per cent of Board meetings since his appointment as Chair in 2011, 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" 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 the case of Mr.&nbsp;Faithfull:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">the skill set of Mr.&nbsp;Faithfull, and particularly his knowledge and expertise with large development projects;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">his extensive experience with the Company, including serving on the Board as the Company was initially adapting to the implementation of the deregulated Alberta electricity market over ten years ago, which experience is expected to provide the Company with valuable insight and perspective in the current Alberta regulatory environment; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#9632;</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 face="Arial">that Mr.&nbsp;Faithfull has attended in excess of 99 per cent of Board and applicable committee meetings since 2011.</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;">Corporate Cease Trade Orders and Bankruptcies</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;">Except as noted below, no director nominee is, as at the date of this Proxy Circular, or has been, within the past ten years before the date hereof, a director or executive officer of any other issuer that, while that person was acting in that capacity: (i)&nbsp;was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or (ii)&nbsp;was subject to an event that resulted, after the person ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or (iii)&nbsp;within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.</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;">Ambassador Giffin was a director of Abitibi 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 CCAA with the Superior Court of Qu&#233;bec 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>
<p style="margin:0in 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;Nelson was a director of Tower 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>
<p 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 2017 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">22</font><a name="PB_22_051423_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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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;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 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>
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<td width="38%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:38.1%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<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>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<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="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<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>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
<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>
<td width="4%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
<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>
<td width="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;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;">Jenkins</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<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>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:5.34%;">
<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>
<td width="4%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:4.14%;">
<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>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:7.98%;">
<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;">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="4%" height="13" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:4.14%;">
<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>
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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 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;"><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:9.0pt;">&#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;">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;">Communications</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;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size: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 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</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;">3</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="5%" height="16" bgcolor="#FFFF00" style="background:white;height:12.1pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="16" bgcolor="#FFFF00" style="background:white;height:12.1pt;padding:0in 0in 0in 0in;width:4.14%;">
<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="7%" height="16" bgcolor="#FFFF00" style="background:white;height:12.1pt;padding:0in 0in 0in 0in;width:7.98%;">
<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</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="38%" height="15" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:38.1%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Engineering&nbsp;&amp;   Technical</font></p>    </td>
<td width="6%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" 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="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;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:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="5%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:4.14%;">
<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="7%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.98%;">
<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</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="38%" height="15" valign="top" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:38.1%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Government Affairs,   Public Administration</font></p>    </td>
<td width="6%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;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="7%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:4.14%;">
<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="7%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.98%;">
<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</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="38%" height="15" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:38.1%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Human Resources / Executive Compensation</font></p>    </td>
<td width="6%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" 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="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="5%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;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:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="5%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:4.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" bgcolor="#D9D9D9" style="background:#D9D9D9;height:11.4pt;padding:0in 0in 0in 0in;width:7.98%;">
<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;">7</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="38%" height="15" valign="top" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:38.1%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Legal</font></p>    </td>
<td width="6%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
<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="4%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="6%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;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="7%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<p align="center" 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="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:4.14%;">
<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="7%" height="15" bgcolor="#FFFF00" style="background:white;height:11.4pt;padding:0in 0in 0in 0in;width:7.98%;">
<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;">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;">Risk Management / Insurance</font></p>    </td>
<td width="6%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" 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="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="5%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:5.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:4.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;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:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:7.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="5%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:5.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:4.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="13" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:10.05pt;padding:0in 0in 0in 0in;width:7.98%;">
<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</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;">Management Role</font></b></p>    </td>
<td width="6%" height="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:6.92%;">
<p align="center" 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="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:7.22%;">
<p align="center" 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="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:5.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:5.98%;">
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<td width="4%" height="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:4.72%;">
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<td width="6%" height="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:6.44%;">
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<td width="7%" height="15" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:7.38%;">
<p 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="4%" height="16" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.1pt;padding:0in 0in 0in 0in;width:4.14%;">
<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>
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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;">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="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 face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FINANCIAL STATEMENTS</b></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 receive the Company&#146;s 2016 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 2016 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="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;">3.</font></b><font face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>APPOINTMENT OF AUDITORS</b></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 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;"><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 .1in;"><font face="Arial">23</font><a name="PB_23_052257_543"></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 2017 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>
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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;">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, 2016 and December&nbsp;31, 2015, Ernst&nbsp;&amp; Young LLP and its affiliates were paid $3,083,142 and $3,989,814 respectively, as detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 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>
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<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;">2016</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;">2015</font></b></p>    </td>   </tr>
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<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;">2,680,186</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;">3,549,473</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><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;">363,959</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;">440,341</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><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;">39,000</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;">0</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>
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<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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><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>
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<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;">3,083,145</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;">3,989,814</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="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;">No other audit firms provided audit services in 2016 or 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;"><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 2016 include payments related to 2015 in the amount of $1,384,384.</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 2016 were primarily for work performed by Ernst&nbsp;&amp; Young LLP in relation to compliance and regulatory reporting and miscellaneous accounting advice provided to the </font><font size="2" face="Arial" style="font-size:9.5pt;">Company</font><font face="Arial">.&#160; 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">.</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;">&#147;Tax fees&#148; relate to various tax related matters in our domestic and foreign operations.&#160; In 2016, the Company incurred $39,000 in &#147;Tax fees&#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;">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;"><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;"><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 permissible categories identified 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="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="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 2017 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">24</font><a name="PB_24_052509_2897"></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="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 face="Arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>ADVISORY VOTE ON EXECUTIVE COMPENSATION</b></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;">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 2017 annual 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 Human Resources Committee (the &#147;<b>HRC</b>&#148;), will consider the outcome of the vote as part of its ongoing review of executive compensation.</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;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the advisory resolution on executive compensation.</font></b></p>
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<p style="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;">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;">OTHER BUSINESS</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;">As of the date of this Proxy Circular, the Board and management are not aware of any other items of business to be brought before the Meeting.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 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>    </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 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;"><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;"><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;"><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, including:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">National Instrument 52-109, <i>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</i></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">National Instrument 52-110, <i>Audit Committees</i></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">National Policy 58-201, <i>Corporate Governance Guidelines</i></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">National Instrument 58-101, <i>Disclosure of Corporate Governance Practices</i></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;">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 Appendix &#147;A&#148; to this Proxy Circular under the heading &#147;<i>New York Stock Exchange &#150; Significant Differences in Corporate Governance Practices</i>&#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>
<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 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;"><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="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:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">ensuring employees, management and the Board are committed to ethical business conduct, integrity and honesty;</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">establishing key policies and standards to provide a framework for how we conduct 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">retaining directors, other than our CEO, that are independent;</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">having a Board with individuals that have a mix of skills, knowledge and experience;</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">providing for effectiveness of the Board through annual evaluations and continuing education of our directors; 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">facilitating and fostering an open dialogue between our management and the Board with our Shareholders and community stakeholders.</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 ETHICAL COMMITMENT</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;">Codes of Conduct</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;">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:-.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">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:-.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">Directors&#146; Code of Conduct, which applies to our directors;</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">Finance Code of Ethics, which applies to all financial employees of the Company; 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">Energy Trading Code of Conduct, which applies to all of our employees engaged in energy marketing.</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;">Our codes of conduct outline the standards and expectations we have for our employees, officers and directors with respect to the protection and proper use of our assets.&#160; The codes also provide guidelines with respect to securing our assets, conflicts of interest, respect in the workplace, social responsibility, privacy, compliance with laws, insider trading, environment, health and safety and our commitment to ethical and honest conduct.&#160; Our Corporate Code of Conduct goes</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 2017 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;">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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Finance Code of Ethics outlines the obligations of our financial employees to provide accurate, complete, objective and relevant financial information, while our Energy Trading Code of Conduct focuses on preventing, detecting and deterring violations of laws and regulations relating to our energy trading and marketing business.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">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><font color="black" style="color:black;">www.sedar.com</font></u>.</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;">Handling Conflicts Of Interest</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;">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;"><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;"><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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 .25in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><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;"><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 2017 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;">THE BOARD&#146;S MANDATE</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;">The General Governance Guidelines</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 Board is responsible for the stewardship of the Company 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 the 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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the General Governance Guidelines, the Board has delegated to the CEO and senior management the responsibility for the day-to-day management of the business of the Company.&#160; In addition to those matters which must, pursuant to applicable laws and our by-laws, be approved by the Board, the Board has delegated to management the authority to approve expenditures within specified limits.&#160; The Board retains responsibility for significant matters such as major changes to organizational structure, material acquisitions and divestitures, major capital expenditures, debt and equity financing transactions and approval of environmental policies.</font></p>
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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;">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;"><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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated various responsibilities to three standing committees: Audit and Risk, Governance and Environment and Human Resources.&#160; The chair of each committee, who is guided by a mandate, is responsible for the organization of the committee and fulfillment of its mandate.&#160; The committee charters along with the individual committee chair position description are on our website at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><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 see each committee report in this Proxy Circular for an overview of their principal functions during 2016.</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;">CEO Position Description</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;">We also have a position description for our CEO which is reviewed annually by our CEO, the HRC and approved by the Board.&#160; A copy of the position description is available on our website at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><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 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 2017 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;">Strategic Planning</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 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;"><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;"><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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;"><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;"><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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, through the ARC, obtains confirmation from management, internal auditors 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 meets regularly with the Chair of the ARC without the presence of management.</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;">Meeting without Management or Non-Independent 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;">As a regular item on each Board and committee agenda, the independent directors are scheduled time to hold <i>in camera</i> sessions at which non-independent directors and members of management are not in attendance.&#160; In 2016, the Board held <i>in camera</i> sessions of independent directors at the end of each regularly scheduled meeting of the Board.&#160; Each of the standing committees of the Board also held regularly scheduled <i>in camera</i> sessions.&#160; In 2016, the Board held eight, the ARC held six, the HRC held five, and the GEC held four<i> in camera</i> sessions.</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;">Succession Planning</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 the appointment of our CEO and other members of senior management.&#160; It has delegated to the HRC the responsibility for reviewing our organizational structure, our policies and procedures relating to employment, succession planning and compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><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 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 2017 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;">BOARD CHARACTERISTICS</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;">Independence 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;">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 National Instrument 52-110, <i>Audit Committees</i>.&#160; The independence criteria also conform 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; The criteria 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;"><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>
<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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our independent directors do not receive remuneration from us in excess of their retainers and travel fees and, to the extent applicable, meeting fees.&#160; None of the directors (with the exception of Mrs.&nbsp;Dawn L. Farrell, our President and CEO) has a material relationship with TransAlta, either directly or indirectly, which could reasonably be expected to interfere with the exercise of independent judgment.&#160; The Board affirmatively determined that eight out of the nine nominated directors are independent.</font></p>
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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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">Mrs.&nbsp;Dawn L. Farrell, President and CEO of the Company and a director of the Company, is not independent.</font></p>
<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;">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;"><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, subject to the discretion of the Board, 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.&#160; In July&nbsp;2016, the Board, without Ambassador Giffin participating in deliberations, and on the recommendation of the GEC, approved a one-year extension of the term of Ambassador Giffin as Chair of the Board, which extension will expire upon the conclusion of the annual meeting of Shareholders to be held in 2018. &nbsp;This one-year extension was approved due largely to the special circumstances the Company is currently facing, including the regulatory changes in Alberta and the transition of the Company to a clean power company. The GEC, in making its recommendation to the Board, considered the exceptional contribution of Ambassador Giffin as Chair of the Board and, among other things, the following factors:</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:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the need to ensure that the Board maintains an appropriate level of continuity and experience in and knowledge of the Company&#146;s 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:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the skill set of Ambassador Giffin and his unique ability to provide valuable contributions to the Company in navigating the current regulatory uncertainty;</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:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">Ambassador Giffin&#146;s extensive experience and knowledge of the Company&#146;s business as Chair of the Board, which serves the best interests of the Company; 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:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">that Ambassador Giffin has attended 100 per cent of Board meetings since his appointment as Chair in 2011.</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="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 2017 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">30</font><a name="PB_30_053406_9621"></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="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;">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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board is currently comprised of three female directors (33%) and six male directors (67%).&#160; With respect to executive officer positions, we have three women (33%) and five men (67%).&#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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><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, including our CEO.&#160; We believe that diversity enhances both the quality and effectiveness of our performance and is an important aspect to effective corporate governance.&#160; In February&nbsp;2017, our CEO was appointed to the </font><font face="Arial">Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders.&#160; This initiative is expected to promote the growth of women-owned enterprises and to further contribute to overall economic growth and competitiveness of Canada and the United States.</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;">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;"><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;"><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;"><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;"><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;"><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;"><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 .1in;"><font face="Arial">31</font><a name="PB_31_053406_8715"></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 2017 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>
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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;">Other Public Company Directorships/Committee Appointments</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 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 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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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dielwart, J.P.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ARC Resources Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</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;">Health, Safety and Environment (Chair); Reserves</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;">Denbury Resources 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>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board; 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>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tesco Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">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; Compensation (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:8.0pt;">Faithfull, T.W.</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;">Canadian Natural Resources Limited</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/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;">Health, Safety, Asset Integrity and Environment</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;">Farrell, D.L.</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;">The Chemours Company</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;">Compensation; Nominating&nbsp;&amp; 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:8.0pt;">Fohrer, A.J.</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;">PNM Resources,&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>
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<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>
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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;">Giffin, G.D.</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;">Canadian Imperial Bank of Commerce</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 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;">Management Resources and Compensation</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;">Canadian National Railway Company</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/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; 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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<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;">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;">ECN Capital Corp. </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>
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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;">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>
<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; Risk</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board</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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<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;">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>
<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:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<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>
<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;">Ball Corporation</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;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;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;">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>
<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;">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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<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;">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>
<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/NASDAQ</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;">Audit; Safety and Sustainability</font></p>    </td>   </tr>
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<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: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;">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;"><font size="1" face="Arial" style="font-size:3.0pt;">&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:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" 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;">Ambassador Giffin will be retiring from the Board of Directors of Canadian Imperial Bank of Commerce in April&nbsp;2017.</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;">THE BOARD EXPERTISE</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;"><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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Orientation</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 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 to allow incoming director to 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="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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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="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">access to materials and minutes from recent Board and committee 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>&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="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">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="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;">Continuing Education</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 continuing education for directors includes 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" 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">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="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">professional development courses.&#160; For instance, our Board subscribes to both the Institute of Corporate Directors and the National Association of Corporate Directors, organizations which promote the continuing education of directors;</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">access to an online secure site where management posts 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="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 2017 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">32</font><a name="PB_32_031936_5275"></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="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">presentations by management of TransAlta to provide directors information pertinent to our business; 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><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="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 2016, 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>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cyber   Security</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" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.4%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All   Directors</font></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;">October</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;">Pump-Storage   Tutorial </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>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All   Directors</font></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;">October</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;">Analytical   Strategy Assessment</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;">Priiva   Consulting Corporation </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;">All Directors</font></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;">November</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;">Australian   Operations and South Hedland Construction 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>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">B. Park</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">J. Dielwart</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 Board also regularly holds evening dinner sessions before the day of regularly scheduled Board meetings. Board dinners are treated as an opportunity to accomplish a number of important governance objectives, including: building collegiality by meeting as directors in a less formal atmosphere; meeting high-potential employees in order to advance the succession planning for the Company; and holding educational sessions on important topics for the Company&#146;s business and strategic direction.</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 2016, the GEC developed an educational initiative that encourages a small number of directors to accompany the CEO on tours of the Company&#146;s various businesses.&nbsp; The business tours are intended to provide the directors with a &#147;front-row seat&#148; to the management and operations of the Company.&nbsp; In 2016, the first director sessions were held in Australia and allowed Mr.&nbsp;Dielwart and Ms.&nbsp;Park to receive exposure to a wide range of Company activities, which included assessing the status of construction for the South Hedland power station, meeting with local Australian politicians and attending a number of employee sessions and customer meetings. &nbsp;The Board recognizes that this initiative provides a unique opportunity to directors that allows them to expand their knowledge and expertise of the Company&#146;s business.&nbsp; Over the course of the next couple of years it is anticipated that all directors will have benefited by participating on such business tours.</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;">Financial Literacy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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>
<p style="margin:0in 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;">External Consultants and Other Third Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2016, the HRC retained independent compensation consultants to advise it on the Company&#146;s compensation 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;">See &#147;<i>Compensation Report on Executive Compensation &#151; Use of External Advisors</i>&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">33</font><a name="PB_33_032510_7056"></a></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 2017 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;">THE BOARD EFFECTIVENESS</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;">Board Evaluation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 2.9pt .0001pt .05in;text-align:justify;"><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="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;">By</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: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;"><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;">Outcome</font></b></p>    </td>   </tr>
