<SEC-DOCUMENT>0001104659-18-019601.txt : 20180322
<SEC-HEADER>0001104659-18-019601.hdr.sgml : 20180322
<ACCEPTANCE-DATETIME>20180322171740
ACCESSION NUMBER:		0001104659-18-019601
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		64
CONFORMED PERIOD OF REPORT:	20180306
FILED AS OF DATE:		20180322
DATE AS OF CHANGE:		20180322

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:		18707673

	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>a18-8858_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM&nbsp;6-K</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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<br> 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="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, 2018</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="3" face="Times New Roman" style="font-size:12.0pt;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" style="font-size:7.5pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Avenue S.W., Box 1900, Station &#147;M&#148;, Calgary, Alberta, T2P 2M1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Address of principal executive offices)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;20-F____</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;</font>    <u><font size="3" style="font-size:12.0pt;">X</font></u></p>    </td>   </tr>  </table>
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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="3" face="Times New Roman" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): ____</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): ____</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="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; </font><font size="3" style="font-size:12.0pt;">The Management Proxy Circular of the Registrant dated March&nbsp;6, 2018 and the Notice of Annual and Special Meeting filed as part of Exhibit&nbsp;99.1 to this Form&nbsp;6-K are hereby filed for the purpose of being and hereby are incorporated by reference into the Registrant&#146;s registration statements filed under the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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;"><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 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.46%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<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="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.46%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.46%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<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="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.46%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.46%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">F-10</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.54%;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="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; </font><font size="3" style="font-size:12.0pt;">The Form&nbsp;of Proxy of the Registrant is hereby furnished, not filed, and <font color="black" style="color:black;">will not be incorporated by reference into any registration statement filed by TransAlta Corporation under the Securities Act of 1933, as amended.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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="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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta   Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" 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;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" 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;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;/s/   Scott Jeffers</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" 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:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;Scott   Jeffers</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" 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:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;Assistant   Corporate Secretary</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date: March&nbsp;21, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
<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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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.06%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.1</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta Corporation&#146;s   Notice of Annual and Special Meeting and Management Proxy Circular, dated   March&nbsp;6, 2018.</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.06%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.06%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.2</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TransAlta Corporation&#146;s   Form&nbsp;of Proxy for its 2018 Annual and Special Meeting of Shareholders is   hereby furnished, not filed, and will not be incorporated by reference into   any registration statement filed by TransAlta Corporation under the   Securities Act of 1933, as amended.</font></p>    </td>   </tr>  </table>
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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.<a name="Exhibit99__114311"></a>1</font></b></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="5" face="Arial" style="font-size:18.5pt;font-weight:bold;">TransAlta Corporation</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>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="4" face="Arial" style="font-size:14.0pt;">Notice of Annual and Special Meeting of   Shareholders and Management Proxy Circular</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="4" face="Arial" style="font-size:14.0pt;">Annual Meeting April&nbsp;20, 2018</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>
<p style="margin:0in 0in .0001pt;"><b><font size="5" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:16.0pt;font-weight:bold;">ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Table of Contents</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="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;"><font size="2" face="Arial" style="font-size:10.0pt;">Invitation to Shareholders</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
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<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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;"><font size="2" face="Arial" style="font-size:10.0pt;">Notice of Annual and Special Meeting   of Shareholders</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">5</font></p>    </td>   </tr>
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<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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;"><font size="2" face="Arial" style="font-size:10.0pt;">General Information</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">7</font></p>    </td>   </tr>
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<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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;"><font size="2" face="Arial" style="font-size:10.0pt;">About Our Shareholder Meeting</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>   </tr>
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<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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">How To Vote</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>    </td>   </tr>
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<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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;"><font size="2" face="Arial" style="font-size:10.0pt;">Business of The Meeting</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Election of Directors</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial Statements</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Appointment of Auditors</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Reduction of Stated Capital</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Advisory Vote On Executive Compensation</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Governance</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">31</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Director Compensation</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">47</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Report On Executive Compensation</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">51</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="86%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:86.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation Discussion and Analysis</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">57</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">Appendix &#147;A&#148; Checklist of Corporate   Governance Disclosure - Form&nbsp;58-101F1</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">A-1</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></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;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;"><font size="2" face="Arial" style="font-size:10.0pt;">Appendix &#147;B&#148; TransAlta Corporation   General Governance Guidelines for the Board</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">B-1</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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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<td width="2%" valign="top" style="border:solid #00A4E4 1.5pt;border-right:none;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="96%" valign="top" style="border-bottom:solid #00A4E4 1.5pt;border-left:none;border-right:none;border-top:solid #00A4E4 1.5pt;padding:0in 0in 0in 0in;width:96.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">This document contains   important information for Shareholders. Your participation is very important.   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></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:solid #00A4E4 1.5pt;border-left:none;padding:0in 0in 0in 0in;width:2.0%;">
<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>
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<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">2</font><a name="PB_2_115631_5661"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&nbsp; |&nbsp;   TransAlta Corporation 2018 Management Proxy Circular</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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>
<p style="background:#D9D9D9;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="background:#D9D9D9;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">A NOTE ABOUT FORWARD LOOKING STATEMENTS</font></b></p>
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<p style="background:#D9D9D9;margin:0in 0in .0001pt;"><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 2018 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>
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<p style="background:#D9D9D9;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NON-IFRS MEASURES</font></b></p>
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<p style="background:#D9D9D9;margin:0in 0in .0001pt;"><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, 2017, filed with Canadian securities regulators on <u>www.sedar.com</u>.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">3</font><a name="PB_3_115903_3174"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">INVITATION TO SHAREHOLDERS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">March&nbsp;6, 2018</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dear Fellow Shareholders,</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On behalf of the Board of Directors and management of TransAlta Corporation (the &#147;<b>Company</b>&#148;), you are cordially invited to attend our 2018 Annual and Special Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;), which will take place on Friday, April&nbsp;20, 2018 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 2017 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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company delivered strong performance on nearly all metrics in 2017, including free cash flow, free cash flow per share and year-end debt.&#160; The Company achieved an injury frequency rate of 0.72 in 2017, the Company&#146;s best result ever. The Company also made groundbreaking progress on regulatory files, reaching an agreement on new federal regulations for converting coal plants to gas, which will come into effect in 2018. These new regulations allow the Company to extend the combined life of its existing coal facilities by an aggregate of approximately 75 years, which is expected to add more than $1 billion of additional free cash flow.&#160; The Company&#146;s balance sheet is strengthening at an accelerated pace through the reduction of debt, which is enhancing the Company&#146;s financial flexibility.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Attached are the Notice of Annual and Special Meeting of Shareholders and the Management Proxy Circular.&#160; The Management Proxy Circular contains details of the business to be conducted at the Meeting and provides information with respect to executive compensation as well as information on our governance practices.&#160; Please take the time to review this Management Proxy Circular and provide your vote on the business items to be considered at the Meeting.&#160; Your vote and participation are very important.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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 the Management Proxy Circular.&#160; In 2017, the non-binding advisory vote to accept the Company&#146;s approach to executive compensation in 2016 was not approved. As a result, the Board, led by the Human Resources Committee, undertook a rigorous review of the Company&#146;s compensation arrangements.&#160; This was supplemented with an extensive shareholder outreach program to speak to many of you individually.&#160; This was enhanced with the </font><font face="Arial">adoption of a formal Shareholder Engagement Policy to provide improved access to our independent directors.</font><font face="Arial"> As described in greater detail in the Management Proxy Circular, in 2017: (i)&nbsp;t</font><font face="Arial">here were no discretionary awards to our executive officers; (ii)</font><font color="black" face="Arial" style="color:black;">&nbsp;o</font><font face="Arial">ur compensation plans&#146; pay for performance metrics have been aligned with market practice and are now designed to limit the need for discretion; and (iii)</font><font face="Arial">&nbsp;the</font><font face="Arial"> realized pay of the Company&#146;s President and Chief Executive Officer is strongly aligned with performance. </font><font face="Arial">We encourage you to read the compensation discussion and analysis included in the Management Proxy Circular, which explains how the Company&#146;s compensation program aligns with its strategic goals and the principles of pay for performance.&#160; The Board of Directors of the Company encourage you to vote FOR the Company&#146;s approach to executive compensation.</font></p>
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<p style="margin:0in 0in .0001pt;"><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.&#160; 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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We look forward to seeing you at the Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Gordon D. Giffin</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair of the Board</font></p>    </td>