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<p style="margin:0in 2.9pt .0001pt .05in;text-align:justify;"><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 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;"><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: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;"><font size="1" face="Arial" 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;"><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:9.0pt;">Responses   are reviewed by the GEC together with the Chair of the Board.</font></p>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><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;"><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:9.0pt;">Board   members assess and comment on the Chair of the Board&#146;s performance measured   against the position description.</font></p>
<p style="margin:0in 2.9pt .0001pt .3in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" 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;"><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: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;"><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: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>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><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>
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<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><font size="1" face="Arial" 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;"><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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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:9.0pt;">The GEC and   Board reviews and considers the proposed changes to the Committee Charters. </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;"><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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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: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;"><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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 2.9pt .0001pt .3in;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">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;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">The Chair   of the Board reports summary findings to the full Board during an in camera   session.</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   2017 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;">Identifying New Candidates for the Board</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;">Each year the GEC reviews the size, composition and profile of our Board, taking into account succession planning, geographical representation, gender and diversity, 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.&#160; The GEC also receives materials and proposals from third party search firms in connection with potential engagements for Board recruitment.</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 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 coming year.&#160; In coming to this determination, the GEC considered the one-year extension of the term of Ambassador Giffin as Chair of the Board and the one-year extension of the term of Mr.&nbsp;Faithfull as a Director of the Company to be essential components to permit the Board to most effectively meet the needs of the Company for the next year. &nbsp;The Board, without Ambassador Giffin or Mr.&nbsp;Faithfull participating in deliberations, and on the recommendation of the GEC, unanimously approved the one-year extension of the term of Ambassador Giffin and Mr.&nbsp;Faithfull, which extension will expire upon the conclusion of the annual meeting of Shareholders to be held in 2018.&nbsp; The Board came to this conclusion because of, among other things, the special circumstances of the Company and the relatively short tenure of the Board, together with the numerous and valuable contributions that Ambassador Giffin and Mr.&nbsp;Faithfull provide the Board as a result of their unique skill sets.</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;">Communications with 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 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="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;">Copies of our annual and quarterly reports, news releases, dividend information, transcripts of our quarterly conference calls, and other corporate information considered helpful to investors may be found on our website at <u>www.transalta.com/powering-investors/why-invest</u>.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 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 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>
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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;">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 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 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 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>
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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 2016, the ARC 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;">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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the Company&#146;s annual information form for the   year ended December 31, 2016 and relevant portion of this Proxy Circular.</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;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Risk Management and Regulatory Compliance</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">received quarterly updates on the Company's assessment and   mitigation of Cyber Security threats;</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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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>
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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;text-align:justify;"><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="Symbol" style="font-size:10.0pt;">&#183;</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;">reviewed the financial performance of the Company&#146;s   pension plans.</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 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 2017 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_051258_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="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">External Auditors</font></i></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;">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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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="Symbol" style="font-size:10.0pt;">&#183;</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;">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;text-align:justify;"><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;text-align:justify;"><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;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Information Technology</font></i></b></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="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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">received updates from the Company&#146;s IT department on cyber   security 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;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Internal Auditors</font></i></b></p>
<p style="margin:0in 0in .0001pt .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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and discussed with the Company's internal auditor   (the &quot;<b>Internal Auditor</b>&quot;) 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;text-align:justify;"><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;text-align:justify;"><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-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2016 the ARC:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">met regularly with external auditors; the Internal   Auditor; the CEO; the Chief Financial Officer (&quot;<b>CFO</b>&quot;);   the Managing Director and 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">met in camera, without management present, at the   conclusion of six regularly scheduled ARC meetings;</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:10.0pt;">reviewed the changes made to the Company&#146;s trade   compliance program; and</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:10.0pt;">reviewed, considered, evaluated and recommended to the   Board a proposed transaction pursuant to which the existing preferred shares   would be exchanged for a new series of preferred shares.</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;"><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 2016.</font></p>
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<p style="margin:0in 0in .0001pt;"><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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">37</font><a name="PB_37_051258_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 2017 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 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:6.0pt 0in .0001pt;text-align:center;"><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;">John<br>   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 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>
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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 charter of the GEC is available on TransAlta&#146;s website   at <u>www.transalta.com/about-us/governance/board-committees</u>.</font></p>
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<p style="margin:0in 0in .0001pt 6.5pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2016, 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;text-align:justify;"><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 any skills gap and the future and strategic direction of the Company;</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:10.0pt;">considered the retirement policy of the Board as it   applied to Ambassador Giffin as Chair of the Board and Mr. Faithfull as a   member of the Board, without Ambassador Giffin or Mr. Faithfull   participating, and recommended the one year extensions of such terms to the   Board;</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: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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed the market competitiveness of directors'   compensation and recommended to the Board revisions to director compensation   to provide compensation in U.S. dollars to those directors that reside   outside of Canada;</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: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;text-align:justify;"><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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">reviewed and approved the GEC portion of this Proxy   Circular; and</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: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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 Management Proxy Circular</font></p>    </td>
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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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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;text-align:justify;"><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="Symbol" style="font-size:10.0pt;">&#183;</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;">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>
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<p style="margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2016 the GEC met in camera, without management present, at the conclusion of the four regularly scheduled GEC meetings.</font></p>
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<p style="margin:0in 0in .0001pt 6.3pt;"><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 2016.</font></p>
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<p style="margin:0in 0in .0001pt 6.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P. Thomas Jenkins (Chair)&#160;&#160; John P. Dielwart&#160;&#160; Timothy Faithfull&#160;&#160; Yakout Mansour</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">39</font><a name="PB_39_051258_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 2017 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;">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 2016, 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 set 2016 performance targets applicable to the Company's incentive plans;</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 each executive, the Company and the financial results as a whole over the prior year.&#160; The HRC also conducted a comprehensive review of compensation risks;</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, the HRC considered information pertaining to executive succession, compensation practices of the Company and considered the Company&#146;s performance relative to incentive targets;</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 and revised the 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, the HRC reviewed the executive employment agreements as well as the CEO role description; 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 the variable compensation plans for 2017 and conducted a review of the risk assessment completed with respect to the variable compensation targets as against the proposed budget.</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 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2016, the HRC also:</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>
<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 reviews 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">together with the ARC,reviewed the 2016 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 2017 HRC work plan; 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 style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2016 the HRC met in camera, without management present, at the conclusion of five regularly scheduled HRC meetings.</font></p>
<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;">The HRC has reviewed its mandate and is satisfied that it met the terms of its charter in 2016.</font></p>
<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;">Georgia R. Nelson (Chair)&#160;&#160; P. Thomas Jenkins&#160;&#160; Beverlee F. Park</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 2017 Management Proxy   Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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>
<p style="margin:0in 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;">Philosophy and Approach</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 is responsible for developing and implementing the directors&#146; compensation plan and has delegated to the GEC the responsibility to consider and make recommendations to the Board regarding director compensation.&#160; The compensation practices for directors take into consideration:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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">the complexity of the industry and size of the 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" 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">the retention and attraction of qualified individuals to serve as directors on the 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" 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">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" 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">the importance we place on aligning directors&#146; compensation with the interests of Shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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 to the median of Canadian companies of similar size from a revenue, asset and market capitalization basis, as well as companies in our marketplace with which we compete for director talent.&#160; Beginning January&nbsp;1, 2015, a flat fee compensation system for the independent directors was implemented.&#160; During 2016, the Board considered changes in the foreign exchange rate between the Canadian and U.S. dollar and approved, on the recommendation of the GEC, revisions to director compensation in order to provide compensation denominated in U.S. dollars for those directors that reside outside of Canada.&nbsp; In recommending the change to director compensation, the GEC considered, among other things, the compensation practices of comparable companies and the potential impact on attracting and retaining experienced, skilled and knowledgeable directors. &nbsp;No adjustments were made to the annual retainer or meeting fees payable to Canadian resident 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;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Components of Compensation for 2016</font></b></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 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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount</font></b><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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="Arial" 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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 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>
<td width="24%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 .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>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><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>
<td width="4%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><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>    </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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 .3in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&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: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>
<td width="24%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><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="Arial" 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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 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>
<td width="24%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><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="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.7%;">
<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>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.14%;">
<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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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:71.7%;">
<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>
<td width="4%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:4.14%;">
<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 11.5pt;text-align:justify;text-indent:-4.3pt;"><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 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-align:justify;text-indent:-4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p 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="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><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="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 the retainer, the director   can choose to receive it as deferred share units or common shares.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The   amounts are in Canadian dollars for directors that reside in Canada and in   U.S. dollars for directors that reside outside of Canada.</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 .1in;"><font face="Arial">41</font><a name="PB_41_061532_1148"></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </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;">Deferred Share Units</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;">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="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;">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 the 13</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font face="Arial">&#160;day of the last month of each compensation quarter.&#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="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;">Upon retirement from the Board, the retiring director will receive a cash amount equal to the number of DSUs held in his or her account multiplied by the then market value of a TransAlta common share, less applicable taxes.&#160; At December&nbsp;31, 2016, the accrual in respect of DSUs currently outstanding to directors was $2,779,161.78, based on the closing price of a TransAlta common share on December&nbsp;31, 2016 of $7.43.</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 Ownership Requirements 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;"><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 February&nbsp;2016, the Board 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="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;">Shareholdings of Directors at December&nbsp;31, 2016</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 and Year<br>   Appointed</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="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>
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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>
<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 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>
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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>
<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 Over<br>   Year</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="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 at risk<br>   Multiple of<br>   2016 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" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P. Dielwart &#150; 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;">2016</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;">52,136</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;">26,037</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;">$383,200</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;">0.79x</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;">2.39x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$121,356</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">T.W. Faithfull &#150; 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;">2016</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;">122,952</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;">32,488</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;">$903,697</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;">1.88x</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;">5.65x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$420,658</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">D.L. Farrell &#150; 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;">2016</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;">641,026</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;">185,882</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;">$4,711,535</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;">4.91x</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%" 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;">Yes</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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$2,116,420</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">A.J. Fohrer &#150; 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;">2016</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;">55,910</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;">17,790</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;">$410,939</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;">0.86x</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;">2.57x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$177,260</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">G.D. Giffin &#150; 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;">2016</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;">109,971</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;">34,624</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;">$808,287</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;">0.86x</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;">2.45x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$350,364</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T. Jenkins &#150; 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;">2016</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;">297,447</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;">(210,842)</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" 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;">$4,137,151</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;">8.62x</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;">25.86x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$2,363,545</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Y. Mansour &#150; 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;">2016</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;">59,961</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;">18,236</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;">$440,713</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;">0.92x</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;">2.75x</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%" 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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$194,022</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">G. Nelson &#150; 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;">2016</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;">46,938</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;">17,651</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;">$344,994</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%" 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;">(7)</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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$136,185</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: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="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%" 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F. Park &#150; 2015</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;">2016</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;">41,087</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;">22,264</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;">$301,989</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;">0.63x</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;">1.89x</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%" 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;">(8)</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;text-align:justify;"><font size="1" face="Arial" 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;">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: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;">$87,529</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: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="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: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;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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Includes units credited in lieu of reinvested dividends. See <i>&#147;Report on Director Compensation &#151; Components of Compensation for   2016 &#151; Deferred Share Units&#148;</i> for further information on the DSU   plan. Mrs.&nbsp;Farrell&#146;s Share Units are comprised of eligible shares for   purposes of the executive share ownership policy, which consists of common   shares, RSUs and ODSUs (as described under <i>&#147;Compensation   Discussion and Analysis &#151; Our Variable Compensation Program&#148;</i>). As   at December&nbsp;31, 2016, she held 228,610 RSUs and 277,154 ODSUs. In   addition, as at December&nbsp;31, 2016, Mrs.&nbsp;Farrell held 457,218 PSUs   and 395,628 options to acquire common shares. See <i>&#147;Compensation   Discussion and Analysis &#151; Shareholder Alignment &#151; Share Ownership   Requirements&#148;</i>.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The 2015 value is based on the weighted average closing price of   a TransAlta common share on the TSX for the 20 trading days prior to and   including December&nbsp;31, 2015 of $4.65 and the 2016 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, 2016 of $7.35.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">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</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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt;text-align:right;"><font face="Arial">42</font><a name="PB_42_061900_7056"></a></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>
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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;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">directors&#146; share ownership requirement.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Dielwart was appointed to the Board on October&nbsp;1,   2014 and has until October&nbsp;1, 2019 to meet the requirement.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(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;">Mrs.&nbsp;Farrell is required to hold four times her base salary   in accordance with the executive share ownership policy. Mrs.&nbsp;Farrell   has met this requirement.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(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;">In September&nbsp;2016, Mr.&nbsp;Jenkins sold 237,000 Common   Shares of the Company and purchased 120,000 Common Shares of TransAlta   Renewables Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(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;Nelson was appointed to the Board on April&nbsp;29,   2014 and has until April&nbsp;29, 2019 to meet the requirement.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(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;">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>    </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;">Summary of Directors&#146; Compensation for the Fiscal Year 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;">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;During 2016, the Board considered recent changes in the foreign exchange rate between the Canadian and U.S. dollar and approved, on the recommendation of the GEC, revisions to director compensation in order to provide compensation referral to U.S. dollars for those directors that reside outside of Canada.</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 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr height="45" style="height:33.7pt;page-break-inside:avoid;">
<td width="21%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Name </font></b></p>     </td>
<td width="11%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:11.72%;">
<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</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;">Earned</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;">($)</font></b></p>     </td>
<td width="11%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:11.62%;">
<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></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;">($)</font></b></p>     </td>
<td width="13%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Chair Fee</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(Committee)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="12%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;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:9.0pt;font-weight:bold;">Share-based<br>    awards</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;">($)</font></b></p>     </td>
<td width="14%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:14.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">All other compensation</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="14%" height="45" valign="bottom" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:14.96%;">
<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;">($)</font></b></p>     </td>    </tr>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(2)</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">24,835</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:9.0pt;">4,500</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">49,335</font></p>    </td>   </tr>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P. Dielwart</font></p>    </td>
<td width="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" style="border:none;height:.1in;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:9.0pt;">-</font></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">160,000</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" style="border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(3)</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:9.0pt;">15,727</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">225,427</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(4)</font></p>    </td>
<td width="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" style="border:none;height:.1in;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:9.0pt;">N/A</font></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<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 height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" style="border:none;height:.2in;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:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(3)</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">32,766</font></p>    </td>
<td width="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:9.0pt;">7,864</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">250,329</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(3)(5)</font></p>    </td>
<td width="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">216,253</font></p>    </td>
<td width="11%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">216,253</font></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;height:.1in;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:9.0pt;">11,810</font></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">444,316</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" style="border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" style="border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T. Jenkins</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:9.0pt;">-</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">175,000</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Y. Mansour</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;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:9.0pt;">18,234</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">227,934</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><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;">(3)</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">32,766</font></p>    </td>
<td width="12%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">104,850</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;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:9.0pt;">7,864</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">250,329</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFD900" style="background:#D9D9D9;border:none;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="10" style="height:.1in;page-break-inside:avoid;">
<td width="21%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F. Park</font></p>    </td>
<td width="11%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:11.62%;">
<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="13%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:13.3%;">
<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="12%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;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:9.0pt;">6,000</font></p>    </td>
<td width="14%" height="10" valign="top" bgcolor="#FFFF00" style="background:white;border:none;height:.1in;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">166,000</font></p>    </td>   </tr>
<tr height="16" style="height:12.15pt;page-break-inside:avoid;">
<td width="21%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:11.72%;">
<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="11%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:13.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:12.46%;">
<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="14%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.15pt;padding:0in 0in 0in 0in;width:14.96%;">
<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>
<tr height="19" style="height:.2in;page-break-inside:avoid;">
<td width="21%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:21.82%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:11.72%;">
<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;">900,488</font></b></p>    </td>
<td width="11%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:13.3%;">
<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;">80,532</font></b></p>    </td>
<td width="12%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;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:9.0pt;font-weight:bold;">895,653</font></b></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;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:9.0pt;font-weight:bold;">71,999</font></b></p>    </td>
<td width="14%" height="19" valign="top" bgcolor="#FFBF00" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:14.96%;">
<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;">1,948,672</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The   flat fee includes for up to ten (10)&nbsp;Board meetings. For every Board   meeting after ten (10), a meeting fee of $1,500 per meeting is paid. In 2016,   there were only 9 Board meetings and, as a result, no additional Board   meetings fees were payable.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson   retired from the Board on April&nbsp;22, 2016.</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 .1in;"><font face="Arial">43</font><a name="PB_43_062213_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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The   compensation payable to Mr.&nbsp;Faithfull, Mr.&nbsp;Fohrer, Ambassador   Giffin, Mr.&nbsp;Mansour and Mrs.&nbsp;Nelson are converted to U.S. dollars   using the exchange rate on the 13</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;day of the last month of   each compensation quarter. The amounts appearing in this table are in   Canadian dollars and reflect the actual amounts paid using the exchange rate   on the 13</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">th</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;day of the last month of   each compensation quarter.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(4)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell   is the CEO of the Company and did not receive any Director compensation. 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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">(5)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ambassador   Giffin is Chair of the Board.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="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 shows the manner in which each director received their annual retainer for the year ended December&nbsp;31, 2016.</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>
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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;">Cash (%)</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>
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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;">Equity (%)</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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<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>
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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: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>
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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:7.0pt;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: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. Anderson</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" 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="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;"><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="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;"><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;">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="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: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="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: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;">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="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;"><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="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;"><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;">D.L. Farrell</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="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: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="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: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="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;"><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="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;"><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;">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="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: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="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: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;">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="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;"><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="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;"><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>
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<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>
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<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>
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<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>
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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;">-</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>
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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>  </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 117.0pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
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<p style="margin:0in 0in .0001pt 117.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Anderson retired from the Board on April&nbsp;22, 2016.</font></p>
<p style="margin:0in 0in .0001pt 117.0pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(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; </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;"><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="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 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 2016&#148;</i>.</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 2017 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;">REPORT ON EXECUTIVE 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;">Letter to Shareholders</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 the Chairs of the Board and the HRC, 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 2016. The design and application of TransAlta&#146;s executive compensation strategy is a key responsibility of the 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="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 exited 2016 with confidence that the work the Company accomplished to transition to a new carbon regime will both restore value to TransAlta and solidly position TransAlta for future opportunities. Key successes of the year 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 .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">we signed an Off-Coal Agreement with the Government of Alberta for the cessation of coal-fired emissions from Keephills 3, Genesee 3, and Sheerness. This agreement entitles the Company to 14 annual payments of $37.4 million, starting in 2017;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">we signed a Memorandum of Understanding with the Government of Alberta that outlines our cooperative work to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&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 face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;&nbsp;transition</font><font face="Arial"> our coal plants to natural gas and extend their useful lives;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&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 face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font face="Arial">realize value in our hydro and wind power assets through greenhouse gas offset credits;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&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 face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">begin to develop our Brazeau Pumped Storage project, one of the leading hydroelectric power projects in Canada; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">develop a capacity market in Alberta that ensures both current and new electricity generators will have a level economic playing field to build, buy and sell electricity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">we received a 100% favourable decision by the arbitrators when they upheld TransAlta&#146;s <i>force majeure</i> claim at Keephills, which allowed us to reverse the approximately $95 million provision;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">financially, we outperformed 2015 and met our 2016 goals by delivering comparable earnings before interest, depreciation, and taxes (&#147;<b>EBITDA</b>&#148;) of $1.15 billion, funds from operations (&#147;<b>FFO</b>&#148;) of $763 million, and free cash flow (&#147;<b>FCF</b>&#148;) of $259 million, all in one of the lowest commodity price cycles that the Alberta market has ever experienced;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">we raised approximately $360 million of project debt and now have access to $1.7 billion in liquidity. This will be used to settle the $400 million of senior notes with maturities coming due in June&nbsp;2017. We also maintained our investment grade credit rating with S&amp;P, Fitch, and DBRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">operationally, we delivered fleet availability of 89%, just ahead of 2015, and our injury frequency rate of 0.85 was the second-best in the Company&#146;s history; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">we advanced construction of our 150 megawatt South Hedland combined cycle gas-fired power plant in Australia, which we expect to put into service in mid-2017.</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 achievements highlighted above can also be seen in our recent share price performance. Since January&nbsp;1, 2016 our share price on the TSX has increased approximately 60% and our total shareholder return (&#147;<b>TSR</b>&#148;) ranked in the 80</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font face="Arial">&#160;percentile relative to the S&amp;P/TSX Composite Index.</font></p>
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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;">Our Philosophy</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 believes that an effective compensation program needs to be competitive within its marketplace and rewards performance through the achievement of specific annual and long-term financial and strategic goals. The Board has developed compensation plans that encourage decisions that optimize resource allocation, encourage prudent financial and operational improvements, and foster an environment of continued growth for the Company. Therefore, pay for performance is the guiding principle the Board utilizes to determine the compensation of the Company&#146;s executive officers.</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 Board is also committed to having a compensation strategy that is balanced, transparent and accurately reflects the experience of our Shareholders.</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 2017 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;">2016 CEO Performance and Compensation</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;">Company performance is the most significant factor the Board and the HRC considers in determining incentive payouts for the CEO. As such, the Company&#146;s incentive plans focus on financial performance. In 2016, the achievements delivered by TransAlta under Mrs.&nbsp;Farrell&#146;s leadership significantly enhanced the value of the Company and positioned it for future growth and success. The Board and the HRC believe these achievements were not wholly captured by incentive plan metrics. Accordingly, consistent with our pay for performance principles, the Board and the HRC exercised their discretion to recognize that 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board and the HRC also believe the resulting CEO incentive payout levels are the best reflection of the Company&#146;s performance and the Shareholders&#146; experience in 2016:</font></p>
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<p style="margin:0in 0in .0001pt 9.35pt;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Annual Incentive Compensation (&#147;AIC&#148;)</font></u></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 31.5pt;text-align:justify;text-indent:-.25in;"><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:5.0pt;">&nbsp;</font><font face="Arial">&nbsp;&nbsp;Mrs.&nbsp;Farrell&#146;s 2016 AIC award was $1,729,000, which represents 200% of target. Although this is above the 166% corporate scorecard result, the Board and the HRC believe an adjustment was necessary to ensure Mrs.&nbsp;Farrell&#146;s AIC accurately reflected and captured her outstanding achievements.</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 9.35pt;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Outstanding</font></u><u><font face="Arial"> Leadership and Recognition Award</font></u></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 31.5pt;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">The Board and the HRC believe 2016 was the most significant and impactful year for TransAlta and its Shareholders in many years. Mrs.&nbsp;Farrell demonstrated extraordinary leadership on the coal negotiations with the Government of Alberta, and the integrity of the Company&#146;s operations were evidenced from the 100% favourable decision on the Company&#146;s <i>force majeure</i> arbitration case. From these accomplishments, the Board and the HRC awarded Mrs.&nbsp;Farrell with a one-time special payment of $1,000,000.</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 9.35pt;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Long-term Incentive Plan (&#147;LTIP&#148;)</font></u></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 31.5pt;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 color="black" style="color:black;">Mrs.&nbsp;Farrell received an LTIP grant of $2,090,000 (i.e. 220% of her then base salary of $950,000) for the performance period 2014 to 2016. The grant consisted of PSUs (weighted 2/3</font></font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-5.0pt;">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:5.0pt;position:relative;top:-5.0pt;">rd</font><font color="black" face="Arial" style="color:black;">). These share units vested on January&nbsp;1, 2017. Based on the PSU </font><font face="Arial">scorecard result of 23%, as well as the closing share price on December&nbsp;31, 2016 of $7.43, Mrs.&nbsp;Farrell&#146;s LTIP payout was $672,604, or 32% of <font color="black" style="color:black;">target.</font></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 performance-based nature of Mrs.&nbsp;Farrell&#146;s incentive compensation is also evidenced by the comparison of her target and realized compensation for the last three 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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<td width="10%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.75pt;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="27%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:27.5%;">
<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;">Target Compensation </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)<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="32%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:32.5%;">
<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;">3 Year Average Realized Compensation </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><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;"><br>   $000 </font></b></p>    </td>
<td width="29%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:29.34%;">
<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 as a % of</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>   Target Compe<font color="black" style="color:black;">nsation</font></font></b></p>    </td>   </tr>
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<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="27%" 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:27.5%;">
<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;">$3,653</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:32.5%;">
<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;">$3,327</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:29.34%;">
<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;">91%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="27%" 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:27.5%;">
<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;">$3,965</font></p>    </td>
<td width="32%" 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:32.5%;">
<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;">$2,330</font></p>    </td>
<td width="29%" 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:29.34%;">
<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;">59%</font></p>    </td>   </tr>
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<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2014</font></p>    </td>
<td width="27%" 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:27.5%;">
<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;">$3,965</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:32.5%;">
<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;">$1,895</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:29.34%;">
<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>   </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" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
<p style="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:-5.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Target<font color="black" style="color:black;"> Compensation includes base pay, perquisites and variable compensation if paid at target.</font></font></p>
<p style="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:-5.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Realized</font><font size="1" face="Arial" style="font-size:8.0pt;"> Compensation includes the three-year average of base salary, perquisites, AIC and LTIP payouts.</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;">Our Responsibility to Get it Right</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 and the HRC 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. The Board and the HRC are committed to the principle that compensation is aligned with performance and incents actions designed to achieve strategic goals. The HRC is advised by independent experts and the HRC performs rigorous analysis in assessing the performance of the Company and the individual executives. The Board and the HRC are committed to delivering on our long-term strategy in a manner that reflects the responsible stewardship of your capital. The Board and the HRC welcome your feedback and encourage you to use the communication mechanisms outlined in this Proxy Circular. 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. This advisory resolution is provided on page&nbsp;25 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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="134" height="31" src="g89731mm39i001.jpg"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial"><img width="144" height="30" src="g89731mm39i002.jpg"></font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia</font><font color="black" face="Arial" style="color:black;"> R. Nelson <br>   Chair of the HRC</font></p>    </td>
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<p style="margin:0in 0in .0001pt .15in;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon D. Giffin <br>   Chair of the Board</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;">&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 2017 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;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;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;">COMPENSATION DISCUSSION AND ANALYSIS</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Introduction</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="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. The nature of our business impacts the design of our compensation strategy and how we deliver compensation over time. 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. 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;">The HRC and the Board annually review and assess 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" 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 well-defined link between executive compensation and the strategic goals of the Company;</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" 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">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: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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">a clear link between pay and 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;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>
<p style="margin:0in 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 disclosure is organized as follows:</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Guiding   Principles</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;47</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation Plan   Changes for 2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;48</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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;48</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;49</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;50</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;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 Fixed   Compensation Plans in 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;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;">Our Variable   Compensation Plans in 2016</font></p>    </td>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;54</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2016 Variable   Compensation Performance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;56</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2016 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;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;">2016 CEO Pay for   Performance Analysis</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;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;">2016 NEO AIC   Analysis</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Page&nbsp;60</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;66</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;67</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the fiscal year ended December&nbsp;31, 2016 our Named Executive Officers (&#147;<b>NEOs</b>&#148;) were:</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;">&#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: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;">&#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: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;">&#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: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;">&#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: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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Wayne A. Collins, Executive Vice-President, Coal and Mining 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;">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 2016, 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" 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><font face="Arial">align executive pay to performance through a mix of short and long-term incentive programs;</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 .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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 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:5.0pt;">&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" 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><font face="Arial">focus variable compensation on financial performance;</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 .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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 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:5.0pt;">&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" 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><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;"><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 .1in;"><font face="Arial">47</font><a name="PB_47_075147_7056"></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 2017 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>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Compensation Plan Changes for 2017</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 2017 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" 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">For our AIC plan:</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" 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">awards will no longer be funded through a pool determined as a percentage of FFO, instead being solely determined by corporate and, where applicable, business unit and individual performance. We note, however, that our AIC plan will continue to feature a &#147;circuit breaker&#148; whereby no AIC awards are paid if $700 million FFO is not achieved; 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" 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 addition to the corporate performance scorecard, our business unit performance scorecards will be cascaded all the way down the organization, which we believe will further drive individual performance and accountability.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">For our LTIP:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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" 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">as a reflection of our pay-for-performance philosophy, we have increased the weighting on PSUs from 50% to 55% and reduced the weighting on stock options from 25% to 20%;</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" 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">PSU metrics for 2017 grants have been refined and will be based on FFO-to-Debt (weighted 70%) and substantial advancement on our transition to renewable energy (weighted 30%). Relative TSR will continue to be used as a modifier (0.8x to 1.2x) to the scorecard result; 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" 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">PSU metrics for 2015 and 2016 grants have been recalibrated to reflect the significant headwinds brought forward by the new realities in TransAlta&#146;s market, namely the forced closure of coal-fired generation plants in Alberta.</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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In setting our compensation strategy, and in designing and applying all elements of compensation, the HRC:</font></p>
<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:5.0pt;">&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: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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:5.0pt;">&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: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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:5.0pt;">&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 (as defined herein);</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:5.0pt;">&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: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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="1" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">receives and considers advice from its independent advisor, Willis Towers Watson.</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>
<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="710" height="183" src="g89731mm41i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 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;">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. This conclusion is based in part on a comprehensive annual compensation risk review conducted by the HRC as part of its mandate. 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="font-size:10.0pt;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. 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. In addition, our review takes into consideration our compensation philosophy, pay mix balance, incentives and performance measures, stock-based compensation and ownership requirements. The mix and balance of these various measures, including the limits to our variable compensation plans, are also reviewed. Our plans are based on Company-wide financial metrics and payouts are based on a combination of absolute and relative measures. In addition, the HRC receives</font><font face="Arial">  </font><font face="Arial">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;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 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. The HRC has updated this assessment for each year following, and its independent consultant, Willis Towers Watson, supports the HRC&#146;s findings 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;"><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="365" src="g89731mm41i002.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">49</font><a name="PB_49_085708_7056"></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 2017 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;">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="130" src="g89731mm41i003.jpg"></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;"><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;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;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;">Total compensation is designed to first recognize performance in achieving our strategic goals. We also need to attract, retain and motivate strong leaders. 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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Industry Benchmarking &#150; Our Comparator Group</font></i></p>
<p style="margin:0in 0in .0001pt;"><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. 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>
<p style="margin:0in 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 Comparator Group is reviewed on an annual basis and, in 2013, we re-aligned it to include companies which are of a similar size to us from a revenue, asset and market capitalization basis, as well as companies in our marketplace with which we compete directly for executive talent. Additionally, we weight Canadian-based companies at 75% and U.S.-based companies at 25%, irrespective of the number of companies sourced. The HRC and the Board believe this Comparator 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="font-size:10.0pt;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. We target 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.</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 2016 executive compensation review:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="719" height="188" src="g89731mm41i004.jpg"></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">50</font><a name="PB_50_090300_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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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;">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 2016, the HRC engaged Willis Towers Watson to assist with its ongoing review of our compensation strategy. Willis Towers Watson provided independent advice to the HRC on the Company&#146;s AIC plan and LTIP, as well as on executive compensation, and on matters raised during the HRC&#146;s 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;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 Willis Towers Watson had no such conflicts in 2016 as they do not perform any work related to executive compensation without the expressed consent of the HRC. The HRC has therefore conclusively determined that Willis Towers Watson is independent. In addition, to ensure Willis Towers Watson&#146;s continued independence, the HRC approves all executive compensation related fees and terms of service.</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;">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;">Following the HRC&#146;s decision to engage Willis Towers Watson, Management no longer engages Willis Towers Watson, except for matters unrelated to 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;"><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;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 HRC also reviews the scope of services to be provided by management&#146;s consultants annually to ensure no conflicts arise. The fees for such services are approved by management. The following table summarizes the fees paid to compensation advisors in 2015 and 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CONSULTANT</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>
<p align="center" style="margin:1.0pt 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>
<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>
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<p align="center" style="margin:1.0pt 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>
<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>
<p align="center" style="margin:1.0pt 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>   </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:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">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: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;">Meridian</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:3.0pt;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:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</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;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>
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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;">Total<br>   fees paid</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: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>    </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;">Meridian</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="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" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(1)</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;">Aon<br>   Hewitt </font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>    </td>
<td width="8%" 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:8.86%;">
<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;">Total<br>   fees paid</font></b></p>    </td>   </tr>
<tr>
<td width="28%" 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:28.4%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Executive Compensation and Compensation-Related Fees (HRC)</font></p>    </td>
<td width="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$212,746</font></p>    </td>
<td width="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<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;">$58,507</font></p>    </td>
<td width="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<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;">$271,252</font></p>    </td>
<td width="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.86%;">
<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>
<td width="28%" 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:28.4%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Executive Compensation and Compensation-Related Fees   (Management)</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,890</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<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="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.98%;">
<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;">$2,890</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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;">$13,538</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.96%;">
<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;">$12,433</font></p>    </td>
<td width="8%" style="border:none;border-right:solid windowtext 1.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:8.86%;">
<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 height="29" style="height:21.55pt;">
<td width="28%" 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:28.4%;">
<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="8%" 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:8.98%;">
<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;">$55,756</font></p>    </td>
<td width="8%" 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:8.98%;">
<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="8%" 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:8.96%;">
<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;">$285,338</font></p>    </td>
<td width="8%" 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:8.98%;">
<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;">$317,325</font></p>    </td>
<td width="8%" 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:8.96%;">
<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;">$30,771</font></p>    </td>
<td width="8%" 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:8.96%;">
<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="8%" 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:8.96%;">
<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;">$301,061</font></p>    </td>
<td width="8%" 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:8.86%;">
<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="28%" height="29" style="border:solid windowtext 1.0pt;border-top:none;height:22.0pt;padding:2.9pt .5pt 2.9pt .5pt;width:28.4%;">
<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="8%" 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:8.98%;">
<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;">$247,623</font></p>    </td>
<td width="8%" 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:8.98%;">
<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;">$58,507</font></p>    </td>
<td width="8%" 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:8.96%;">
<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;">$285,338</font></p>    </td>
<td width="8%" 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:8.98%;">
<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;">$591,467</font></b></p>    </td>
<td width="8%" 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:8.96%;">
<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="8%" 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:8.96%;">
<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="8%" 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:8.96%;">
<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="8%" 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:8.86%;">
<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;">$558,646</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="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:-5.0pt;">(1)</font><font size="1" 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;">The HRC ended their engagement with Meridian Compensation Partners in April&nbsp;2016<font color="red" style="color:red;">, </font>subsequently engaging Willis Towers Watson.</font></p>
<p style="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:-5.0pt;">(2)</font><font size="1" 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 U.S. $189,606 in 2015 and U.S. $209,051 in 2016 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;">Shareholder Alignment</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 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;"><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 .1in;"><font face="Arial">51</font><a name="PB_51_085903_7348"></a></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Compensation At-Risk in 2016</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 &#147;at-risk&#148; and equity vs. cash compensation for our executives is illustrated in the table below as a percentage of target total direct compensation (&#147;<b>TDC</b>&#148;):</font></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 .05in .0001pt .1in;"><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>
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<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:6.0pt;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;">CEO</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:6.0pt;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;">CFO</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;">Average of   Other Executives</font></b></p>    </td>   </tr>
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<td width="26%" 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:26.66%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total target compensation   at-risk</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">72%</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">60%</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
<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%</font></p>    </td>   </tr>
<tr>
<td width="26%" 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:26.66%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Equity-based compensation</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 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="25%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">39%</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">39%</font></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:26.66%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash compensation</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<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;">28%</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<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;">40%</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.34%;">
<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;">40%</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;">Share Ownership 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;">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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="32%" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt .1in;"><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 .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position</font></b></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="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="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Ownership   Requirement</font></b></p>    </td>
<td width="1%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<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="1%" style="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="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0.375pt 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Holding   Requirement</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">CEO</font></p>    </td>
<td width="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;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="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4x base salary</font></p>    </td>
<td width="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:1.0%;">