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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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">President and Chief Executive Officer</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">4</font><font color="#595959" style="color:#595959;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_4_121428_3020"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">NOTICE IS HEREBY GIVEN that the Annual and Special Meeting of Shareholders (the &#147;<b>Meeting</b>&#148;) of TransAlta Corporation (the &#147;<b>Company</b>&#148;) will be held on Friday, April&nbsp;20, 2018 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 28.35pt;text-indent:-28.35pt;"><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; </font><font face="Arial">elect 10 directors of the Company for the coming year;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><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; </font><font face="Arial">receive the audited consolidated financial statements of the Company for the year ended December&nbsp;31, 2017, and the auditor&#146;s report thereon;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><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; </font><font face="Arial">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 28.35pt;text-indent:-28.35pt;"><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; </font><font face="Arial">consider and if deemed appropriate, to pass, with or without variation, a special resolution, the full text of which is reproduced on page&nbsp;29 of the Management Proxy Circular, authorizing the Company to reduce the stated capital of the common shares of the Company;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><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; </font><font face="Arial">consider a non-binding advisory resolution to accept the Company&#146;s approach to executive compensation, as described in the accompanying Management Proxy Circular; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-indent:-28.35pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">transact such other matters as may properly come before the Meeting or any adjournment or postponement thereof.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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, 2018, 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, AST Trust Company (Canada), 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-r</font></b><b><font face="Arial" style="font-weight:bold;">egistered 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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Management Proxy Circular and the form of proxy accompany this Notice of Annual and Special Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">By order of the Board of Directors of TransAlta   Corporation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">John H. Kousinioris<br>   Chief Legal and Compliance Officer and Corporate Secretary</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta<br>   March&nbsp;6, 2018</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">5</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_5_121428_7748"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Important Notice regarding Proxy Materials and Notice and Access Procedures</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 <i>Communication with Beneficial Owners of Securities of a Reporting Issuer</i> and National Instrument 51-102 <i>Continuous Disclosure Requirements</i> (&#147;<b>Notice-and-Access</b>&#148;) for distribution of the Meeting materials to registered 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 registered Shareholders. Registered 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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Meeting materials will be available at <u><font color="black" style="color:black;">www.meetingdocuments.com/ASTca/ta</font></u> as of March&nbsp;21, 2018. The Meeting materials will also be available under the Company&#146;s website and on its SEDAR profile at <u>www.sedar.com</u> as of March&nbsp;21, 2018.&#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.&#160; If you would prefer to receive a paper copy of our documents, free of charge, or if you have any questions regarding Notice-and-Access, you can contact our transfer agent, AST Trust Company (Canada), toll-free at 1-888-433-6443.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has also elected to use procedures known as &#145;stratification&#146; in relation to its use of the Notice-and-Access provisions.&#160; Stratification occurs when a reporting issuer using the Notice-and-Access provisions, provides a paper copy of an information circular to some shareholders together with a notice of a meeting.&#160; In relation to the Meeting, beneficial Shareholders will receive a paper copy of each of a Notice of Meeting, the Information Circular and a Voting Instruction Form.&#160; However, registered Shareholders will receive the Notice-and-Access notification and a form of proxy unless they have previously requested full meeting materials.&#160; For your information, a paper copy of the financial statements and related management&#146;s discussion and analysis in respect of the most recent financial year of the Corporation has been mailed to registered Shareholders as well as to those beneficial Shareholders who had previously requested to receive them.</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="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, 2018, 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;"><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 AST Trust Company (Canada), Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1, or to your intermediary, so that it is received no later than 10:00 a.m.&nbsp;(Calgary time) on April&nbsp;18, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">6</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_6_121428_141"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">GENERAL INFORMATION</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This Management Proxy Circular (&#147;<b>Proxy Circular</b>&#148;) is dated March&nbsp;6, 2018, and is furnished to holders of our common shares (&#147;<b>Shareholders</b>&#148;) in connection with the solicitation of proxies by and on behalf of the management of TransAlta Corporation (&#147;<b>TransAlta</b>&#148;, &#147;<b>Company</b>&#148;, &#147;<b>we</b>&#148; and &#147;<b>our</b>&#148;) and the Board of Directors (the &#147;<b>Board</b>&#148;) for use at the Annual and Special Meeting of Shareholders of the Company (the &#147;<b>Meeting</b>&#148;), 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;"><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, 2018, 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 <font color="black" style="color:black;">our website at <u>www.transalta.com/investors/events-and-presentations</u>.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To encourage your vote, you may be contacted by TransAlta directors, officers or employees by telephone, email, facsimile or in person, or by our strategic shareholder advisor and proxy solicitation agent, Kingsdale Advisors (&#147;<b>Kingsdale</b>&#148;). In connection with proxy solicitation services, Kingsdale is expected to receive an estimated fee of approximately $30,000 for services provided, plus the aggregate amount of the per call fees payable in connection with calls with retail holders of common shares.</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="Arial" style="font-size:10.0pt;">If you have any questions or require more information about voting your TransAlta common shares, please contact Kingsdale at 1-877-659-1820 (toll-free within North America) or 416-867-2272 (outside North America) or by e-mail at <font color="black" style="color:black;">contactus@kingsdaleadvisors.com</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Unless stated otherwise, the information in this Proxy Circular is as of March&nbsp;6, 2018, and all dollar amounts are expressed in Canadian dollars.</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">7</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_7_121428_7608"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">ABOUT OUR   SHAREHOLDER MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Who can Vote at   the Meeting</font></b></p>    </td>
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<p style="margin:0in 5.75pt .0001pt;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">To transact business at the Meeting, we must have   at least two persons holding or representing by proxy not less than 25% of   the outstanding shares entitled to be voted at the Meeting.</font></i></b></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">If you held common shares at the close of business on March&nbsp;6,   2018 (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. Each TransAlta common share represents one vote.</font></p>    </td>   </tr>
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<p style="margin:0in .15in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">At the close of business on March&nbsp;6, 2018, there were 287,903,467   common shares outstanding.&nbsp; Our common   shares trade under the symbol &#147;<b>TA</b>&#148; on the   Toronto Stock Exchange (&#147;<b>TSX</b>&#148;) and   under the symbol &#147;<b>TAC</b>&#148; on the   New York Stock Exchange (&#147;<b>NYSE</b>&#148;).</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;">As of the close of business on March&nbsp;6, 2018, 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. 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. 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Principal Shareholders</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To the knowledge of our directors and officers, the following sets out the only persons, firms or corporations, owning of record or beneficially, controlling or directing, directly or indirectly, 10% or more of the issued and outstanding common shares:</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">Name<br>   of Holder</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">Type of<br>   Ownership</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">Number of Voting<br>   Securities Owned</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Arial" style="color:white;font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">Percentage of Outstanding<br>   Voting Securities Owned</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Arial" style="color:white;font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">RBC   Global Asset Management Inc.</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Direct   / Indirect</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">31,829,959<br>   Common Shares</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">11.06%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<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:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<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:9.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&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 .4in;text-indent:-.4in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Information as at December&nbsp;31, 2017, based on Schedule 13G/A filed by RBC Global Asset Management Inc. on February&nbsp;13, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Notice and Access</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 2017 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, 2017 (collectively, the &#147;<b>Meeting Materials</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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, 2018 to all registered Shareholders as of 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 </font><font face="Arial">at <u><font color="black" style="color:black;">www.meetingdocuments.com/ASTca/ta</font></u> and such Meeting Materials will also be available on the Company&#146;s website and under the Company&#146;s profile on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u><font color="black" style="color:black;">www.sec.gov</font></u>. </font><font face="Arial">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. TransAlta has obtained an exemption order from Corporations Canada allowing us to use Notice-and-Access rather than mailing the Proxy Circular to 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;">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, 2017. Copies of these documents along with our other public documents are available on our website at <u>www.transalta.com</u>, on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u>www.sec.gov</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">8</font><a name="PB_8_115128_9522"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><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>
<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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">AST Trust Company (Canada)<br>  </font><font face="Arial">Phone: 1-888-433-6443</font></p>
<p 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;">Email: fulfilment@astfinancial.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Communicating with the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board values open dialogue and welcomes advice from our Shareholders.&#160; In 2017, our Board approved a Shareholder Engagement Policy intended to encourage and facilitate Shareholders expressing their views on governance and other matters directly to the Board.&#160; Our Board also encourages Shareholder participation at our annual shareholder meetings. At the Meeting, the Chair of the Board as well as our CEO will be available to respond to Shareholder questions. In between shareholder meetings, the Company supports an open and transparent process for Shareholders to contact the Board, including the chairs of the Board committees, through the office of the Corporate Secretary or at the email listed below. A copy of the Shareholder Engagement Policy can be found at our website.</font></p>
<p 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;">Shareholders may communicate directly with the Board or any Board member(s)&nbsp;by directing their correspondence to the following address, noting that it is to be directed to the Board:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="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;">Chief Legal and Compliance Officer and Corporate Secretary<br> TransAlta Corporation<br> 110 &#150; 12th Avenue SW<br> Box 1900, Station &#147;M&#148;<br> Calgary, Alberta&#160; T2P 2M1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Or:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">corporate_secretary@transalta.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Reporting Concerns</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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. The ARC may be contacted by:</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-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">Webpage&nbsp;(internet portal) at <u>http://transalta.ethicspoint.com</u>; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-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 confidential, anonymous voice mail on TransAlta Ethics Help-Line at 1-855-374-3801 (U.S./Canada) and 1-800-339276 (Australia); or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-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">Mail addressed to:</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;">Internal   Audit<b><br>    </b>TransAlta Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta T2P 2M1</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">or</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Chair   of the ARC<br>   Subject Matter &#147;003&#148;<br>   TransAlta Corporation<br>   110 &#150; 12th Avenue SW<br>   Box 1900, Station &#147;M&#148;<br>   Calgary, Alberta T2P 2M1</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Shareholder Proposals</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 2019 is December&nbsp;9, 2018.&#160; All proposals shall be sent by registered mail to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta Corporation<br> Attention: 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">9</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_9_115455_2897"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">HOW TO VOTE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">REGISTERED SHAREHOLDER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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. As a registered Shareholder, you may:</font></p>
<p style="margin:0in 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><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1. Attend the Meeting and vote in Person</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;). Upon your arrival at the Meeting, please register with our registrar and transfer agent, AST Trust Company (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;"><font size="2" face="Arial" style="font-size:10.0pt;">You are welcome to attend the Meeting even if you have already submitted your voting instructions; however, you will not be able to vote again at the Meeting, unless you revoke your Proxy.&#160; Please refer to the <i>&#147;Changing Your Vote&#148;</i> section of the Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2. Appoint a Proxyholder</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">By appointing a proxyholder, you are giving someone else the authority to attend the Meeting and vote for you.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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, AST Trust Company (Canada), upon arrival at the 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;"><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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">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>