<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="40%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<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="32%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Chief and Executive Vice-President</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2x base salary</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<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="40%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">While employed</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Senior Vice-President</font></p>    </td>
<td width="1%" 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:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1x base salary</font></p>    </td>
<td width="1%" 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:1.0%;">
<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="1%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;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="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" 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:40.0%;">
<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>
</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 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.</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 achievement of the required ownership level is calculated based on common shares, ODSUs and RSUs. In 2016, based on the advice of the HRC&#146;s independent consultant, the Board and the HRC amended the executive share ownership policy to permit 100% of RSUs to be counted towards the share ownership requirement.</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;">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 last 20 trading days of the year ended December&nbsp;31, 2016 of $7.35:</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="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="25%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Name and   Principal Position</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.9%;">
<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>   Equity<br>   Securities<br>   Required</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.9%;">
<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 Equity<br>   Securities<br>   Owned</font></b></p>    </td>
<td width="10%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;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:8.0pt;font-weight:bold;">Multiple of<br>   Base Pay</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.9%;">
<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:-3.0pt;">(1)</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.9%;">
<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="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.92%;">
<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>   Equity<br>   Securities<br>   Owned<br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><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:7.0pt;">President and CEO</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">544,218</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">641,026</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4.71</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Met</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">130%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$4,711,535</font></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><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:7.0pt;">Chief Financial Officer</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">122,449</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">126,156</font></p>    </td>
<td width="10%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.95</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<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="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<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="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$927,246</font></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><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:7.0pt;">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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">136,054</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">155,190</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.28</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Met</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:12.9%;">
<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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,140,648</font></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><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:7.0pt;">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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">136,054</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">99,632</font></p>    </td>
<td width="10%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.46</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<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="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">58%</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$732,299</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.44%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.A. Collins</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">122,449</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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">62,274</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.02</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:12.9%;">
<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="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:12.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">38%</font></p>    </td>
<td width="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:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$457,714</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="margin:0in 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;">(1)</font><font size="1" 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;">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:0in 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;">(2)</font><font size="1" 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 last 20 trading days of the year ended December&nbsp;31, 2016 of $7.35.</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;">Please refer to the section &#147;Total Value of Equity Holdings at December&nbsp;31, 2016&#148; on page&nbsp;67 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;">Our Fixed Compensation Plans in 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="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. Our fixed compensation comprises </font><font face="Arial">three</font><font face="Arial"> elements: (i)&nbsp;base pay, (ii)&nbsp;benefits and pension, and (iii)&nbsp;perquisites.</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="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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">52</font><a name="PB_52_091437_7056"></a></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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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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="32%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt .1in;"><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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.76%;">
<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;">Target and Range</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.42%;">
<p 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:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance Period</font></b></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:32.32%;">
<p style="margin:3.0pt .05in .0001pt .3in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&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:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&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="#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:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Scope of role</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:14.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.42%;">
<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>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees</font></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><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. 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;text-align:justify;"><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="32%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.64%;">
<p style="margin:0in 0in .0001pt .1in;"><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:12.44%;">
<p 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="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target   and Range</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="8%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="21%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.9%;">
<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>
<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:32.64%;">
<p style="margin:0in 0in .0001pt .1in;"><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Benefits</font></u></i></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .3in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">None</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:14.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Flex credits   to provide flexibility in coverage</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:8.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees</font></p>    </td>
<td width="21%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.9%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">No   performance requirements</font></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Benefits are   elected every two years</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:32.64%;">
<p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></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:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:14.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:8.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="21%" 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:21.9%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Defined Contribution (&#147;<b>DC</b>&#148;) Pension Plan</font></u></i></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .3in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Non-contributory 5% 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" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash payment   at retirement</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All permanent   employees</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.9%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">No   performance period.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Employee chooses   investments to allocate within group of investment opportunities</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&nbsp;</font></i></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:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:14.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" 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:9.38%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" 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:8.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="21%" 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:21.9%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:32.64%;">
<p style="margin:0in 0in .0001pt .1in;"><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Supplemental Pension Plan (&#147;<b>SPP</b>&#148;)</font></u></i></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt .3in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Provides a defined   benefit (&#147;<b>DB</b>&#148;) or DC pension to each   executive on their earnings over the Income Tax Act limit</font></p>
<p style="margin:0in .05in .0001pt .3in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">The DB SPP is provided to   executives who started prior to January&nbsp;1, 2016. The DC SPP is provided   to executives who started on or after January&nbsp;1, 2016</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:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">None</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:14.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred Cash</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:8.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Executives</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;">Pensionable   service period</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;">All of our employees participate in the same benefits, pension and retirement programs. Life insurance, disability, medical and dental coverage are included in the benefits program. Our programs allow employees to direct their annual benefits credits to these elements at different levels in order to meet their individual needs. 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;"><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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<td width="32%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt .1in;"><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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="14%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:14.76%;">
<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;">Target and Range</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.42%;">
<p 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>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance Period</font></b></p>    </td>   </tr>
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<td width="32%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:3.0pt .05in .0001pt .3in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&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:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&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>
<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:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">None</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:14.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.42%;">
<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>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Managing   Directors and above</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:22.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><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;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. 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 Plans in 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;">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 long-term performance. We believe this balanced approach creates a 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;"><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 .1in;"><font face="Arial">53</font><a name="PB_53_093539_5335"></a></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 2017 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 .1in .0001pt 0in;text-align:right;"><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>
<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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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Purpose</font></b></p>    </td>
<td width="16%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:16.84%;">
<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;">Measurement</font></b></p>    </td>
<td width="20%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target   and Range</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="10%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Eligibility</font></b></p>    </td>
<td width="15%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Performance<br>   Period</font></b></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:26.48%;">
<p style="margin:3.0pt .05in .0001pt .35in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="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 .35in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reward and recognize   corporate and individual performance</font></p>
<p style="margin:0in .05in .0001pt .35in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">Targets and ranges set   around budgeted performance</font></p>    </td>
<td width="16%" 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:16.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate and, where applicable, business unit and individual   goals</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:20.68%;">
<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 .35in;text-indent:-.2in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;CEO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">90%</font></p>
<p style="margin:0in 0in .0001pt .15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;CFO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">55%</font></p>
<p style="margin:0in 0in .0001pt .15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">40%-55%</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Range (% of target):</font></p>
<p style="margin:0in 0in .0001pt .15in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;All Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">0%-200%</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<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>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.68%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All non-union employees</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<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;">AIC payments are funded through a pool determined as a percentage of FFO. Payouts cannot exceed 200% of the employee&#146;s individual target, and the sum of awards to all employees cannot exceed the AIC pool.</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;">As a reflection of our pay-for-performance philosophy, AIC awards for executive officers are heavily based on corporate and, if applicable, business unit performance:</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="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="26%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Level</font></b></p>    </td>
<td width="24%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.26%;">
<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;">Corporate   Weighting</font></b></p>    </td>
<td width="24%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:24.08%;">
<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;">Individual   Performance<br>   Weighting</font></b></p>    </td>
<td width="25%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Business Unit   Weighting</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:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">CEO</font></p>    </td>
<td width="24%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.26%;">
<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;">100%</font></p>    </td>
<td width="24%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.08%;">
<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;">-</font></p>    </td>
<td width="25%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Corporate Executive</font></p>    </td>
<td width="24%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.26%;">
<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;">75%</font></p>    </td>
<td width="24%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.08%;">
<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="25%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="26%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:26.42%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Business Unit Executive</font></p>    </td>
<td width="24%" 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:24.26%;">
<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="24%" 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:24.08%;">
<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="25%" 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:25.26%;">
<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>   </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 2016 performance measures applicable to the disclosed NEOs 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="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="27%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Scorecards and   Metrics</font></b></p>
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
<td width="18%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:18.58%;">
<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;">Threshold</font></b></p>    </td>
<td width="18%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="18%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" 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:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$208m</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$233m</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258m</font></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10.4%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>   </tr>
<tr>
<td width="27%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">Canada Coal </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<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;">6.5%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">7.0%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">7.5%</font></p>    </td>   </tr>
<tr>
<td width="27%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<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;">0.95</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">0.7</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">0.6</font></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.58%;">
<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;">86.5%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<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;">87.5%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<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;">88.5%</font></p>    </td>   </tr>
<tr>
<td width="27%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">US Coal </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<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;">4.9%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">5.8%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">6.4%</font></p>    </td>   </tr>
<tr>
<td width="27%" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="17%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.58%;">
<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;">0.6</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">0.4</font></p>    </td>
<td width="18%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">0.0</font></p>    </td>   </tr>
<tr>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in .05in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="17%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.58%;">
<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;">87%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<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;">89.9%</font></p>    </td>
<td width="18%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.34%;">
<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;">91%</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="margin:0in 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" 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;">The</font><font size="1" face="Arial" style="font-size:8.0pt;"> corporate scorecard applies to each executive officer.</font></p>
<p style="margin:0in 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" 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;">The Canada and U.S. coal scorecards apply to the EVP, Coal and Mining 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;"><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 and are set with a 40% likelihood of achievement.</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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<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>
<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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">54</font><a name="PB_54_103943_5796"></a></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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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Long-Term Incentive Plan &#150; (&#147;LTIP&#148;)</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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
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<td width="23%" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.54%;">
<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:23.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Measurement</font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.6%;">
<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;">Target   and Range</font></b></p>    </td>
<td width="7%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Form</font></b></p>    </td>
<td width="12%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.06%;">
<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="13%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.58%;">
<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;">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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<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.54%;">
<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;">Performance Share Units</font></u></i></b></p>
<p style="margin:0in 0in .0001pt 12.95pt;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" 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" 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;">Recognize and reward 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" 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>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.54%;">
<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;">Financial and strategic measures</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff vest at the end of 3 years</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:19.6%;">
<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 .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">93%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">53%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;">63%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;   Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">53%</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;">Range (% of target):</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; All   Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">0%-200%</font></p>    </td>
<td width="7%" 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:7.68%;">
<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="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:12.06%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</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:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><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" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.54%;">
<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" 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" 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" 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:23.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff vest at the end of 3 years</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:19.6%;">
<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;">Target (% of base   salary):</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">46%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;">31%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;   Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>    </td>
<td width="7%" 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:7.68%;">
<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="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:12.06%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Managers and above</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</font></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:13.58%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 years</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><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="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.54%;">
<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;">Stock Options</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" 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>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cliff vest at the end of 3 years and expire   after 7 tears</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:19.6%;">
<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;">Target (% of base   salary):</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CEO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">46%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CFO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp; CIO</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;">31%</font></p>
<p style="margin:0in .05in .0001pt .1in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;   Execs</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">26%</font></p>    </td>
<td width="7%" 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:7.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Shares</font></p>    </td>
<td width="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:12.06%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">All Employees</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">At the discretion of the Board</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:13.58%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Not Applicable</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><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;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;">Each year, the Board, at the recommendation of the HRC, approves the number of PSUs, RSUs and options to be granted, as well as the PSU performance targets to be achieved over the three-year performance period. This provides alignment between the executives&#146; pay and the long-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 2016, 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="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="19%" style="border:solid windowtext 1.0pt;padding:4.3pt 0in 4.3pt 0in;width:19.58%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Metric</font></b></p>    </td>
<td width="9%" style="border:solid windowtext 1.0pt;border-left:none;padding:4.3pt 0in 4.3pt 0in;width:9.84%;">
<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;">Weighting</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:4.3pt 0in 4.3pt 0in;width:23.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Threshold</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:4.3pt 0in 4.3pt 0in;width:23.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:4.3pt 0in 4.3pt 0in;width:23.74%;">
<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;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="19%" 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:19.58%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO-to-Debt</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<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="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:23.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20%</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;padding:0in 0in 0in 0in;width:23.34%;">
<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="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">22%</font></p>    </td>   </tr>
<tr>
<td width="19%" 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:19.58%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF per share</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<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="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1.01</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1.13</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1.21</font></p>    </td>   </tr>
<tr>
<td width="19%" 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:19.58%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Coal Transition</font></p>    </td>
<td width="9%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.84%;">
<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="70%" colspan="3" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.58%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Measured on management&#146;s ability to recover   stranded capital, extend contracts for coal or gas conversions, set out a   strategy to run merchant converted coal plants if contracts are not   available, and create new opportunities in hydro, wind, and solar.</font></p>    </td>   </tr>
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<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Debt Refinancing</font></p>    </td>
<td width="9%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.84%;">
<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="70%" colspan="3" 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:70.58%;">
<p align="center" style="margin:0in .05in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Measured on management&#146;s ability to finance   capital in the company which includes financing $400 - $800 million in   long-term debt and accessing financial markets post a coal transition deal to   re-finance debt coming due in the 2017 - 2022 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;">In addition to the above metrics, TSR relative to the S&amp;P/TSX Composite Index is also used as a modifier (0.8 &#150; 1.2) to the scorecard result for results between P25 and P75.</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;">For each performance target, including those applied to executives, PSUs do not pay out if performance is below threshold and vest up to 200% of target if performance meets or exceeds the maximum. 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. 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. The Company uses the black-scholes pricing model to determine the number of stock options to be granted to executives. However, if the calculated option value is below 12% of the stock price at the time of grant, a fixed option value equal to 12% of the stock price will be used.</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;">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. 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. 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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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">55</font><a name="PB_55_093955_5796"></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;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;">2016 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;">As detailed throughout this Proxy Circular, TransAlta delivered exceptional results in 2016, including:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">we signed an Off-Coal Agreement with the Government of Alberta for the cessation of coal-fired emissions from Keephills 3, Genesee 3, and Sheerness. This agreement entitles the Company to 14 annual payments of $37.4 million, starting in 2017;</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">we signed a Memorandum of Understanding with the Government of Alberta that outlines our cooperative work to:</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" 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">transition</font><font face="Arial"> our coal plans to natural gas and extend their useful lives;</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" 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">realize value in our hydro and wind power assets through greenhouse gas offset credits;</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" 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">begin to develop our Brazeau Pumped Storage project, one of the leading hydroelectric power projects in Canada; 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" 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">develop a capacity market in Alberta that ensures both current and new electricity generators will have a level economic playing field to build, buy and sell electricity.</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>&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">&nbsp;</font><font face="Arial">we received a 100% favourable decision by the arbitrators when they upheld TransAlta&#146;s <i>force majeure</i> claim at Keephills, which allowed us to reverse the approximately $95 million provision we took in 2015;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="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;<font size="3" style="font-size:12.0pt;">&nbsp;</font><font face="Arial">financially, we outperformed 2015 and met our 2016 goals by delivering comparable earnings before interest, depreciation, and taxes (&#147;<b>EBITDA</b>&#148;) of $1.15 billion, funds from operations (&#147;<b>FFO</b>&#148;) of $763 million, and free cash flow (&#147;<b>FCF</b>&#148;) of $259 million, all in one of the lowest commodity price cycles that the Alberta market has ever experienced;</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>&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">&nbsp;</font><font face="Arial">we raised approximately $360 million of project debt. This will be used to settle our $400 million of bonds with maturities coming due in May&nbsp;2017. We also maintained our investment grade credit rating with S&amp;P, Fitch, and DBRS; 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 .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">&nbsp;</font>&nbsp;<font face="Arial">operationally, we delivered fleet availability of 89%, just ahead of 2015, and our injury frequency rate of 0.85 was the second-best in the Company&#146;s history.</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 January&nbsp;2017, 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;">2016 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 Results</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 table below summarizes the results of the corporate and business unit scorecards applicable to the disclosed NEOs for the 2016 performance year:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Scorecards and Metrics</font></b></p>    </td>
<td width="10%" style="border:solid windowtext 1.0pt;border-left:none;padding:1.45pt 0in 1.45pt 0in;width:10.76%;">
<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;">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>
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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;">Result</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Corporate </font><font size="1" face="Arial" style="font-size:4.0pt;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" 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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<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>   </tr>
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<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50%</font></p>    </td>
<td width="15%" style="border:none;border-right: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="1" face="Arial" style="font-size:8.0pt;">$208m</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$233m</font></p>    </td>
<td width="15%" style="border:none;border-right: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="1" face="Arial" style="font-size:8.0pt;">$258m</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258.8m</font></p>    </td>   </tr>
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<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity</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;">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:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10.4%</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:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</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:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</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:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">13.0%</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Scorecard Result</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="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:15.0%;">