<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-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><b><font face="Arial" style="font-weight:bold;">FOR electing each nominated director;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-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><b><font face="Arial" style="font-weight:bold;">FOR re-appointing the auditors;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-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><b><font face="Arial" style="font-weight:bold;">FOR the special resolution approving the stated capital reduction; and</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3. Vote by Proxy</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If you do not plan to attend the Meeting, or have your proxyholder attend, you may vote as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;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 style="margin:3.0pt 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">By <br>   Mail</font></b></p>    </td>
<td width="3%" 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:3.02%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" 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:85.34%;">
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font 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:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">return the completed Proxy in the envelope provided to AST Trust   Company (Canada), Attention:&nbsp; Proxy   Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:3.0pt 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">By<br>   Telephone</font></b></p>    </td>
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<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.34%;">
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font 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:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font 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:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">convey your voting instructions by use of touch-tone selections over   the telephone.&nbsp; </font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:3.0pt 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">By<br>   Internet</font></b></p>    </td>
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<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.34%;">
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">access the website <u>www.astvotemyproxy.com</u> and follow the   instructions;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font 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:3.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">convey your voting instructions electronically over the internet.&nbsp; </font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">10</font><a name="PB_10_115621_3020"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">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>
<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;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Changing Your Vote</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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, 2018</u></b> or, in the case of any adjournment or postponement of the Meeting, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time of the adjourned or postponed Meeting by either:</font></p>
<p style="margin:0in 0in .0001pt;"><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-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">submitting a new Proxy that is dated later than the Proxy previously submitted and mailing it to AST Trust Company (Canada), Attention:&#160; Proxy Department, P.O.&nbsp;Box 721, Agincourt, Ontario, M1S 0A1; or</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-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">voting again by telephone or internet.</font></p>
<p 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;">You can revoke a vote you made by Proxy by voting in person at the Meeting, provided you:</font></p>
<p style="margin:0in 0in .0001pt;"><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-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">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 AST Trust Company (Canada), Attention:&#160; Proxy Department<font color="red" style="color:red;">, </font>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;18, 2018, 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="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">BENEFICIAL SHAREHOLDER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 1. Vote through your </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">Intermediary</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If you wish to vote through your Intermediary, follow the instructions on the</font><font face="Arial"> P</font><font face="Arial">roxy (or voting instruction form) provided by your Intermediary.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 2. Vote in person</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 Proxy (or voting instruction form).&#160; Do not complete the voting section on the Proxy (or voting instruction form) as your vote will be taken at the Meeting and return the Proxy (or voting instruction form) to your Intermediary in the envelope provided.</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;"><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</font><font face="Arial"> P</font><font face="Arial">roxy (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, AST Trust Company (Canada), 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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Option 3. Vote by telephone or the internet</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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>. TransAlta may utilize the Broadridge QuickVote&#153; service to assist beneficial Shareholders with voting their shares over the telephone. Alternatively, Kingsdale may contact such beneficial Shareholders to assist them with conveniently voting their shares directly over the phone.</font></p>
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<td width="67%" style="border:none;border-right:solid #00A4E4 1.5pt;padding:0in 0in 0in 0in;width:67.98%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Changing Your   Vote</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in .15in .0001pt 0in;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>    </td>
<td width="32%" valign="top" style="border:solid #00A4E4 1.5pt;border-left:none;padding:0in 0in 0in 0in;width:32.02%;">
<p style="margin:0in 8.65pt .0001pt;"><b><i><font size="1" color="black" face="Times New Roman" style="color:black;font-size:5.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 8.65pt .0001pt;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Questions?</font></i></b></p>
<p style="margin:0in 8.65pt .0001pt;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Contact our registrar and transfer agent AST   Trust Company (Canada) <br>   1-800-387-0825<br>   www.astfinancial.com/ca-en</font></i></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">11</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_11_115630_7748"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">BUSINESS OF THE   MEETING</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">There are five items of business:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="#00a3e3" face="Arial" style="color:#00A3E3;font-size:10.0pt;font-weight:bold;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="#00a3e3" face="Arial" style="color:#00A3E3;font-weight:bold;">ELECTION OF DIRECTORS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Ten 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;26 of this Proxy Circular.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;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;"><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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Nominees</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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 ten. The ten directors being nominated for election in 2018 are listed below. We would like to acknowledge the contribution and service to the Company and to the Board of Mr.&nbsp;Tom Jenkins, who has decided not to stand for re-election at the Meeting. Mr.&nbsp;Jenkins has served as a director since 2014 and served as the Chair of the Governance, Safety and Sustainability Committee (&#147;<b>GSSC</b>&#148;).&#160; The Honourable Rona H. Ambrose was appointed by the Board effective July&nbsp;13, 2017 and Mr.&nbsp;Bryan D. Pinney is a new director nominee for 2018.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</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; </font><font face="Arial">Rona   H. Ambrose</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vi)</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 face="Arial">Gordon   D. Giffin</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</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; </font><font face="Arial">John   P. Dielwart</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(vii)</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; </font><font face="Arial">Yakout   Mansour</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)</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; </font><font face="Arial">Timothy   W. Faithfull</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Georgia   R. Nelson</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(iv)</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 face="Arial">Dawn   L. Farrell</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ix)</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 face="Arial">Beverlee   F. Park</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(v)</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; </font><font face="Arial">Alan   J. Fohrer</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Arial" style="font-size:10.0pt;">(x)</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; </font><font face="Arial">Bryan   D. Pinney</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="Arial" style="font-size:10.0pt;">The biographies of our ten nominees for election to the Board are listed in the following section. 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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">12</font><a name="PB_12_115841_141"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">RONA H.   AMBROSE</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Arial"><img width="128" height="142" src="g88581mm09i001.jpg"></font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:   48</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta,   Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director   Since: 2017</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Communications</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / <br>   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Government / <br>   Public Administration</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources / <br>   Executive Compensation</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory&nbsp;&amp;   Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and   Development</font></p>    </td>
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<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director.</font></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; The Honourable Rona Ambrose is a national   leader, former Leader of Canada&#146;s Official Opposition in the House of Commons   and former leader of the Conservative Party of Canada.&nbsp; As a key member of the federal cabinet for   a decade, Ms.&nbsp;Ambrose solved problems as a minister of the Crown across   nine government departments, including serving as Vice Chair of the Treasury   Board for several years and Chair of the cabinet committee for public safety,   justice and aboriginal issues. As the former environment minister responsible   for the greenhouse gas regulatory regime in place across several industrial   sectors, she understands the challenges facing the fossil fuel industry.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Ambrose   was personally responsible for the development of several federal policies,   ranging from industrial strategies in military procurement to health   innovation to improvements to sexual assault laws.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Ambrose   is a passionate advocate for women in Canada and around the world and led the   global movement to create the &#147;International Day of the Girl&#148; at the United   Nations. She was also responsible for ensuring that aboriginal women in   Canada were finally granted equal matrimonial rights. She successfully fought   for the creation of a Canadian refugee program to bring Yazidi women and girls   who have been sexually enslaved by ISIS to safety in Canada.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Ambrose   also serves on the advisory board of the Canadian Global Affairs Institute.   Ms.&nbsp;Ambrose is also a director of Manulife Financial Corporation.&nbsp; Rona has a BA from the University of Victoria   and a MA from the University of Alberta. She is also a graduate of the   Harvard Kennedy School of Government Senior Leaders Program.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Ambrose   has an extensive track record of strong leadership acquired through a wide   range of experience at the most senior levels of the Canadian   government.&nbsp; Ms.&nbsp;Ambrose&#146;s   extensive public policy experience and demonstrated ability to bring people   of divergent views together for a common purpose will strengthen our Board and   the Company.&nbsp; Accordingly, the Board is recommending that shareholders   vote FOR Ms.&nbsp;Ambrose&#146;s election to the Board.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<tr>
<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee   <br>   Membership</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:4.5pt;font-weight:bold;position:relative;top:-4.0pt;">(2)</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<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>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit&nbsp;&amp;   Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$74,783</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human   Resources Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<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>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
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<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1,844</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,706</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">4,550</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$34,443</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Manulife   Financial Corporation</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Management   Resources, Compensation and Risk</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Director</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Interlocking Committee</font></i></p>    </td>   </tr>
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<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Manulife Financial Corporation</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P. Thomas Jenkins</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Committee</font></p>    </td>   </tr>  </table>
</div>
<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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">13</font><a name="PB_13_120505_9363"></a></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">JOHN P.   DIELWART</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><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 style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="142" src="g88581mm11i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 65</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since: 2014</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Communications</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Engineering and Technical</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Financial Services / <br>   Investment Banking</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / <br>   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Oil and Gas</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory / Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and Acquisitions</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director.</font></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mr.&nbsp;Dielwart was formerly Chief   Executive Officer of ARC Resources Ltd., which owns and operates oil and gas   properties in Western Canada.&nbsp; He   oversaw the growth of ARC Resources Ltd. from start-up in 1996 to a company   with a market capitalization of approximately $10 billion.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">After   his retirement from ARC Resources Ltd. on January&nbsp;1, 2013, Mr.&nbsp;Dielwart   re-joined ARC Financial Corp. (&#147;<b>ARC Financial</b>&#148;)   as Vice-Chairman.&nbsp; ARC Financial is   Canada&#146;s leading energy-focused private equity manager. Mr.&nbsp;Dielwart   provides leadership support for the executive team in the areas of internal   governance and investment decision-making. With his extensive background in   creating, building and leading one of Canada&#146;s most successful oil and gas   companies, mentorship of ARC Financial employees as well as management of ARC   Financial&#146;s investee companies is a primary responsibility. He is a member of   ARC Financial&#146;s Investment and Strategy committees, and currently represents   ARC Financial on the board of Modern Resources Ltd. and Aspenleaf Energy   Limited.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Prior   to joining ARC Financial in 1994, Mr.&nbsp;Dielwart spent 12 years with a   major Calgary-based oil and natural gas engineering consulting firm, as   senior vice-president and a director, where he gained extensive technical   knowledge of oil and natural gas properties in Western Canada.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Dielwart   has a Bachelor of Science with distinction (civil engineering) degree from   the University of Calgary. He is a member of the Association of Professional   Engineers and Geoscientists of Alberta (APEGA) and is a Past-Chairman of the   Board of Governors of the Canadian Association of Petroleum Producers   (CAPP).&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 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">The   Board believes that Mr.&nbsp;Dielwart is a diligent, independent director who   provides the Company with a wealth of experience in leadership and   entrepreneurship along with a strong understanding of the commodity markets   in which we operate, specifically the oil and gas markets.&nbsp; Accordingly, the Board is recommending that   Shareholders vote FOR Mr.&nbsp;Dielwart&#146;s re-election to the Board.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