<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="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:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="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:15.0%;">
<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="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:15.14%;">
<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;">166%</font></b></p>    </td>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Canada Coal </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" 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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" 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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<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>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6.5%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<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;">7.0%</font></p>    </td>
<td width="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7.5%</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.8%</font></p>    </td>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">0.95</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:15.1%;">
<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;">0.7</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:15.0%;">
<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;">0.6</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.33</font></p>    </td>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">86.5%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<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;">87.5%</font></p>    </td>
<td width="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">88.5%</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">85.3%</font></p>    </td>   </tr>
<tr>
<td width="29%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Scorecard Result</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="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:15.0%;">
<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="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:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="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:15.0%;">
<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="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.14%;">
<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;">28%</font></b></p>    </td>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">U.S. Coal </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" 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%" valign="top" style="border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" 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%" valign="top" style="border:none;border-right: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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<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>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;4.9%</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:15.1%;">
<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;">&nbsp;5.8%</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:15.0%;">
<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;">&nbsp;6.4%</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.6%</font></p>    </td>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">0.6</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<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;">0.4</font></p>    </td>
<td width="15%" style="border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">0.0</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<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>   </tr>
<tr>
<td width="29%" 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:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability</font></p>    </td>
<td width="10%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;87%</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:15.1%;">
<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;">&nbsp;89.9%</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:15.0%;">
<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;">91%</font></p>    </td>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">88.9%</font></p>    </td>   </tr>
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<td width="29%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Scorecard 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>
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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:8.0pt;font-weight:bold;">94%</font></b></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:0in 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" 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;">The corporate scorecard applies to each executive officer.</font></p>
<p style="margin:0in 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" 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;">The Canada and U.S. coal scorecards apply to the EVP, Coal and Mining 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 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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">56</font><a name="PB_56_093955_2897"></a></p>
<p align="right" style="margin:0in .1in .0001pt 0in;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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LTIP Performance Results</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 Company&#146;s LTIP for the performance period 2014 to 2016 included RSUs and PSUs. All units were granted on January&nbsp;1, 2014 at a share price of $13.48, and all units vested on January&nbsp;1, 2017 at a share price of $7.43. The table below summarizes the results of the scorecard applied to the PSUs:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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>
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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;">Result</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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></p>    </td>
<td width="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<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="15%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<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>
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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;">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:8.0pt;">-1.35%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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></p>    </td>
<td width="15%" style="border:none;border-right: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="1" face="Arial" style="font-size:8.0pt;">4.7%</font></p>    </td>
<td width="15%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.4%</font></p>    </td>
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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;">8.2%</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;">5.33%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Relative   TSR</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></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;">P25</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:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">P50</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:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">P75</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;">P4</font></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;">Scorecard 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>
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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="15%" 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:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" 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:15.0%;">
<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="15%" 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:15.14%;">
<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;">23%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Based on the share price at the time of vesting, the result of the PSU scorecard, as well as the inclusion of the accumulated dividend equivalents, the LTIP grants made in 2014 paid out at 32% of their original grant value.</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;">2016 Pay Decisions of the HRC and 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;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC, with the assistance of the HRC&#146;s consultants, Willis Towers Watson, 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="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</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 HRC and the Board believe the corporate scorecard result of 166%, as detailed above, does not wholly capture or reflect the outstanding achievements delivered in the year, and discretion was therefore exercised to pay out 2016 executive AIC awards, including Mrs.&nbsp;Farrell&#146;s, at 200%. The resulting AIC payout for Mrs.&nbsp;Farrell was therefore $1,729,000, which the HRC and the Board believe is significantly more representative of Mrs.&nbsp;Farrell&#146;s and TransAlta&#146;s accomplishments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, to remain competitive with TransAlta&#146;s Comparator Group on target TDC, AIC targets have increased for TransAlta&#146;s executive team effective January&nbsp;1, 2017. The CEO&#146;s target has increased from 90% to 100% of base salary and the targets of the CEO&#146;s direct reports have increased from 55% to 70% of base salary.</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;">Outstanding Leadership and Recognition 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 HRC and the Board believe 2016 was the most significant and impactful year for TransAlta and its Shareholders in many years. The Company&#146;s executive team demonstrated extraordinary leadership on coal negotiations with the Alberta government, and the integrity of the Company&#146;s operations were evidenced from the 100% favourable decision on the Company&#146;s <i>force majeure</i> arbitration case. From these accomplishments, four NEOs made contributions that were significantly above expectations and not otherwise captured in our 2016 AIC program. The HRC and the Board therefore approved outstanding leadership and recognition awards for each of these four NEOs, which are further detailed in the Summary Compensation Table.</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;">LTIP</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;">As detailed above, the Company achieved a 23% scorecard result for PSUs granted in 2014, and the total LTIP payout values were 36% of their original grant value. The HRC determined that these results were aligned with Company performance over this three-year performance period.</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;">Additionally, to remain competitive with TransAlta&#146;s Comparator Group on target TDC, LTIP targets have been restored to previous levels effective January&nbsp;1, 2017. The CEO&#146;s target is now 220% of base salary (previously reduced to 185%) and the targets of the CEO&#146;s direct reports is now 125% (previously reduced to 105%).</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;">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="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;2017, 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. The HRC and the Board believe that their 2016 compensation decisions are strongly and effectively paying for 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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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">57</font><a name="PB_57_093955_3020"></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;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;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;">2016 CEO Pay for Performance Analysis</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 close alignment between Mrs.&nbsp;Farrell&#146;s compensation and Company performance is evidenced by comparing her realized compensation with her target compensation, as illustrated by the following table and graph:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Target Compensation </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><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;<br>   ($000)</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;">3 Year Average Realized<br>   Compensation </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><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;"><br>   ($000)</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;">Realized Compensation as a <br>   Percentage of </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>   </tr>
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<td width="13%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<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;">$3,653</font></p>    </td>
<td width="27%" 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:27.76%;">
<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;">$3,327</font></p>    </td>
<td width="33%" 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:33.76%;">
<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;">91%</font></p>    </td>   </tr>
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<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="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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$3,965</font></p>    </td>
<td width="27%" 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:27.76%;">
<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;">$2,330</font></p>    </td>
<td width="33%" 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:33.76%;">
<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;">59%</font></p>    </td>   </tr>
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<td width="13%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.5%;">
<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="25%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<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;">$3,965</font></p>    </td>
<td width="27%" 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:27.76%;">
<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="33%" 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:33.76%;">
<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>   </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" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
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<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:-5.0pt;">(1)</font><font size="1" 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:-5.0pt;">(2)</font><font size="1" 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, LTIP payouts, and any applicable special awards.</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="273" src="g89731mm47i001.gif"></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;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</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:-5.0pt;">(1)</font><font size="1" 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:-5.0pt;">(2)</font><font size="1" 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, LTIP payouts, and any applicable special awards.</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;">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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="720" height="264" src="g89731mm47i002.gif"></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;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 13.5pt;text-align:justify;text-indent:-13.5pt;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(1)</font><font size="1" 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, AIC, LTIP payouts, and any applicable special awards. 2016 compensation figures were used for TransAlta and 2015 compensation figures were used for our comparators, as disclosed in their public proxy circulars.</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   2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">58</font><a name="PB_58_105709_7056"></a></p>
<p align="right" style="margin:0in .1in .0001pt 0in;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;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;">2016 NEO AIC Analysis</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;">Dawn L. Farrell &#150; President and Chief Executive Officer</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;"><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;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="136" height="157" src="g89731mm49i001.jpg"></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="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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. 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. Mrs.&nbsp;Farrell has over 30   years of experience in the electric energy industry.</font></p>
<p style="margin:0in .35in .0001pt 0in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to TransAlta, Mrs.&nbsp;Farrell sits on the   Board of Directors of The Chemours Company, an NYSE-listed chemical company,   The Conference Board of Canada and the Business Council of Canada. 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 .35in .0001pt 0in;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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 .35in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
<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="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 believe the significant and impactful results TransAlta delivered in 2016 were not wholly captured in the Company&#146;s 2016 AIC program. Accordingly, the HRC and the Board exercised their discretion to increase the corporate scorecard result from 166% to 200% for Mrs.&nbsp;Farrell&#146;s 2016 AIC award.</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 Mrs.&nbsp;Farrell&#146;s 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 .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Element</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:5.0pt;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;">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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<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>
<p 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>
<td width="13%" 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:13.08%;">
<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>   </tr>
<tr>
<td width="25%" colspan="2" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="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:13.04%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Base Pay</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Target<br>   Achieved</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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Base Pay</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.54%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate Goals</font></b></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:13.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:13.08%;">
<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="35%" 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:35.54%;">
<p style="margin:3.0pt 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$233m</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45%</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258.8m</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.54%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.96%;">
<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="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<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="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<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="35%" 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:35.54%;">
<p style="margin:3.0pt 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</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:13.04%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">90%</font></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.54%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.96%;">
<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="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:13.04%;">
<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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<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="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:13.08%;">
<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="35%" 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:35.54%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">90%</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:3.0pt 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%" 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:35.54%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin: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%" style="border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" 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="35%" 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:35.54%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.04%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">180%</font></b></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.54%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</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:13.04%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</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:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;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;">Based on the above corporate results, Mrs.&nbsp;Farrell&#146;s 2016 AIC award was $1,729,000. This represents 200% of target, or 180% of her base pay. Mrs.&nbsp;Farrell elected to receive 50% of this amount in ODSUs.</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 .1in;"><font face="Arial">59</font><a name="PB_59_114316_4323"></a></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 2017 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;">Donald Tremblay &#150; Chief Financial Officer</font></i></p>
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<p style="margin:0in .25in .0001pt 0in;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. 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>
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<p style="margin:0in .25in .0001pt 0in;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>
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<p style="margin:0in .35in .0001pt 0in;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>
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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 believe the significant and impactful results TransAlta delivered in 2016 were not wholly captured in the Company&#146;s 2016 AIC program. Accordingly, the HRC and the Board exercised their discretion to increase the corporate scorecard result from 166% to 200% for Mr.&nbsp;Tremblay&#146;s 2016 AIC award.</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 following table details Mr.&nbsp;Tremblay&#146;s incentive earned against each goal:</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;">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>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Base Pay</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   Achieved</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Base Pay</font></b></p>    </td>   </tr>
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<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>
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<p style="margin:3.0pt 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:3.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:13.92%;">
<p style="margin:3.0pt 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:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</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;">$233m</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;">21%</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;">$258.8m</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;">200%</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.94%;">
<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="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<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="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<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="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<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="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<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>
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<td width="32%" 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:32.38%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)f</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</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:13.92%;">
<p align="center" style="margin:3.0pt 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</font></p>    </td>   </tr>
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<td width="32%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:32.38%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<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="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:13.92%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<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="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:13.92%;">
<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>
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<td width="32%" 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:32.38%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 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:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;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:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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:13.92%;">
<p align="center" 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>
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<td width="32%" 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:32.38%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">55%</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.92%;">
<p align="center" style="margin:3.0pt 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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<td width="32%" 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:32.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 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:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">107%</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" 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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;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;">Based on the above corporate results, as well as the HRC&#146;s assessment of his outstanding individual contributions, Mr.&nbsp;Tremblay&#146;s 2016 AIC award was $485,155. This represents 194% of target, or 107% of his base pay.</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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">60</font><a name="PB_60_115831_7056"></a></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;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Brett M. Gellner &#150; Chief Investment Officer</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>
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<p style="margin:0in .25in .0001pt 0in;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></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .35in .0001pt 0in;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: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 the significant and impactful results TransAlta delivered in 2016 were not wholly captured in the Company&#146;s 2016 AIC program. Accordingly, the HRC and the Board exercised their discretion to increase the corporate scorecard result from 166% to 200% for Mr.&nbsp;Gellner&#146;s 2016 AIC award.</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 Mr.&nbsp;Gellner&#146;s incentive earned against each goal:</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;">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>
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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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;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:12.92%;">
<p align="center" 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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<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;">%   of Base Pay</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   Achieved</font></b></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%   of Base Pay</font></b></p>    </td>   </tr>
<tr>
<td width="35%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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:13.08%;">
<p align="center" style="margin: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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin: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%" 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:12.92%;">
<p align="center" 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="35%" 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:35.66%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:12.92%;">
<p align="center" style="margin:3.0pt 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%" 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:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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:13.08%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" 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="35%" 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:35.66%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$233m</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258.8m</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.66%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</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:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</font></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:13.08%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" 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 .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</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:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.66%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="12%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">28%</font></p>    </td>   </tr>
<tr>
<td width="35%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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:13.08%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.66%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="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:13.08%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">55%</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:12.92%;">
<p align="center" style="margin:3.0pt 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%" 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:35.66%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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:13.08%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">110%</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size: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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></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;">Based on the above corporate results, as well as the HRC&#146;s assessment of his exceptional individual contributions, Mr.&nbsp;Gellner&#146;s 2016 AIC award was $550,000. This represents 200% of target, or 110% of his base pay.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">61</font><a name="PB_61_122230_5335"></a></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 2017 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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">John H. Kousinioris &#150; Chief Legal and Compliance Officer and Corporate Secretary</font></i></p>
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<p style="margin:0in .25in .0001pt 0in;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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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. He has over 25 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mr.&nbsp;Kousinioris has a Bachelor of Arts degree from   the University of Western Ontario, a Masters of Business Administration   degree from York University and a Bachelor of Laws degree from Osgoode Hall   Law School at York University.</font></p>
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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 believe the significant and impactful results TransAlta delivered in 2016 were not wholly captured in the Company&#146;s 2016 AIC program. Accordingly, the HRC and the Board exercised their discretion to increase the corporate scorecard result from 166% to 200% for Mr.&nbsp;Kousinioris&#146; 2016 AIC award.</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 Mr.&nbsp;Kousinioris&#146; incentive earned against each goal:</font></p>
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<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Element</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>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.0pt;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;">Target</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% Achieved</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>   </tr>
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<p align="center" 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%" 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:14.0%;">
<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>
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<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Corporate Metric</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.0%;">
<p align="center" style="margin:3.0pt 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:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:3.0pt;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="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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" 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>   </tr>
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<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:32.26%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$233m</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21%</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258.8m</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</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:32.26%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right: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:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right: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:3.0pt;font-weight:bold;">&nbsp;</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:32.26%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash Return on Book Equity </font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">12.4%</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:14.0%;">
<p align="center" style="margin:3.0pt 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</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:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">41%</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:32.26%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:32.26%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Individual Goals</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 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:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">28%</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:32.26%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin: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%" 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:14.0%;">
<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="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin: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%" 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:14.0%;">
<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="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:32.26%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">55%</font></b></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" 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:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.0%;">
<p align="center" style="margin:3.0pt 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="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:32.26%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<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="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right: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="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:32.26%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">110%</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:32.26%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.0%;">
<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="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin: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%" 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:14.0%;">
<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>  </table>
<p style="margin:0in 0in .0001pt .25in;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;">Based on the above corporate results, as well as the HRC&#146;s assessment of his exceptional individual contributions, Mr.&nbsp;Kousinioris&#146; 2016 AIC award was $528,306. This represents 200% of target, or 110% of his 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="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 .1in;"><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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">62</font><a name="PB_62_123851_9442"></a></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;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Wayne A. Collins &#150; Executive Vice-President, Coal and Mining Operations</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>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="148" height="177" src="g89731mm51i002.jpg"></font></p>    </td>
<td width="0%" 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:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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 .25in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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. 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. 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 .25in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 0in;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 .35in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
<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;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 HRC and the Board believe the significant and impactful results TransAlta delivered in 2016 were not wholly captured in the Company&#146;s 2016 AIC program. Accordingly, the HRC and the Board exercised their discretion to increase the corporate scorecard result from 166% to 200% for Mr.&nbsp;Collins&#146; 2016 AIC award. The results of Mr.&nbsp;Collins&#146; business unit scorecards were not adjusted.</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 Mr.&nbsp;Collins&#146; 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>
<table border="1" cellspacing="0" cellpadding="0" width="99%" style="border:none;border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="35%" rowspan="3" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Element</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:26.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" 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:8.0pt;font-weight:bold;">TARGET</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<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-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<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="14%" 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:14.22%;">