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<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
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<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors</font></p>    </td>
<td width="11%" style="border:none;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;">10 of 11</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">91%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<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="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit&nbsp;&amp; Risk Committee</font></p>    </td>
<td width="11%" style="border:none;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;">5</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 5</font></p>    </td>
<td width="11%" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$160,000</font></p>    </td>   </tr>
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<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.5%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance, Safety and Sustainability   Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;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;">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:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<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>  </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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at   December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75,001</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75,001</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$567,758</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">52,136</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">52,136</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$383,200</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">26,098</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">26,098</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$121,356</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other Public Board Directorships and Committee   Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">ARC Resources Ltd.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Health, Safety and Environment (Chair); Reserves</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Denbury Resources Inc.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Chair of the Board; Reserves&nbsp;&amp; Health, Safety and   Environmental</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">118,657,429</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.71%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,779,026</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.29%</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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">14</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;"><a name="PB_14_124909_4729"></a>&#160; | </font><font size="1" style="font-size:8.0pt;">&#160;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="#595959" face="Arial" style="color:#595959;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 5.75pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">TIMOTHY W.   FAITHFULL</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:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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 style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="145" src="g88581mm13i001.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="1" face="Arial" style="font-size:9.0pt;">Age: 73</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">London, UK</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since: 2003</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Economics&nbsp;&amp; Business</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / <br>   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">International Operations</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mining</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Oil and Gas</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management / Insurance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Trading/Marketing</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate   Director</font></b><font size="1" face="Arial" style="font-size:9.0pt;">.&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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">In   the United Kingdom, he is a senior independent director and member of the   Risk and Audit Committee of ICE Futures Europe (&#147;<b>IFEU</b>&#148;),   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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Faithfull   holds a Master of Arts </font><font size="1" face="Arial" style="font-size:9.0pt;">(Philosophy, Politics and Economics) </font><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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.</font><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; He has established himself as a diligent   and responsible steward for the Company and, accordingly, the Board   recommends that Shareholders vote FOR Mr.&nbsp;Faithfull&#146;s re-election to the   Board.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Board/Committee <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="21%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Value   of<br>   Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.3%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 11</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<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>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.48%;">
<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="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit&nbsp;&amp; Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.3%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of   5</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="21%" style="padding:0in 0in 0in 0in;width:21.48%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$224,198</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>   </tr>
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<td width="40%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance, Safety and Sustainability   Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4 of   4</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<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>
<td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.48%;">
<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="183" style="border:none;"></td>
<td width="9" style="border:none;"></td>
<td width="97" style="border:none;"></td>
<td width="80" style="border:none;"></td>
<td width="76" style="border:none;"></td>
<td width="111" style="border:none;"></td>
<td width="152" style="border:none;"></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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<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at   December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">64,119</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">74,289</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">138,408</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,047,749</font></p>    </td>
<td width="26%" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">50,194</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">72,758</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">122,952</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$903,697</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">21,643</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">68,821</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">90,464</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$420,658</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit; Health, Safety, Asset Integrity and Environment</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Director</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Interlocking Committee</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural Resources Limited</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gordon Giffin</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">118,789,723</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.82%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,646,732</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.18%</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" face="Arial" style="font-size:8.0pt;">15</font><a name="PB_15_220851_7056"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
<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" color="white" face="Arial" style="background:#00A4E4;color:white;font-size:10.0pt;font-weight:bold;">DAWN L. FARRELL</font></b><b><font size="1" color="white" face="Arial" style="background:#00A4E4;color:white;font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;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="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><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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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="128" height="145" src="g88581mm15i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 58</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since: 2012</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>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-Independent</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Communications</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Construction</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Economics&nbsp;&amp; Business</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">International Operations</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mergers&nbsp;&amp; Acquisitions</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mining / Forestry</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Trading / Marketing</font></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="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">President and Chief Executive Officer of   TransAlta Corporation. </font></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;Mrs.&nbsp;Farrell became President and Chief   Executive Officer of TransAlta Corporation on January&nbsp;2, 2012.&nbsp; Prior to her appointment, she served as   Chief Operating Officer from 2009 to 2011 and as Executive Vice-President,   Commercial Operations and Development from 2008 to 2009.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell   has over 30 years of experience in the electric energy industry, holding   roles at TransAlta and BC Hydro. She has served as Executive Vice-President,   Commercial Operations and Development; Executive Vice-President, Corporate   Development; Executive Vice-President,&nbsp;Independent Power Projects; and   Vice-President, Energy Marketing and IPP Development at TransAlta   Corporation.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">From   2003 to 2006, Mrs.&nbsp;Farrell served as Executive Vice-President,   Generation at BC Hydro. In 2006, she was appointed Executive Vice-President   Engineering, Aboriginal Relations and Generation.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell   sits on the board of directors of The Chemours Company, a NYSE-listed   chemical company, The Conference Board of Canada and the Business Council of   Canada. She is a member of the Trilateral Commission and The Canada-U.S.   Council for Advancement of Women Entrepreneurs and Business Leaders.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mrs.&nbsp;Farrell   holds a Bachelor of Commerce with a major in Finance and a Master&#146;s degree in   Economics from the University of Calgary.&nbsp;   She has also attended the Advanced Management Program at Harvard   University.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">As   the President and Chief Executive Officer of the Company, Mrs.&nbsp;Farrell   has responsibility for the overall stewardship of TransAlta, including   providing strategic leadership to the Company. She has proven herself to be a   strong leader that is capable of transforming TransAlta into Canada&#146;s leading   clean energy company.&nbsp; Accordingly, the   Board recommends that Shareholders vote FOR Mrs.&nbsp;Farrell&#146;s re-election   to 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;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Common Shares</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(6)</font></i></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Units</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(7)</font></i></p>    </td>
<td width="10%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(8)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">135,264</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">647,739</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">783,003</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$5,927,335</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">135,262</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">505,764</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<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="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">134,100</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">321,044</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<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="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<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="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">The Chemours Company</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Compensation; Nominating&nbsp;&amp; Governance </font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;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 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">118,761,470</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.80%</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,674,985</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.20%</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">16</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; | &#160;TransAlta Corporation 2018 Management Proxy Circular<a name="PB_16_134206_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">ALAN J.   FOHRER</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:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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 style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="142" src="g88581mm17i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: 67</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">California, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director Since: 2013</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>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
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<p style="margin:0in 0in .0001pt 12.95pt;text-indent:-.1in;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of   Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Accounting, Finance&nbsp;&amp; Tax</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Economics / Business</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Engineering&nbsp;&amp; Technical</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / <br>   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">International Operations</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory&nbsp;&amp; Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director</font></b><font size="1" face="Arial" style="font-size:9.0pt;">.   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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer   currently sits on the boards of PNM Resources,&nbsp;Inc., a publicly held   energy holding company, 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer   has served on boards of directors of the Institute of Nuclear Power   Operations, the California Chamber of Commerce, Duratek,&nbsp;Inc., Osmose   Utilities Services,&nbsp;Inc. and MWH,&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;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Fohrer   holds a Master of Science in civil engineering from the University of   Southern California, Los Angeles, as well as a Master of Business   Administration from California State University in Los Angeles.</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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.&nbsp; He has also provided effective leadership   in his role as the Chair of the Audit and Risk Committee.&nbsp; Accordingly, the Board recommends that   Shareholders vote FOR Mr.&nbsp;Fohrer&#146;s re-election to the Board.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee <br>   Membership</font></b></p>
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<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
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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:9.0pt;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="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9 of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; 82%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$246,829</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit&nbsp;&amp; Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of   5</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<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>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6,398</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">64,625</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">71,023</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$537,644</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">6,398</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">49,512</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55,910</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$410,939</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">31,722</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">38,120</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$177,260</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">PNM Resources,&nbsp;Inc.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit and Ethics; Chair of Compensation and Human   Resources</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">118,877,413</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.89%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,559,042</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.11%</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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">17</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_17_135948_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="#595959" face="Arial" style="color:#595959;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:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">AMBASSADOR   GORDON D. GIFFIN</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(9)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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:5.0pt;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:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;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="129" height="145" src="g88581mm19i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:   68</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Georgia,   U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director   Since: 2002</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   Chair Since: 2011</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 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></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 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy /   Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment /   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">International   Operations</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Government / Public<br>   Administration</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Legal</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory&nbsp;&amp;   Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Oil&nbsp;&amp; Gas</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and   Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Lawyer and Senior Partner, Dentons (law firm)</font></b><font size="1" face="Arial" style="font-size:9.0pt;">.&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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambassador   Giffin has spent three decades as an attorney in the energy industry as an advisor,   trying multiple energy regulatory cases before state and federal tribunals   and courts, and handling transactions including mergers and   acquisitions.&nbsp; During a decade in   public service, he was a senior attorney and advisor in the United States   Senate where, among other matters, he worked on major energy public policy   initiatives.&nbsp; During his four years as   United States Ambassador to Canada, his 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Since   leaving public office, he resumed his continental law practice and remains   actively engaged in public policy initiatives and international affairs   through membership in the Council on Foreign Relations and the Trilateral   Commission.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambassador   Giffin brings to the Company and the Board experience in law, regulatory and   governmental affairs. As Chair of the Board, Ambassador Giffin has led the   Board and the Company through challenging regulatory environments and, in   doing so, has demonstrated a tireless commitment and steadfast loyalty to the   Company and its stakeholders.&nbsp;   Accordingly, the Board recommends that Shareholders vote FOR   Ambassador Giffin&#146;s re-election to 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;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee   <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
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<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">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:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$436,134</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
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<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at   December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Common   Shares</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(10)</font></i></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market   Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">119,917</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">23,311</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">143,228</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,084,236</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">87,141</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">22,830</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">109,971</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$808,287</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">53,753</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">21,594</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75,347</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$350,364</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian   National Railway Company</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Donations and   Sponsorship; Human Resources and Compensation (Chair); Investment Committee   of CN&#146;s Pension Trust Funds; Strategic Planning</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian   Natural Resources Limited</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lead Director;   Audit; Nominating and Corporate Governance (Chair)</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company </font></i></p>    </td>
<td width="2%" valign="top" 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:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Director </font></i></p>    </td>
<td width="2%" valign="top" 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:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Interlocking   Committee</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Canadian Natural   Resources Limited</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:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy Faithfull</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:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results: Voting Results of 2017 Annual General   Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">117,995,546</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.17%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3,440,909</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.83%</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>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">18</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_18_141401_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">YAKOUT   MANSOUR</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:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><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 style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="142" src="g88581mm21i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:   70</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">California,   U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director   Since: 2011</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 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy /   Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Engineering&nbsp;&amp;   Technical</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment / Climate   Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management /   Insurance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and   Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and   Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Technology /   Research /<br>   Telecommunications</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Trading</font></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="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director.</font></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mr.&nbsp;Mansour has over 40 years of   experience as both a professional engineer and executive in the electric   utility business in Canada, the United States, and abroad. He retired as   President and 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">A   Professional Engineer and a Fellow of the Institute of Electrical and   Electronics Engineers, Mr.&nbsp;Mansour has authored and co-authored numerous   publications.&nbsp; He is recognized   internationally in the field of Power Engineering and received several   distinguished awards for his contributions to the industry.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Mansour   holds a Bachelor of Science in electrical engineering from the University of   Alexandria (Alexandria, Egypt) and a Master of Science from the University of   Calgary (Calgary, AB).</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Mansour   brings to the Company and the Board decades of experience in generation,   transmission and energy competitive markets in both a regulated and   deregulated market environment. His technical and operational expertise   provides an important diversity of thought and perspective to the Board.   Accordingly, the Board recommends that Shareholders vote FOR   Mr.&nbsp;Mansour&#146;s re-election to 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;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee   <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$216,444</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit   and Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<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>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Governance,   Safety and Sustainability Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">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:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<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>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market   Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,231</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">69,953</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75,184</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$569,143</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">5,231</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">54,730</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">59,961</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$440,713</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Meets</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">36,494</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">41,725</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$194,022</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">118,794,450</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">97.82%</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2,642,005</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.18%</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">19</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_19_143551_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">GEORGIA R.   NELSON</font></b></p>    </td>   </tr>
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<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><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 style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="143" src="g88581mm23i001.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="1" face="Arial" style="font-size:9.0pt;">Age:   68</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Illinois,   U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Director   Since: 2014</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Construction</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric   Energy/Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Engineering&nbsp;&amp;   Technical</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment   / Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Human   Resources</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">International   Operations</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mergers   and Acquisitions</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory   and Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy   and Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Trading/Marketing</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">President and Chief Executive Officer of PTI   Resources, LLC.&nbsp; </font></b><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" color="#161316" face="Arial" style="color:#161316;font-size:9.0pt;">Mrs.&nbsp;Nelson   brings to the Company and the Board specialized knowledge in the energy and   mining industries as well as human resources management.&nbsp; As Chair of the Human Resources Committee   of the Board, Mrs.&nbsp;Nelson leads the Committee in effective   decision-making and a deliberate discharge of duties. Accordingly, the Board   recommends that Shareholders vote FOR Mrs.&nbsp;Nelson&#146;s re-election to 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;"><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="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee <br>   Membership</font></b></p>
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<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