<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>   </tr>
<tr>
<td width="12%" style="border: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:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" style="border: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:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<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>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<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="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">% of Base Pay</font></b></p>    </td>   </tr>
<tr>
<td width="35%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom: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:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" 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;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Corporate Goals</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" 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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">FCF</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$233</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7%</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$258.8m</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border: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="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<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>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash Return on Book Equity </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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">12.4%</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:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7%</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14.4%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">14%</font></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" 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: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>    </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:14.16%;">
<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>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Business Unit Goals (Canada Coal Operations)</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin: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%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin: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%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin: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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" 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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7.0%</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:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6.8%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">85%</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</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:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<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="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">0.7</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.33</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border: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="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<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>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">87.5%</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:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">85.3%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" 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: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>    </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:14.16%;">
<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>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Business Unit Goals (US Coal Operations)</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin: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%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin: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%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin: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%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" 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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash Return on Capital Employed</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5.8%</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:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3.4%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border: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="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<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>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Injury Frequency Rate</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">0.4</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6%</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border: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="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<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>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .3in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Availability</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">89.9%</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:14.16%;">
<p align="center" style="margin:3.0pt 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="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">88.9%</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">83%</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2%</font></p>    </td>   </tr>
<tr>
<td width="35%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" 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: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>    </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:14.16%;">
<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>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">14%</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">175%</font></p>    </td>
<td width="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">24%</font></p>    </td>   </tr>
<tr>
<td width="35%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:14.16%;">
<p align="center" style="margin: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%" 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="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin: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%" 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:14.22%;">
<p align="center" 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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><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="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">55%</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" 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:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#F2F2F2" style="background:#F2F2F2;border: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="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin: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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" 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="35%" 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:35.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><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="12%" style="border:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:3.0pt 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="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 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%" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
<p align="center" style="margin:3.0pt 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%" style="border:none;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:3.0pt 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="14%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65%</font></b></p>    </td>   </tr>
<tr>
<td width="35%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom: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" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" 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;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;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;">Based on the above corporate results, as well as the HRC&#146;s assessment of his strong individual contributions, Mr.&nbsp;Collins&#146; 2016 AIC award was $291,184. This represents 117% of target, or 65% of his base pay.&#160; Mr.&nbsp;Collins elected to receive 20% of this amount in ODSUs.</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 .1in;"><font face="Arial">63</font><a name="PB_63_124959_5796"></a></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 2017 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 .1in .0001pt 0in;text-align:right;"><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>
<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;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;">This graph and table compare the return on the Company&#146;s common shares for the period 2012 through 2016, assuming a $100 initial investment at December&nbsp;31, 2011, 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="Times New Roman"><img width="720" height="403" src="g89731mm51i003.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:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investment   / Compensation</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:3.0pt 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>
<td width="10%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.92%;">
<p align="center" style="margin:3.0pt 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="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p align="center" style="margin:3.0pt 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="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p align="center" style="margin:3.0pt 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>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p align="center" style="margin:3.0pt 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>
<td width="11%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dec.&nbsp;31,<br>   2016</font></b></p>    </td>   </tr>
<tr>
<td width="33%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:33.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:3.0pt .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$77</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$75</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$62</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$32</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$51</font></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:3.0pt .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">S&amp;P/TSX Composite</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$104</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$114</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$122</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$109</font></p>    </td>
<td width="11%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$128</font></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:3.0pt .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">NEO 3-year average reported compensation</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,788,593</font></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,872,143</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,459,097</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,288,041</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,151,019</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,781,232</font></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in .05in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="33%" 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:33.76%;">
<p style="margin:3.0pt .05in .0001pt .1in;"><font size="1" face="Arial" style="font-size:8.0pt;">NEO 3-year average realized compensation</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$8,791,062</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,850,506</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,336,333</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,409,193</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,507,010</font></p>    </td>
<td width="11%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt .05in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,158,613</font></p>    </td>   </tr>
<tr>
<td width="33%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:33.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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. 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 been closely aligned with the pay outcomes of our executive team, illustrating our pay for performance philosophy. 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="margin:0in 0in .0001pt .1in;"><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 2017 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 .1in .0001pt 0in;text-align:right;"><font face="Arial">64</font><a name="PB_64_125659_2897"></a></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;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;">Summary Compensation Table</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 following table sets forth the annual compensation received by the NEOs during the 2016, 2015 and 2014 financial years. 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>
<table border="1" cellspacing="0" cellpadding="0" width="99%" style="border:none;border-collapse:collapse;margin-left:.25pt;">
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<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:25.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Name and Principal Position</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Salary</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Share Based<br>   Awards </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Option<br>   Based<br>   Awards </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Non-equity<br>   Incentive<br>   Plans</font></b></p>    </td>
<td width="9%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Pension<br>   Value </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(4)</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">All Other<br>   Compensation </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(6)</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total<br>   Compensation</font></b></p>    </td>   </tr>
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(Annual) </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" 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:25.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(a)</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(b)</font></b></p>    </td>
<td width="8%" 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:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(c)</font></b></p>    </td>
<td width="9%" 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:9.34%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(d)</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(e)</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(f)</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(g)</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(h)</font></b></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(i)</font></b></p>    </td>   </tr>
<tr>
<td width="25%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">D.L. Farrell </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(6) <br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">President and CEO</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2016</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:8.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">960,556</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,318,125</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">439,375</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,729,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,866,400</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">76,322</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">7,389,778</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">912,660</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">488,800</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">74,215</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">4,515,675</font></p>    </td>   </tr>
<tr>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</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:8.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">950,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,090,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,105,088</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">304,400</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">70,000</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">4,519,488</font></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" rowspan="3" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">D. Tremblay </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(7) <br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">Chief Financial   Officer</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">455,278</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">354,375</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">118,125</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">485,155</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">212,400</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,651,333</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">450,000</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">562,500</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">320,894</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">177,800</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,537,194</font></p>    </td>   </tr>
<tr>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="8%" 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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">339,231</font></p>    </td>
<td width="9%" 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:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">621,634</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">219,482</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">137,400</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">259,500</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,577,247</font></p>
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">B.M. Gellner </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(8) <br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">Chief Investment   Officer</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2016</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:8.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">468,750</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">156,250</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,050,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">392,400</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,593,400</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">875,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">338,563</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">206,800</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,946,363</font></p>    </td>   </tr>
<tr>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">500,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">975,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">323,500</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">127,400</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,951,900</font></p>
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" rowspan="3" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">J.H. Kousinioris </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(9) <br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">Chief Legal and   Compliance Officer</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">480,278</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">374,063</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">124,688</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,028,306</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">310,400</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,343,735</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">593,750</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">326,634</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">190,800</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,612,184</font></p>    </td>   </tr>
<tr>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</font></p>    </td>
<td width="8%" 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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">475,000</font></p>    </td>
<td width="9%" 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:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,068,750</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">302,575</font></p>    </td>
<td width="9%" 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:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">147,400</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">276,000</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,269,725</font></p>
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="25%" rowspan="3" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.8%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">W.A. Collins </font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(10) <br>    </font></b><font size="1" face="Arial" style="font-size:7.0pt;">EVP, Coal and   Mining Operations</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2016</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:8.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">450,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">354,375</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">118,125</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">791,184</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">287,400</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</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:11.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2,027,084</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2015</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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">450,000</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">562,500</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">214,706</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">174,800</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">26,000</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,428,006</font></p>    </td>   </tr>
<tr>
<td width="7%" 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:7.5%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">2014</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:8.36%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">281,250</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">281,260</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">181,034</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">141,400</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">207,500</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:11.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1,092,444</font></p>
<p align="center" style="margin:4.0pt 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: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;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="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 size="1" 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;">Amounts in column (d)&nbsp;relate to the aggregate of the grant date fair value of units granted under the LTIP. All units were granted on January&nbsp;1 each year using the closing share price of the immediately preceding trading day (i.e. $4.91 for grants made in 2016, $10.52 for grants made in 2015, and $13.48 for grants made in 2014).</font></p>
<p style="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 size="1" 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;">Amounts in column (e)&nbsp;relate to the aggregate of the grant date fair value of stock options granted under the LTIP. For grants made in 2016, the Black-Scholes option valuation method was used and the assumptions and calculated fair value were as follows:</font></p>
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<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Grant date</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">February&nbsp;23,   2016</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Grant price</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$5.93</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Term</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">7 years</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk-free interest   rate</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0.93%</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Volatility</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">26.08%</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dividend yield</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2.70%</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Grant date fair   value</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1.11</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 13.5pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The calculated fair value of $1.11 represents 18.7% of the grant price of $5.93. This is above the Company&#146;s minimum requirement of 12%, at which point 12% of the grant price would have been used to determine the fair value.</font></p>
<p style="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 size="1" 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;">Amounts in column (f)&nbsp;relate to the AIC payments for performance achieved in the performance years 2016, 2015, and 2014. Also included in column (f)&nbsp;are outstanding leadership and recognition payments made in respect of 2016 performance ($1,000,000 for Mrs.&nbsp;Farrell and $500,000 for Messrs.&nbsp;Gellner, Kousinioris, and Collins) and 2015 performance ($150,000 for Mrs.&nbsp;Farrell and $100,000 for Messrs.&nbsp;Tremblay, Gellner, and Kousinioris).</font></p>
<p style="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 size="1" 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;">Amounts in column (g)&nbsp;are the sum of the compensatory amounts related to the DC Plan and the SPP.</font></p>
<p style="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;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Amounts in column (h)&nbsp;relate to car allowances and annual perquisite allowances. For Mrs.&nbsp;Farrell, column (h)&nbsp;also includes $6,322 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="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;">(6)</font><font size="1" 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;">Mrs.&nbsp;Farrell received a salary increase on October&nbsp;15, 2016 from $950,000 to $1,000,000.</font></p>
<p style="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;">(7)</font><font size="1" 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;">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, which is reflected in column (d). The units fully vested on April&nbsp;1, 2016. Mr.&nbsp;Tremblay received a salary increase on October&nbsp;15, 2016 from $450,000 to $475,000.</font></p>
<p style="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 size="1" 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;">Mr.&nbsp;Gellner received a one-time RSU grant on January&nbsp;1, 2014 of $100,000, which is reflected in column (d). The units vested on January&nbsp;1, 2016.</font></p>
<p style="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 size="1" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Kousinioris received a one-time RSU grant on June&nbsp;6, 2014 of one times his then base salary of $475,000. The units vested 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. Mr.&nbsp;Kousinioris received a salary increase on October&nbsp;15, 2016 from $475,000 to $500,000.</font></p>
<p style="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;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Collins was appointed Executive Vice-President, Coal and Mining Operations on May&nbsp;14, 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">65</font><a name="PB_65_120359_7983"></a></p>
<p style="margin:0in 0in .0001pt .1in;"><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 2017 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 .1in .0001pt 0in;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>
</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;">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 Option and 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, 2016 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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:15.5%;">
<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="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="32%" colspan="4" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:32.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">OPTION-BASED AWARDS</font></b></p>    </td>
<td width="34%" colspan="5" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:34.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">SHARE-BASED AWARDS</font></b></p>    </td>   </tr>
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<td width="15%" rowspan="2" style="border:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:15.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="8%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:8.34%;">
<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;">Grant<br>   Date</font></b></p>    </td>
<td width="8%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:8.34%;">
<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;">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:7.0pt;font-weight:bold;"># of<br>   securities<br>   underlying<br>   unexercised<br>   options</font></b></p>    </td>
<td width="7%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:7.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Option<br>   exercise<br>   price<br>   ($) </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</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:7.0pt;font-weight:bold;">Option<br>   expiration<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:7.0pt;font-weight:bold;">Value of<br>   unexercised<br>   in-the-<br>   money<br>   options</font></b></p>    </td>
<td width="14%" colspan="2" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:14.0%;">
<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;"># of shares or units<br>   of shares that have<br>   not vested </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</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:7.0pt;font-weight:bold;">Market or payout<br>   value of share<br>   awards that have not<br>   vested </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;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:7.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="6%" rowspan="2" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.8pt;padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Market<br>   or<br>   payout<br>   value<br>   of<br>   vested<br>   shares<br>   that<br>   have<br>   not yet<br>   paid<br>   out<br>   ($)</font></b></p>    </td>   </tr>
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<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.0%;">
<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;">&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;">&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;">PSUs</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;">&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>    </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:7.0pt;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:7.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.0%;">
<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;">RSUs</font></b></p>    </td>   </tr>
<tr>
<td width="15%" rowspan="4" 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:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">D.L. Farrell</font></b></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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2019</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:8.34%;">
<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;">395,628</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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;">5.93</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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2023</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">593,442</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2019</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:8.34%;">
<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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">183,479</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">91,740</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">2,031,245</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">681,630</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2015</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2018</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">149,731</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">74,866</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">990,128</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">556,252</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2014</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2017</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">124,007</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">62,004</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">211,916</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">460,688</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></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:8.34%;">
<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="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:8.34%;">
<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%" 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:8.34%;">
<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;">395,628</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<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;">593,442</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">457,218</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">228,610</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,233,289</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">1,698,569</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">0</font></b></p>    </td>   </tr>
<tr>
<td width="15%" rowspan="4" 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:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2019</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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;">106,364</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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;">5.93</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2023</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">159,546</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2019</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">16,443</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">49,328</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">24,664</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">546,096</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">183,254</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2015</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2018</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">182,032</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">40,298</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">20,149</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">266,479</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">149,707</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2014</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2017</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">24,687</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">12,343</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">42,187</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">91,707</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="8%" 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:8.34%;">
<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="8%" 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:8.34%;">
<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="8%" 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:8.34%;">
<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;">106,364</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="8%" 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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<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;">358,021</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">114,313</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">57,156</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">854,763</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">424,668</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">0</font></b></p>    </td>   </tr>
<tr>
<td width="15%" rowspan="4" 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:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">B.M. Gellner</font></b></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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2019</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:8.34%;">
<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;">168,831</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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;">5.93</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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2023</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">253,247</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2019</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">78,299</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">39,149</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">866,824</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">290,877</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2015</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2018</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">62,687</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">31,343</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">414,528</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">232,881</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2014</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2017</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">51,914</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">25,963</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">88,715</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">192,904</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></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:8.34%;">
<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="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:8.34%;">
<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%" 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:8.34%;">
<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;">168,831</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<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;">253,247</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">192,899</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">96,455</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,370,067</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">716,662</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">0</font></b></p>    </td>   </tr>
<tr>