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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:9.0pt;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="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$246,734 </font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(5)</font></p>    </td>   </tr>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human   Resources Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">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:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="6" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of respective year</font></b></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market   Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">61,997</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">61,997</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$469,317</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">46,938</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">46,938</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$344,994</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">29,287</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">29,287</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$136,185</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.08%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ball   Corporation</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources;   Nominating / Corporate Governance</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cummins,&nbsp;Inc.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit; Compensation,   Governance and Nominating</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sims   Metal Management Ltd.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Safety, Health,   Environment&nbsp;&amp; Community; Remuneration</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:   Voting Results of 2017 Annual General Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
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<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">106,023,523</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">87.31%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">15,412,932</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">12.69%</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>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">20</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; | &#160;TransAlta Corporation 2018 Management Proxy Circular<a name="PB_20_144307_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">BEVERLEE   F. PARK</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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:5.0pt;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:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;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="128" height="143" src="g88581mm25i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">Age:   56</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">British   Columbia, Canada</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Director   Since: 2015</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></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 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Accounting,   Finance&nbsp;&amp; Tax</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy /   Utility</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Environment /   Climate Change</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and   Acquisitions</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mining/Forestry</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management/<br>   Insurance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory and   Compliance</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and   Development</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="72%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:72.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director.</font></b><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ms.&nbsp;has executive 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Having   provided strong leadership 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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   is currently a director of Teekay LNG Partners, a NYSE listed 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 SSR Mining Inc. (TSX/NASDAQ listed), a public mining company,   focused on the operation, development, exploration and acquisition of   precious metals projects in North and South America.&nbsp; Ms.&nbsp;Park is a member of the Board of   Governors at the University of British Columbia.&nbsp; In addition, she is a director of InTransit   BC, a privately held light rapid transit company where she chairs the Audit   Committee.&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;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   holds a Bachelor of Commerce with distinction from McGill University   (Montreal, QB), a Master of Business Administration from the Simon Fraser   University Executive program and is also a Fellow of the Chartered   Professional Accountants (FCPA) and Fellow of the Institute of Chartered   Accountants (FCA) of British Columbia.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Ms.&nbsp;Park   brings to the Company and to the Board over 30 years of experience in finance   and accounting as well as senior leadership experience in organizational   change. Ms.&nbsp;Park&#146;s extensive experience delivering shareholder value   together with her strong financial expertise has made her a valuable   contributor to the Board. Accordingly, the Board recommends that Shareholders   vote FOR Mrs.&nbsp;Park&#146;s re-election to 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;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<td width="38%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Board/Committee   <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Percentage</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Attendance   <br>   Total</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Value   of Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
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<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   of Directors</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$167,500</font></p>    </td>   </tr>
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<td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit&nbsp;&amp;   Risk Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.38%;">
<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>
<tr>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.34%;">
<p style="margin:1.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human   Resources Committee</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.78%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">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:11.22%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<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>  </table>
<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 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>   </tr>
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<td width="9%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:10.26%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="16%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market   Value</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share   Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:4.5pt;font-style:italic;position:relative;top:-4.0pt;">(4)</font></i></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">18,739</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">44,602</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">63,341</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$479,491</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">18,739</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">22,348</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">41,087</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$301,989</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">On track</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:20.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:16.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$87,529</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Other   Public Board Directorships and Committee Memberships</font></b></p>    </td>
<td width="37%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:37.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
<td width="56%" colspan="2" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee</font></i></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">SSR   Mining Inc.</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit; Safety and   Sustainability; Compensation</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Teekay   LNG Partners</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit (Chair);   Governance; Conflicts (Chair)</font></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.9%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="56%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="311" 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">None</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" 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:2.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="19" style="height:.2in;">
<td width="100%" colspan="7" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results: Voting Results of 2017 Annual General   Meeting</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" 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:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes   Withheld</font></i></p>    </td>
<td width="2%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">106,378,987</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">87.60%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">15,057,468</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">12.40%</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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">21</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_21_145419_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">BRYAN D.   PINNEY</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman"><img width="129" height="143" src="g88581mm27i001.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;"><font size="1" face="Arial" style="font-size:9.0pt;">New Nominee to the Board</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Age: </font><font size="1" face="Arial" style="font-size:9.0pt;">65</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alberta, Canada</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Independent</font></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 5.75pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Areas of Expertise</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Construction</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Economics / Business</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Financial Services/Investment Banking</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources/Executive Compensation</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and Acquisitions</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Mining/Forestry</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Oil and Gas</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Accounting, Finance and Tax</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;text-indent:-.1in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p 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 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Corporate Director</font></b><font size="1" face="Arial" style="font-size:9.0pt;">.   Bryan Pinney is the principal of Bryan D. Pinney Professional Corporation,   which provides financial advisory and consulting services to a range of   clients.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Pinney   has over 30 years of experience serving many of Canada&#146;s largest   corporations, primarily in energy and resources and construction. Mr.&nbsp;Pinney   was a partner with Deloitte between 2002 and 2015. Mr.&nbsp;Pinney served as   Calgary Managing Partner from 2002 through 2007 and as National Managing   Partner of Audit&nbsp;&amp; Assurance from 2007 to 2011 and Vice-Chair until   June&nbsp;2015.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Pinney   was a past member of Deloitte&#146;s Board of Directors and chair of the Finance   and Audit Committee. Prior to joining Deloitte, Mr.&nbsp;Pinney was a partner   with Andersen LLP and served as Calgary Managing Partner from 1991 through   May&nbsp;of 2002.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Pinney   is currently the lead director for North American Energy Partners Inc.&nbsp; He is also a director on a Hong Kong listed   oil and gas company, Persta Resources Inc.&nbsp;   Mr.&nbsp;Pinney is also the recent (or immediate past chair) of the   Board of Governors of Mount Royal University and has previously served on a   number of non-profit boards. He is also a director on one private company. He   is a Fellow of the Institute of Chartered Accountants, a Chartered Business   Valuator and is a graduate of the Ivey Business School at the University of Western   Ontario with an honours degree in Business Administration. He is also a   graduate of the Canadian Institute of Corporate Directors.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mr.&nbsp;Pinney&#146;s   extensive leadership accomplishments, financial expertise and broad range of   experience will make Mr.&nbsp;Pinney an excellent addition to the Board that   is expected to have a positive and lasting impact on the Company.   Accordingly, the Board recommends that Shareholders vote FOR   Mr.&nbsp;Pinney&#146;s election to the Board.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Board/Committee   <br>   Membership</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;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="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;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="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attendance <br>   Total</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Value of   Compensation<br>   Received in 2017</font></b></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Mr.&nbsp;Pinney   is a new nominee to the Board</font></i></p>    </td>
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<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>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<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>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.38%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
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<td width="183" style="border:none;"></td>
<td width="9" style="border:none;"></td>
<td width="80" style="border:none;"></td>
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<td width="79" style="border:none;"></td>
<td width="115" style="border:none;"></td>
<td width="158" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Securities Held as at December&nbsp;31 of   respective year</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Year</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;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:20.4%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Deferred Share Units</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Total</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Market Value</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(3)</font></i></p>    </td>
<td width="26%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Share Ownership Requirement</font></i><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;position:relative;top:-3.0pt;">(4)</font></i></p>    </td>   </tr>
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<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.84%;">
<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;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Mr.&nbsp;Pinney is a new nominee to the Board</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>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
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<td width="62%" colspan="2" height="19" bgcolor="#C6D9F1" style="background:#C6D9F1;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:62.68%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;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="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;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Company</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Committee/Directorship</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">North American Energy Partners Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lead Director; Audit Committee (Chair); Human Resources   and Compensation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Persta Resources Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Audit Committee (Chair); Human Resources and Compensation</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="277" style="border:none;"></td>
<td width="167" style="border:none;"></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:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Public Board Interlocks</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Prior Year&#146;s Voting Results:&nbsp; Voting Results of 2017 Annual General   Meeting</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes For</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Percentage</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">Votes Withheld</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">22</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;"><a name="PB_22_153438_9658"></a>&nbsp; | </font><font size="1" style="font-size:8.0pt;">&#160;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular</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 1.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in 3.0pt .25in;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;">The following nominee directors are Canadian residents:&#160; Rona Ambrose, John P. Dielwart, Dawn L. Farrell, Beverlee F. Park and Bryan D. Pinney.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017. On October&nbsp;30, 2017, she was appointed to the Audit and Risk Committee and the Human Resources Committee.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">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; and the 2017 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, 2017 of $7.57.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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).&#160; See <i>&#147;Compensation &#150; Report on Director Compensation &#150; Share Ownership Requirements of Directors&#148;</i>.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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 is 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;">&#160;day of the last month of each compensation quarter.&#160;&#160; 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;">&#160;day of the last month of each compensation quarter.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">As at December&nbsp;31, 2017, 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>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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>).&#160; As at December&nbsp;31, 2017, she held 245,827 RSUs and 401,912 ODSUs.&#160; In addition, as at December&nbsp;31, 2017, Mrs.&nbsp;Farrell held 506,981 Performance Share Units (&#147;<b>PSU&#148;</b>) and 666,461 options to acquire common shares.&#160; See <i>&#147;Compensation Discussion and Analysis &#150; Shareholder Alignment &#150; Share Ownership Requirements&#148;</i>.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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 own and hold five times her base salary, which she has met.&#160; See <i>&#147;Compensation Discussion and Analysis &#150; Shareholder Alignment &#150; Share Ownership Requirements&#148;</i>.</font></p>
<p style="margin:0in 0in 3.0pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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.&#160; 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.&#160; 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.&#160; 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.&#160; 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 .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">As at December&nbsp;31, 2017, 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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Board Committees and Membership in 2017</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;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="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Committees<br>   [Number of Members]</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="53" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:39.7pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Audit and Risk<br>   (&#147;ARC&#148;)<br>   [6]</font></b></p>    </td>
<td width="22%" height="53" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;height:39.7pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">GSSC<br>   [4]</font></b></p>    </td>
<td width="20%" height="53" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;height:39.7pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Human Resources<br>   (&#147;HRC&#148;)<br>   [4]</font></b></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Independent Directors</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Rona H. Ambrose</font><font size="1" face="Arial" style="font-size:6.5pt;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="2" face="Symbol" style="font-size:10.0pt;">&#214;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<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>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">John P. Dielwart</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<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="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Timothy W. Faithfull</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<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="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Alan J. Fohrer</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<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="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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>
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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="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><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:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<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>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Yakout Mansour</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<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>
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<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia R. Nelson</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Beverlee F. Park&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:8.5pt;">&#9619;</font></p>    </td>
<td width="17%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.32%;">
<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="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<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>   </tr>
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<p style="margin:0in 0in .0001pt;"><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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:39.96%;">
<p style="margin:0in 0in .0001pt;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:22.24%;">
<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="20%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:20.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Symbol" style="font-size:8.5pt;">&#214;</font><font size="1" face="Arial" style="font-size:8.5pt;"> - </font><font size="1" face="Arial" style="font-size:8.5pt;">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;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size: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;">Ms.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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; </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 .25in;text-indent:-.25in;"><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; </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 .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy   Circular&nbsp; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">23</font><a name="PB_23_142020_7056"></a></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Director Meeting Attendance in 2017</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 2017 is 98%.&#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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="18%" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid #00A4E4 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<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="13%" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid white 1.0pt;border-left:none;border-right:none;border-top:solid #00A4E4 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt .1in;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Board<br>   Meetings</font></b></p>    </td>
<td width="13%" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:solid #00A4E4 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="54%" colspan="4" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid white 1.0pt;border-left:none;border-right:none;border-top:solid #00A4E4 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:54.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Committee<br>   Meetings</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="13%" height="38" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:28.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Regular <br>   (5 Meetings)</font></b></p>    </td>
<td width="13%" height="38" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:28.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Special<br>   (6)&nbsp;Meetings</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">ARC<br>   (5 Meetings)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">GSSC<br>   (4 Meetings)</font></b></p>    </td>
<td width="12%" height="38" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:28.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">HRC<br>   (6 Meetings)</font></b></p>    </td>
<td width="16%" height="38" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:28.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Total<br>   Attendance</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Ambrose</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<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="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 2</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 2</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 9 (100%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Dielwart</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">19 of 20 (95%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Faithfull</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<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="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">20 of 20 (</font><font size="1" face="Arial" style="font-size:9.0pt;">100</font><font size="1" face="Arial" style="font-size:9.0pt;">%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Farrell</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 11 (100%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Fohrer</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">14 of 16 (88%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Giffin</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">11 of 11 (100%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Jenkins</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 6</font></p>    </td>
<td width="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<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="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Mansour</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">20 </font><font size="1" face="Arial" style="font-size:9.0pt;">of 20 (</font><font size="1" face="Arial" style="font-size:9.0pt;">100</font><font size="1" face="Arial" style="font-size:9.0pt;">%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Nelson</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<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="15" style="height:11.35pt;">
<td width="18%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Park</font></p>    </td>
<td width="13%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5   of 5</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font><font size="1" face="Arial" style="font-size:9.0pt;"> of 6</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5 of 5</font></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<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="16%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">22 of 22 (</font><font size="1" face="Arial" style="font-size:9.0pt;">100</font><font size="1" face="Arial" style="font-size:9.0pt;">%)</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="18%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="13%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">48 of 48</font></b></p>    </td>
<td width="13%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">53</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;"> of 56</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">27 of 27</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">16</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;"> of 16</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">19</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;"> of 20</font></b></p>    </td>
<td width="16%" height="15" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">163 of 167 (98%)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size: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;">Ms.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017.&#160; Ms.&nbsp;Ambrose was appointed to the ARC and HRC on October&nbsp;30, 2017.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is not a member of any standing committee of the Board; however, she attends committee meetings (excluding the <i>in camera</i> portion of the meeting).&#160; As Mrs.&nbsp;Farrell is not a member of the committees, her attendance is not recorded.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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; </font><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><font size="1" face="Arial" style="font-size:8.0pt;">.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Inter-locking Directorships</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="33%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="19%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:19.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Director</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Committee   Memberships</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Canadian Natural Resources   Limited</font></p>    </td>
<td width="19%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:19.54%;">
<p style="margin:0in 0in .0001pt;"><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;"><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;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" height="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:19.54%;">
<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Health, Safety, Asset   Integrity and Environment</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Manulife Financial Corporation</font><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="Arial" style="font-size:9.5pt;">P. Thomas Jenkins</font></p>    </td>
<td width="47%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:47.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit; Risk</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="33%" height="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:33.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" height="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:19.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Rona H. Ambrose</font></p>    </td>
<td width="47%" height="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:47.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Management Resources and   Compensation; Risk</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="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Jenkins will not be standing for re-election to the Board 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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Board Tenure</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