<td width="15%" rowspan="4" 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:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2019</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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;">112,273</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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;">5.93</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2023</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">168,410</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2016</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2019</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">52,068</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">26,035</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">576,434</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">193,438</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2015</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2018</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">42,538</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">21,268</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">281,289</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">158,023</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2014</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2017</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<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="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">35,225</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">17,613</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">60,196</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">130,861</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="8%" 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:8.34%;">
<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="8%" 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:8.34%;">
<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="8%" 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:8.34%;">
<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;">112,273</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="8%" 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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<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;">168,410</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">129,831</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">64,915</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">917,918</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">482,322</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">0</font></b></p>    </td>   </tr>
<tr>
<td width="15%" rowspan="4" 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:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">W.A. Collins</font></b></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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2019</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:8.34%;">
<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;">106,364</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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;">5.93</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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">02/23/2023</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">159,546</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2016</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2019</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">49,328</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">24,664</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">546,096</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">183,254</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2015</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2018</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">40,298</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">20,149</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">266,479</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">149,707</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2014</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:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.5pt;">01/01/2017</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:8.34%;">
<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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
<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="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="center" style="margin: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="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">16,235</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">8,117</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">27,743</font></p>    </td>
<td width="7%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<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;">60,312</font></p>    </td>
<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.96%;">
<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>   </tr>
<tr>
<td width="15%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></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:8.34%;">
<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="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:8.34%;">
<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%" 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:8.34%;">
<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;">106,364</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.0%;">
<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;">159,546</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">105,861</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">52,930</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">840,319</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">393,273</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">0</font></b></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.5%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="8%" 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:8.34%;">
<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%" 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:8.34%;">
<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%" 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:8.34%;">
<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;">889,460</font></b></p>    </td>
<td width="7%" 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:7.5%;">
<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="8%" 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:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" 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:9.0%;">
<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;">1,532,665</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">1,000,122</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">500,067</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">7,216,357</font></b></p>    </td>
<td width="7%" 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:7.0%;">
<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;">3,715,494</font></b></p>    </td>
<td width="6%" 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:6.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;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;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="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 size="1" 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;">All options granted in 2016 were granted at the closing share price on the immediately preceding trading day of $5.93.</font></p>
<p style="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 size="1" 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;">The value of unexercised in-the-money options is calculated by the greater of zero dollars or the difference between the closing price of our common shares on the TSX on December&nbsp;31, 2016 of $7.43 and the option exercise price, times the number of outstanding vested and unvested stock options.</font></p>
<p style="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 size="1" 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;">For RSUs and PSUs granted in 2016, 2015, and 2014, the numbers shown reflect the units outstanding, including dividend equivalents, as of December&nbsp;31, 2016.</font></p>
<p style="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 size="1" 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;">For RSUs and PSUs granted in 2016 and 2015 and 2014, the values were calculated using the closing price of a TransAlta common share on the TSX on December&nbsp;31, 2016 (i.e. the last trading day of 2016) of $7.43. PSUs granted in 2016 and 2015 were assumed to be at target performance. For PSUs granted in 2014, the values reflect a 31% PSU scorecard result.</font></p>
<p style="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 size="1" 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;">Mr.&nbsp;Tremblay joined the Company on March&nbsp;31, 2014. As such, he received his 2014 LTIP grant on April&nbsp;1, 2014. The one-time RSU grant of $200,000 he received upon being appointed CFO is not reflected in the table above because the units fully vested on January&nbsp;1, 2016.</font></p>
<p style="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;">(6)</font><font size="1" 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;">The special grants Mr.&nbsp;Gellner received on January&nbsp;1, 2013 and January&nbsp;1, 2014 are not reflected in the table above because the units fully vested on January&nbsp;1, 2016.</font></p>
<p style="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;">(7)</font><font size="1" 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;">The special grant Mr.&nbsp;Kousinioris received on June&nbsp;6, 2014 is not reflected in the table above because the units fully 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="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;">(8)</font><font size="1" 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;">Mr.&nbsp;Collins joined the Company on May&nbsp;14, 2014. As such, he received his 2014 LTIP 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;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;"><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 2016:</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 5.05pt;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;">Option Based 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:6.0pt;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;">Value Vested During the Year</font></b></p>    </td>
<td width="26%" colspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:26.08%;">
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;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;">Value Vested During the Year</font></b></p>    </td>
<td width="27%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;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;">Non-equity Incentive Plans</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:6.0pt;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;">Value Earned During the Year </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>   </tr>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Options</font></b></p>    </td>
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<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;PSUs </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>
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<p align="center" style="margin:1.0pt 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="27%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.66%;">
<p align="center" style="margin:1.0pt 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="26%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:26.92%;">
<p align="center" style="margin:4.0pt 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="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:13.08%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:13.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="27%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:27.66%;">
<p align="center" style="margin:4.0pt 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="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="26%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:26.92%;">
<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="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:.05in 0in .05in 0in;width:13.08%;">
<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="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:.05in 0in .05in 0in;width:13.0%;">
<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;">287,417</font></p>    </td>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,729,000</font></p>    </td>   </tr>
<tr>
<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="26%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:26.92%;">
<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="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:13.08%;">
<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="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 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;">109,986</font></p>    </td>
<td width="27%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$485,155</font></p>    </td>   </tr>
<tr>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="26%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:26.92%;">
<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="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:.05in 0in .05in 0in;width:13.08%;">
<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="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:.05in 0in .05in 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;">317,630</font></p>    </td>
<td width="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,050,000</font></p>    </td>   </tr>
<tr>
<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="26%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:26.92%;">
<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="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:13.08%;">
<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="13%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 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;">180,130</font></p>    </td>
<td width="27%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,028,306</font></p>    </td>   </tr>
<tr>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.A. Collins</font></b></p>    </td>
<td width="26%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:26.92%;">
<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="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:.05in 0in .05in 0in;width:13.08%;">
<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="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:.05in 0in .05in 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="27%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:27.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">$791,184</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: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 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 size="1" 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;">As the Company did not achieve threshold for PSUs granted on January&nbsp;1, 2013, which would have vested on January&nbsp;1, 2016, there were no PSU payouts.</font></p>
<p style="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" 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;">The amounts disclosed in this column relate to payments made with respect to AIC, as well as the outstanding leadership and recognition payments (i.e. $1,000,000 to Mrs.&nbsp;Farrell and $500,000 to Messrs.&nbsp;Gellner, Kousinioris, and Tremblay).</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, 2016</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="99%" style="border:none;border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="19%" rowspan="3" style="border:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:19.16%;">
<p style="margin:3.0pt 0in .0001pt 5.05pt;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="80%" colspan="4" style="border:solid windowtext 1.0pt;border-left:none;padding:1.45pt 0in 1.45pt 0in;width:80.84%;">
<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;">Total Value of Equity Holdings </font></b></p>    </td>   </tr>
<tr>
<td width="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:4.0pt 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="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:4.0pt 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="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">ODSUs </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="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:4.0pt 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>
<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 .7pt 0in;width:20.84%;">
<p align="center" style="margin:7.0pt 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="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:20.0%;">
<p align="center" style="margin:7.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:20.0%;">
<p align="center" style="margin:7.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .7pt 0in;width:20.0%;">
<p align="center" style="margin:7.0pt 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="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;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:4.0pt;position:relative;top:-4.0pt;">(4)</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:.05in 0in .05in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">994,176</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,680,280</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2,037,079</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">4,711,535</font></p>    </td>   </tr>
<tr>
<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">507,150</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">420,096</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">927,246</font></p>    </td>   </tr>
<tr>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="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:.05in 0in .05in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">431,702</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">708,945</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,140,648</font></p>    </td>   </tr>
<tr>
<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;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="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">255,170</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">477,129</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>
<td width="20%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">732,299</font></p>    </td>   </tr>
<tr>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:.05in 0in .05in 0in;width:19.16%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.A. Collins</font></b></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:.05in 0in .05in 0in;width:20.84%;">
<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="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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">389,039</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">68,675</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:.05in 0in .05in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">457,714</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;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="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 size="1" 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;">Based on the 20-day volume-weighted average closing price of our common shares on the TSX at December&nbsp;31, 2016 of $7.35.</font></p>
<p style="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 size="1" 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;">This column includes unvested RSUs as well as vested RSUs that have not yet been paid. All RSUs include the value of dividend equivalent units allocated under the terms of the plan.</font></p>
<p style="margin:0in 0in .0001pt 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 size="1" 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;">This column does not include the value of Mrs.&nbsp;Farrell&#146;s DSUs for her 2016 AIC, which she elected to receive 50% as DSUs.</font></p>
<p style="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 size="1" 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;">In addition, as of December&nbsp;31, 2016, Mrs.&nbsp;Farrell held 457,218 PSUs and 395,628 options.</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 .1in;"><font face="Arial">67</font><a name="PB_67_124824_5335"></a></p>
<p style="margin:0in 0in .0001pt .1in;"><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 2017 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 .1in .0001pt 0in;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;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.</i> In 2016, the Company&#146;s executive officers also participated in our defined benefit, non-registered supplementary pension plan (the &#147;<b>SPP</b>&#148;). However, executive officers hired January&nbsp;1, 2016 or later will participate in a defined contribution, non-registered supplementary 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;"><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 5% of employees&#146; pensionable earnings (base pay and AIC) to 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;">In 2016, the maximum annual contribution was $23,409. Contributions are deposited to individual employee / member accounts and invested in accordance with their investment direction. Account balances grow with investment earnings and contributions. A member who leaves the Company prior to age 55 is eligible to transfer their account balance to a personal, locked-in account. 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, 2016:</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="100%" style="border:none;border-collapse:collapse;">
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<td width="20%" rowspan="2" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><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="19%" 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:19.76%;">
<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="20%" 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:20.0%;">
<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;">Compensatory</font></b></p>    </td>
<td width="19%" 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:19.84%;">
<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;">Non-Compensatory</font></b></p>    </td>
<td width="20%" 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:20.42%;">
<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>
<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:19.76%;">
<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="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:20.0%;">
<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;">($)</font></b></p>    </td>
<td width="19%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">($)</font></b></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:20.42%;">
<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="20%" 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:20.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><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%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">259,093</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,409</font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">38,833</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">321,335</font></p>    </td>   </tr>
<tr>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" 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:20.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="19%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">51,941</font></p>    </td>
<td width="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,409</font></p>    </td>
<td width="19%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6,556</font></p>    </td>
<td width="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">81,909</font></p>    </td>   </tr>
<tr>
<td width="20%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" 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:20.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">219,721</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,409</font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">31,723</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">274,853</font></p>    </td>   </tr>
<tr>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" 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:20.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">J.H.   Kousinioris</font></b></p>    </td>
<td width="19%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">78,470</font></p>    </td>
<td width="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,409</font></p>    </td>
<td width="19%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">13,454</font></p>    </td>
<td width="20%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">115,333</font></p>    </td>   </tr>
<tr>
<td width="20%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" 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:20.0%;">
<p style="margin:3.0pt 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">W.A.   Collins</font></b></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">44,909</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">23,409</font></p>    </td>
<td width="19%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.84%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">9,099</font></p>    </td>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">77,417</font></p>    </td>   </tr>
<tr>
<td width="20%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:19.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</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:20.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&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;"><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 the executive team for the registered pension contribution limits imposed under the <i>Income Tax Act</i> (Canada), we have an SPP. 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;">For executives hired before January&nbsp;1, 2016, 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. Final average pensionable earnings are calculated as the highest five-year average in the member&#146;s last ten years of employment. For executives hired on or after January&nbsp;1, 2016, the SPP provides an additional contribution of 5% on the portion of the executive&#146;s pensionable earnings (base pay and AIC) that is above the maximum allowed under the DC 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;">Members are eligible to retire after attaining age 55 and completing two years of service. 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. 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. 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. Pensions are payable for the member&#146;s lifetime, and at least 60 monthly payments are guaranteed. Members may select an optional form of payment. 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. 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 Management Proxy Circular</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><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, 2016, 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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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;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:7.5pt;font-weight:bold;">Number of<br>   Years of<br>   Credited<br>   Service</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:7.5pt;font-weight:bold;">Annual Benefits   Payable</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:7.5pt;font-weight:bold;">Accrued<br>   Obligation at<br>   Start of Year</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:7.5pt;font-weight:bold;">Compensatory</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:7.5pt;font-weight:bold;">Non-<br>   Compensatory</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:7.5pt;font-weight:bold;">Accrued<br>   Obligation at<br>   End of Year</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: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" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">At Year End</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:7.5pt;font-weight:bold;">At Age 65</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: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" 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:12.92%;">
<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="14%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;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" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(#)</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</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:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</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:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">D.L. Farrell</font></b></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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">9.42</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:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">314,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">587,000</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:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5,144,000</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:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,156,000</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">350,000</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:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">6,650,000</font></p>    </td>   </tr>
<tr>
<td width="14%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">D. Tremblay</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;"><font size="1" face="Arial" style="font-size:8.0pt;">2.75</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">31,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">184,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">289,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">189,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">499,000</font></p>    </td>   </tr>
<tr>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">B.M. Gellner</font></b></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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">8.33</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:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">98,000</font></p>    </td>
<td width="11%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">236,000</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:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,414,000</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:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">176,000</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">72,000</font></p>    </td>
<td width="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:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1,662,000</font></p>    </td>   </tr>
<tr>
<td width="14%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">J.H.   Kousinioris</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;"><font size="1" face="Arial" style="font-size:8.0pt;">4.08</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">45,000</font></p>    </td>
<td width="11%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">185,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">551,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">215,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">33,000</font></p>    </td>
<td width="12%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">799,000</font></p>    </td>   </tr>
<tr>
<td width="14%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.76%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">W.A.   Collins</font></b></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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2.75</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:11.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">25,000</font></p>    </td>
<td width="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:11.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">96,000</font></p>    </td>
<td width="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:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">292,000</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:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">154,000</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:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">29,000</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:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">475,000</font></p>    </td>   </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;">Assumptions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</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" 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, 2016; a rate of salary scale increase of 3% before taking into account the limits on final average earnings; assumed retirement rates reflecting TransAlta&#146;s Pension Plan experience; and 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;">In October&nbsp;2016, we entered into new executive employment agreements to better protect the Company and the executive in the case of a termination without cause and a change in control. The provisions in each case are substantially similar as before. New provisions were also added in the case of retirement and death to better align with trending market practice. The table below highlights the incremental amounts each NEO would have been entitled to following each event as of December&nbsp;31, 2016:</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="99%" style="border:none;border-collapse:collapse;margin-left:.5pt;">
<tr>
<td width="10%" rowspan="2" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="23%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Event</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Severance<br>   Period</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Amount<br>   of Base<br>   Pay</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">AIC </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="7%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Benefits</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Additional<br>   Pension<br>   Value </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="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">LTIP </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>
<td width="7%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Other </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;">(4)</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(# of<br>   months)</font></b></p>    </td>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="7%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>
<td width="8%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">($)</font></b></p>    </td>   </tr>
<tr>
<td width="10%" rowspan="5" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">D.L. Farrell</font></b></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,149,785</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">5,675,441</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,825,225</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,149,785</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">5,525,300</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,675,085</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without Cause</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">2,000,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,800,000</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">440,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2,145,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">8,492,830</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">950,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15,827,830</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Double Trigger Change of Control</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">2,000,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,800,000</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">440,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2,145,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">9,086,272</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">950,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16,421,272</font></b></p>    </td>   </tr>
<tr>
<td width="10%" rowspan="5" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">D. Tremblay</font></b></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">359,328</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,677,826</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,037,154</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">359,328</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,637,452</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,996,780</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without Cause</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">712,500</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">391,875</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">114,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">278,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">654,469</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">350,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,500,844</font></b></p>    </td>   </tr>
<tr>
<td width="23%" 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:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Double Trigger Change of Control</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">950,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">522,500</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">152,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">370,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,637,452</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">350,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,981,952</font></b></p>    </td>   </tr>
<tr>
<td width="10%" rowspan="5" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">B.M. Gellner</font></b></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">411,813</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2,403,778</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,815,590</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">411,813</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2,339,976</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,751,788</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without Cause</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">750,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">412,500</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">120,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">368,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,099,126</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">375,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,124,626</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Double Trigger Change of Control</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,000,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">550,000</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">160,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">509,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">3,836,392</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">375,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,430,392</font></b></p>    </td>   </tr>
<tr>
<td width="10%" rowspan="5" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">J.H. Kousinioris</font></b></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">395,569</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,611,267</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,006,836</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">395,569</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,568,650</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,964,219</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without Cause</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">750,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">412,500</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">120,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">333,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">740,555</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">370,000</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,726,055</font></b></p>    </td>   </tr>
<tr>
<td width="23%" 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:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Double Trigger Change of Control</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,000,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">550,000</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">160,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">466,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,568,650</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">370,000</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,114,650</font></b></p>    </td>   </tr>
<tr>
<td width="10%" rowspan="5" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.4%;">
<p style="margin:0in .05in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">W.A. Collins</font></b></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">249,728</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,433,512</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,683,240</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">249,728</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,393,138</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,642,865</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without Cause</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">675,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">371,250</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">108,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">305,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">608,630</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">350,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,417,880</font></b></p>    </td>   </tr>
<tr>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in .05in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Double Trigger Change of Control</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">900,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">495,000</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">144,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">407,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">1,393,138</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">350,000</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,689,138</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="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:5.0pt;position:relative;top:-5.0pt;">(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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Following retirement and death, AIC would be pro-rated for time and paid at actual performance. Following termination without cause and double trigger change of control, AIC would be pro-rated for time and paid at target performance.</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" 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;">Amounts reflect the sum of the compensatory amount related to the DC Plan and the SPP, and the value of service credits for the severance period.</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" 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;">Following retirement and death, RSUs and PSUs would be pro-rated for time, PSUs would be paid at actual performance, and stock options would a) after retirement, vest as per normal course and be exercisable for up to 36 months, or b) after death, fully vest and be exercisable until the earlier of one year or normal expiry. Following termination without cause, RSUs and PSUs would be pro-rated for time (fully vest for Mrs.&nbsp;Farrell as per legacy provisions), PSUs would pay at actual performance (maximum for Mrs.&nbsp;Farrell as per legacy provisions), and unvested stock options would be forfeited. Following double trigger change of control, RSUs and PSUs would fully vest, PSUs would be paid actual performance (maximum for Mrs.&nbsp;Farrell and Mr.&nbsp;Gellner as per legacy provisions), and vested stock options would be exercisable until the earlier of 60 days or normal expiry.</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;">(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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Amounts in this column relate to legacy payments each NEO would be entitled to under the terms of their prior executive agreements.</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 .1in;"><font face="Arial">69</font><a name="PB_69_134520_7056"></a></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </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;">Employee Stock 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 stock option plan that provides for grants of options to employees from time to time. 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. 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;">If the employment of an option-holder is terminated by reason of death, the options would immediately vest and be exercisable until the earlier of 1 year or normal expiry. If the employment of an option-holder is terminated by reason of retirement, the options would continue to vest as per normal course and be exercisable until the earlier of 36 months or normal expiry. If the employment of an option-holder is terminated by reason of termination without cause, unvested options shall be forfeited and vested options shall be exercisable until the earlier of 60 days or normal expiry. If the employment of an option-holder is terminated by reason of termination with cause, all options shall be forfeited. In the event of a change of control, the Board may a) cause any or all outstanding options to vest and be exercisable (either in whole or in part, either immediately or in advance of the date of the change of control), b) cancel any or all outstanding options in exchange for a substitute award, or c) cancel any or all outstanding options in exchange for a substitute award with a value equal to the number of shares multiplied by the difference, if any, between the exercise price of the option and the Company&#146;s closing share price on the date of the change of control; provided that if the closing share price on the date of the change of control does not exceed the exercise price of any such option then the Board may cancel that option without any 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">There were no options exercised in 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;">Equity Compensation Plan Information as at December&nbsp;31, 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;">At December&nbsp;31, 2016, there were 2.16 million options to purchase shares outstanding, 1.03 million of which were exercisable:</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 .1in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Plan Category</font></b></p>    </td>
<td width="22%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.02%;">
<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;">Number of securities to<br>   be issued upon<br>   exercise of outstanding<br>   options, warrants and<br>   rights </font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.16%;">
<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><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>
<td width="23%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.96%;">
<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 first<br>   column)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><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;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.96%;">
<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%" 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:30.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</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:22.02%;">
<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="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.16%;">
<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="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.96%;">
<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>
<tr>
<td width="30%" 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:30.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Arial" style="font-size:9.5pt;">Share Option Plan</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:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">2.16 million</font></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">$29.15</font></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">10.7 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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<td width="30%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></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:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<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="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.16%;">
<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="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.96%;">
<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 .1in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<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;">2.16 million</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.96%;">
<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;">10.7 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>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" 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:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;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:6.0pt;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:6.0pt;font-weight:bold;">&nbsp;</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="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" 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" 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" 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 share reserved under the retired Performance Share Ownership 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;">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. Therefore, no loans were outstanding to our directors and officers in 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .1in;"><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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font face="Arial">70</font><a name="PB_70_135007_5335"></a></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;">Director Approval</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 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>
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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="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size: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:2.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="221" height="53" src="g89731mm55i001.jpg"></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size: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:2.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&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</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;9,   2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">John   H. Kousinioris</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chief   Legal and Compliance Officer and Corporate Secretary</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;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .1in;"><font face="Arial">71</font><a name="PB_71_135432_2897"></a></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPENDIX &#147;A&#148;<br> CHECKLIST OF CORPORATE GOVERNANCE DISCLOSURE &#150; 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:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(a)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Identity of   directors who are independent (all except for President and Chief Executive   Officer (&#147;<b>CEO&#148;</b>))</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><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:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><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:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CEO</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(c)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority of   independent directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(d)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><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 CEO, none involving compensation committees)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See table   on page&nbsp;32</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(e)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Independent   directors hold regularly scheduled meetings at which non-independent   directors and management are not in attendance</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(f)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Independent   chair of the board</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(g)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Attendance   record for each director</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See table   on page&nbsp;21</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   text of board&#146;s written mandate</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><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:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(a)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Written   position descriptions for chair and chair of each board committee</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><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:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(b)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Written   position description for CEO</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">4(a)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New   director orientation</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">4(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Continuing   education program for directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(a)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Written   code of conduct for directors, officers and employees</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(b)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Board   ensures directors exercise independent judgment</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(c)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Board   promotes a culture of ethical business conduct</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(a)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Board has   process to identify new candidates for board nomination</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(b)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Nominating   committee composed of entirely independent directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(c)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Describe   responsibilities, powers and operation of nominating committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;38</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(a)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Process by   which board determines compensation for directors and officers</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   pages&nbsp;41 and 49</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation   committee composed of entirely independent directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Yes</font></p>    </td>   </tr>
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<td width="8%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in .1in 0in;width:8.24%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(c)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Describe   responsibilities, powers and operation of compensation committee</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;40</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(d)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify   advisors retained to assist in determining compensation for directors or   officers and summarize mandate for which they were retained and nature of any   other work requested</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;51</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify   standing committees other than audit, compensation and nominating and   describe their function</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">None</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 .1in;"><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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">A-</font><font face="Arial">1</font><a name="PB_1_134614_2343"></a></p>
<p align="right" style="margin:0in .1in .0001pt 0in;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 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether   or not the board, committees and individual directors are regularly assessed   and describe the process</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;34</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether or not the issuer has adopted term limits for the directors on its   board or other mechanisms of board renewal and, if so, include a description   of those director term limits or other mechanisms of board renewal</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><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:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">11(a)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether the issuer has adopted a written policy relating to the   identification and nomination of women directors</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether and, if so, how the board or nominating committee considers the level   of representation of women on the board in identifying and nominating   candidates for election or re-election to the board</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether and, if so, how the issuer considers the level of representation of   women in executive officer positions when making executive officer   appointments</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(b)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether the issuer has adopted a target regarding women on the issuer&#146;s board</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(c)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   whether the issuer has adopted a target regarding women in executive officer   positions of the issuer</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(a)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   the number and proportion (in percentage terms) of directors on the issuer&#146;s   board who are women</font></p>    </td>
<td width="21%" 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 .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(b)</font></p>    </td>
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<p style="margin:0in 5.05pt .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose   the number and proportion (in percentage terms) of executive officers of the   issuer, including all major subsidiaries of the issuer, who are women</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in .1in 0in;width:21.44%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">See   page&nbsp;31</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="4" face="Arial" style="font-size:15.0pt;">&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;">NEW YORK STOCK EXCHANGE &#150; 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;"><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;"><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>
<p 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 .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">A-</font><font face="Arial">2</font><a name="PB_2_134630_7056"></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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="margin:0in .1in .0001pt 0in;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 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="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;">A.</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; </font><b><font face="Arial" style="font-weight:bold;">INTRODUCTION</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 of Directors (the &#147;Board&#148;) is responsible for overseeing the management of TransAlta Corporation (the &#147;Company&#148;) by establishing key policies and standards, including policies for the assessment and management of the Company&#146;s principal risks, for reviewing and approving the Company&#146;s strategic plans and for hiring the President and Chief Executive Officer (&#147;CEO&#148;).&#160; The Board has the statutory authority and obligation to act honestly and in good faith with a view to the best interests of the Company, including all shareholders and its stakeholders.&#160; Although the Board is responsible for the stewardship of the Company, it has delegated to the President and CEO (the &#147;CEO&#148;) and the senior management team the day-to-day leadership and management of the Company.&#160; The Board monitors and assesses the performance and progress of the Company&#146;s goals through candid and timely reports from the CEO and the senior management team.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has adopted the following guidelines to meet its governance responsibilities.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">B.</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; </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;"><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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has chosen to separate the positions of chair of the Board (&#147;Chair&#148;) and CEO.&#160; The Chair is independent from management and the Company.&#160; The Chair is appointed for a three-year term, contingent upon being elected to the Board annually by the shareholders.&#160; The Chair will normally serve no more than two three-year terms, subject to the discretion of 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;"><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;">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;"><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;"><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;">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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Governance and Environment Committee (the &#147;Committee&#148;) reviews annually the size of the Board and recommends changes in size and composition to the Board when appropriate.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">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;">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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Any former officer of the Company serving on the Board is considered to be non-independent for purposes of corporate governance until such time as the applicable regulatory cooling off period has been met and the independent directors determine that no direct or indirect material relationship exists, taking into consideration the former executive&#146;s duties and relationships for and with the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta   Corporation 2017 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;">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;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 .5in;text-align:justify;text-indent:-.5in;"><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;">Majority Voting for Directors and Form&nbsp;of Proxy</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 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;"><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 and shall forthwith provide a copy to the Toronto Stock Exchange and such other regulatory bodies to the extent required pursuant to applicable law, including the rules&nbsp;of any exchange on which the Corporation has listed securities.</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;"><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;">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;"><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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</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;">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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</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;">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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</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;">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;"><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</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 2017 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;">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;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 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;"><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 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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</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; </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;"><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 the Board determines that the Company and the Board would benefit from the continued service of such 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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11)</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; </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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has determined that ownership of the Company&#146;s shares or Deferred Share Units (&#147;DSUs&#148;) by directors is desirable and aligns the interests of directors with those of the Company&#146;s shareholders.&#160; A portion of the director&#146;s annual retainer fee is paid in shares or DSUs of the Company.&#160; The Company has established a minimum share and/or DSUs holding requirement, which requires each director of the Company to acquire and hold a minimum value of three times the director&#146;s annual retainer fee within three years of their appointment to the Board.&#160; In addition, newly appointed directors are required to acquire and hold the equivalent of one time their annual retainer fee within one year of their appointment to the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">C.</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; </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;"><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;">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;"><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>
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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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">3</font><a name="PB_3_134717_2897"></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;"><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;">Quorum</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;">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;"><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;">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;"><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;text-align:justify;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">D.</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; </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;"><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;">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;"><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;"><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;">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;"><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;"><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;">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;"><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;"><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;">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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">E.</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; </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;"><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;">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;"><font size="2" face="Arial" style="font-size:10.0pt;">Board members have open access to management for relevant information and management is encouraged to make appropriate use of the Board&#146;s skills.&#160; Open discussions between the Board and members of management about issues facing the Company are encouraged.&#160; The Board also encourages senior management to bring employees who have potential as future senior leaders, and who would benefit from exposure to the Board, into Board meetings from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">4</font><a name="PB_4_134727_3020"></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 2017 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:-.5in;"><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;">Appointment of Chief Executive Officer and Senior Management</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, at the recommendation of the Human Resources Committee (the &#147;HRC&#148;), is responsible for the hiring and appointment of the CEO, including the approval of his/her compensation and any employment agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;"><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;">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;"><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="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;">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;">Corporate Strategy</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;">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;"><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;">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;"><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;"><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;">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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7)</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;">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;"><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="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Enterprise Risk Management</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated to the Audit and Risk Committee (the &#147;ARC&#148;) the oversight of management&#146;s assessment of the Company&#146;s principal risks.&#160; Management has adopted a comprehensive Enterprise Risk Management system which focuses on risk identification, risk classification, mitigation and identification of both residual and tail risks.&#160; These are construed within the risk appetite approved by the Board.&#160; Management reviews quarterly with the ARC the Company&#146;s risk scorecard and residual risks including the identification of risk profile changes if applicable.&#160; The ARC reports to the Board quarterly on this review.&#160; The Board undertakes a comprehensive review of management&#146;s assessment annually and its response plan.</font></p>
<p style="margin:0in 0in .0001pt;"><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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">5</font><a name="PB_5_134741_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><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;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 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii)</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; </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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8)</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;">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;"><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;"><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 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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9)</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;">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;"><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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10)</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; </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;"><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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F.</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; </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;"><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;">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;"><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="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 .1in;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">6</font><a name="PB_6_134755_141"></a></p>
<p style="margin:0in 0in .0001pt .1in;"><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 2017 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:-.5in;"><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;">Assessing the Board, Committee,&nbsp;Individual Director Performance and Board-Management Relationship</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 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;"><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="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;">G.</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; </font><b><font face="Arial" style="font-weight:bold;">COMMUNICATION AND SHAREHOLDER AND STAKEHOLDER RELATIONS</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;">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;">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;"><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;"><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;"><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;">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;"><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;"><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>
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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 2017 Management Proxy Circular</font></p>    </td>
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<p align="right" style="font-size:10.0pt;margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">B-</font><font face="Arial">7</font><a name="PB_7_134808_7608"></a></p>
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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>
<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">110   - 12th Avenue SW</font></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Box   1900, Station &#147;M&#148;</font></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Calgary,   Alberta</font></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Canada   T2P 2M1</font></p>
<p style="margin:2.0pt 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">403.267.7110</font></b></p>
<p style="margin:2.0pt 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">www.transalta.com</font></b></p>    </td>   </tr>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a17-8973_1ex99d2.htm
<DESCRIPTION>EX-99.2
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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>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman"><img width="141" height="44" src="g89731mo01i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:.25in;margin-right:0in;padding:0in 0in 2.0pt 0in;">
<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 Corporation.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:0in;margin-right:.25in;padding:0in 0in 1.0pt 0in;">
<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 Meeting</b> (the &#147;<b>Meeting</b>&#148;) of shareholders of TransAlta Corporation (the &#147;<b>Company</b>&#148;) to be held on Thursday, April&nbsp;20, 2017 at 10:00&nbsp;a.m.&nbsp;(local time) in the Palomino Room (E-H) at the BMO Centre (Stampede Park), located at 20 Roundup Way SW, in 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.</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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<td width="76%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:76.26%;">
<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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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<td width="76%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:76.26%;">
<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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
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<td width="76%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:76.26%;">
<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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
<tr>
<td width="76%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:76.26%;">
<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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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>
<tr>
<td width="76%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:76.26%;">
<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>
<td width="7%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.5%;">
<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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<td width="76%" height="14" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:10.35pt;padding:0in 5.4pt 0in 5.4pt;width:76.1%;">
<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="7%" height="14" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:10.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.64%;">
<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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<td width="76%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:76.1%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">2.</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">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>
<td width="7%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:7.64%;">
<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%" height="11" valign="top" style="height:8.1pt;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;">Against</font></p>    </td>   </tr>
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<td width="76%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:76.3%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">3.</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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Advisory vote to accept management&#146;s   approach to executive compensation, as described in the accompanying   Management Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:7.68%;">
<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>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;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;"><font size="1" face="Arial" style="font-size:8.0pt;">The form of proxy must be deposited with the Corporation&#146;s Transfer Agent, CST Trust Company, not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the Meeting (or any adjournment thereof).</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"></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 Corporation at a remuneration to be fixed by the Board of Directors, (iii)&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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<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>
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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;">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>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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;">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: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 Corporation&#146;s Transfer Agent, CST Trust Company, not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the meeting.</font></p>
<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 Corporation&#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>
<td width="2%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.92%;">
<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>
<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:9.0pt;">&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:9.0pt;">&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:9.0pt;">&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:9.0pt;">&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:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<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>
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<DOCUMENT>
<TYPE>GRAPHIC
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