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<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2017, the Board resolved to   amend the General Governance Guidelines to remove the term limits for Board   members. The Board considered the application of term limits to be a rigid   measure that fails to take into account the experience and contributions of   tenured directors. In 2017, the Board also extended the mandatory retirement   age from 72 to 75 for all non-management directors, subject to the discretion   of the Board. These amendments were approved following advice from external   legal counsel, which concluded that tenure limits were not commonly adopted   among the Company&#146;s peer group and that corporate governance organizations   and proxy advisors do not consider term limits to be a corporate governance   best practice. In order to support the continued renewal of skills, expertise</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="99" height="105" src="g88581mm29i001.gif"></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">and personal attributes, the   Board undertakes an annual Board and Committee evaluation process.&nbsp; The Board reviews annually the size and   composition of the Board and addresses the succession planning needs   associated with ensuring the Board has the necessary skills and   experience.&nbsp; The Board undertakes to   ensure that the appropriate degree of experience and institutional knowledge   is balanced with the regular introduction of fresh perspectives from new   directors.</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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">24</font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;"> |&nbsp; TransAlta   Corporation 2018 Management Proxy Circular</font><a name="PB_24_142020_5335"></a></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;"><font size="2" face="Arial" style="font-size:10.0pt;">This focus on regular Board renewal has resulted in an average tenure for our director nominees of six years.&#160; In the past seven years, since Ambassador Giffin was first appointed Chair of the Board, the Company has welcomed six new directors to the Board.&#160; These recent Board members were identified and selected based on criteria approved by the Board, including financial literacy (evidenced by Alan Fohrer, Beverlee Park and the recent nomination of Bryan Pinney), power sector expertise (evidenced by Alan Fohrer, Yakout Mansour and Georgia Nelson) and senior government and regulatory experience (evidenced by Rona Ambrose).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The tenure policies applicable to the Board were amended following the determination to extend Ambassador Giffin&#146;s role as Chair of the Board.&#160; The Board came to this conclusion based on, among other things, the numerous and valuable contributions that Ambassador Giffin provides the Board in his capacity as Chair, 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 35.7pt;text-indent:-17.85pt;"><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">his unique ability to effectively lead the Board and the Company through the current regulatory uncertainty;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">his extensive knowledge of the Company&#146;s business received as Chair of the Board; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">his attendance at 100 percent 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="Arial" style="font-size:10.0pt;">In conjunction with the determination to extend Ambassador&#146;s Giffin&#146;s role as Chair of the Board, the Board also assessed the appropriateness of the tenure policy generally and its specific impact on Mr.&nbsp;Faithfull.&#160; Mr.&nbsp;Faithfull has served on the Board for greater than 15 years and had been subject to the Board&#146;s maximum tenure of 15 years.&#160; In connection with the Board&#146;s determination to remove the maximum tenure of 15 years, the Board also affirmatively determined that extending Mr.&nbsp;Faithfull&#146;s term as a Board member would be beneficial to the Board and the Company.&#160; This determination was based in part on the recommendations of the GSSC, which identified the beneficial skill set that Mr.&nbsp;Faithfull brings to the Board, and particularly:</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 35.7pt;text-indent:-17.85pt;"><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">his knowledge and expertise with large development projects;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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 has already provided the Board with valuable insights and perspectives to the current Alberta regulatory environment; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">Mr.&nbsp;Faithfull&#146;s attendance at 99 percent of Board and applicable committee meetings since 2011.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The GSSC had considered the tenure policy and its impact on Ambassador Giffin and Mr.&nbsp;Faithfull during an <i>in camera</i> discussion that Ambassador Giffin and Mr.&nbsp;Faithfull did not attend.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Corporate Cease Trade Orders and Bankruptcies</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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>
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<p style="margin:0in 0in .0001pt;"><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>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy   Circular&nbsp; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">25</font><a name="PB_25_142020_5796"></a></p>    </td>   </tr>  </table>
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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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Skills Matrix</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We maintain a skills matrix where directors indicate whether they have expertise and professional background in areas we think are essential for TransAlta.&#160; The table below lists the areas of expertise for our director nominees.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Skill <font style="background:#00A4E4;">Experience and Expertise</font></font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:9.0pt;">&#8730;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">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:9.0pt;">&#8730;</font></p>    </td>
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<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
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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="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
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<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Construction</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric Energy / Utility</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Environment / Climate Change</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial Services / Investment Banking</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">International Operations</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mergers and Acquisitions</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Mining / Forestry</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Oil&nbsp;&amp; Gas</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory / Compliance</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and Development</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Technology / Research / Telecommunication</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trading/Marketing</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="37%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Professional Background</font></b></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<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="6%" colspan="2" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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="4%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accounting, Finance&nbsp;&amp; Tax</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Economics / Business</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Engineering&nbsp;&amp; Technical</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Government Affairs, Public Administration</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human Resources / Executive Compensation</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Legal</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#9830;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Risk Management / Insurance</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="37%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Management Role</font></b></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" colspan="2" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Active CEO</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Recent CEO (last five years)</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0</font></p>    </td>   </tr>
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<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Recent CFO / Senior Executive (last five years)</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>   </tr>
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<td width="37%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Business Owner</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" 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%" colspan="2" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.58%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<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" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid black 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Professional Role/Advisor</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.96%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.22%;">
<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="6%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:6.12%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.7%;">
<p align="center" 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" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:4.3%;">
<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="5%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&#8730;</font></p>    </td>
<td width="7%" height="15" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:7.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&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;">&#9830;</font><font size="1" face="Arial" style="font-size:8.5pt;"> Denotes an advanced degree of expertise that contributes to such director being recognized as an authority and expert in the specific area.</font><font face="Arial"><br>  </font><font size="1" face="Arial" style="font-size:8.0pt;">&#8730; </font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;Denotes a high degree of expertise allowing such director to meaningfully exercise practical application in the specific area.</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="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="#00a3e3" face="Arial" style="color:#00A3E3;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; </font><b><font color="#00a3e3" face="Arial" style="color:#00A3E3;font-weight:bold;">FINANCIAL STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">You will receive the Company&#146;s 2017 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 2017 Annual Report in either English or French is available on our website at <u>www.transalta.com/powering-investors/financial-and-annual reports</u>, under our profile on SEDAR at <u>www.sedar.com</u> and on EDGAR at <u>www.sec.gov</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="#00a3e3" face="Arial" style="color:#00A3E3;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; </font><b><font color="#00a3e3" face="Arial" style="color:#00A3E3;font-weight:bold;">APPOINTMENT OF AUDITORS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">26</font><a name="PB_26_131137_1705"></a><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">   |&nbsp; TransAlta Corporation 2018   Management Proxy Circular</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Fees Paid to Ernst&nbsp;&amp; Young LLP</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ended December&nbsp;31, 2017 and December&nbsp;31, 2016, Ernst&nbsp;&amp; Young LLP and its affiliates were paid $2,799,884</font><font face="Arial"> and</font><font face="Arial"> $3,083,142 respectively, as detailed below:</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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Ernst&nbsp;&amp; Young LLP</font></b></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="40%" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:40.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Year Ended   December&nbsp;31</font></b></p>    </td>
<td width="29%" colspan="3" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:29.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="29%" colspan="3" height="19" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:29.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2016</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit Fees</font></p>    </td>
<td width="10%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.02%;">
<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="10%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,708,884</font></p>    </td>
<td width="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.92%;">
<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="10%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="40%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:40.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Audit-related fees</font></p>    </td>
<td width="10%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.02%;">
<p align="center" style="margin: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%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">91,000</font></p>    </td>
<td width="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.92%;">
<p align="center" style="margin: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%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="40%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:40.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Tax fees</font></p>    </td>
<td width="10%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.02%;">
<p align="center" style="margin: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%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.92%;">
<p align="center" style="margin: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%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="40%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:40.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All other fees</font></p>    </td>
<td width="10%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.02%;">
<p align="center" style="margin: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%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.92%;">
<p align="center" style="margin: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%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.35pt;padding:0in 5.4pt 0in 5.4pt;width:9.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="40%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:40.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.02%;">
<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;">$</font></b></p>    </td>
<td width="10%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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;">2,799,884</font></b></p>    </td>
<td width="9%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.92%;">
<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;">$</font></b></p>    </td>
<td width="10%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.24%;">
<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="9%" height="1" bgcolor="#FFD900" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Times New Roman" style="font-size:20.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">No other audit firms provided audit services in 2017 or 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Audit Fees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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 2017 include payments related to 2016 in the amount of $1,481,895</font><font face="Arial"> and total audit fees for 2016 include payments related to 2015 in the amount of $1,384,384</font><font face="Arial">.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Audit-Related Fees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The audit-related fees in 2017 and 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">.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Tax Fees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Nil.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">All Other Fees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Nil.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Pre-Approval Policies and Procedures</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the reappointment of Ernst &amp; Young LLP as auditors of the Company.</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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy   Circular&nbsp; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">27</font><a name="PB_27_131421_7748"></a></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="#00a3e3" face="Arial" style="color:#00A3E3;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; </font><b><font color="#00a3e3" face="Arial" style="color:#00A3E3;font-weight:bold;">REDUCTION OF STATED CAPITAL</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At the meeting, as a matter of housekeeping, Shareholders will be asked to consider and, if deemed advisable, to approve by way of special resolution, a reduction of the stated capital account of our common shares to $2 billion dollars. If approved, the stated capital reduction will be effective as of April&nbsp;20, 2018. A corporation is required to maintain a stated capital account for each class of shares that it issues and to add to that account the full amount of consideration that it receives for the shares that it has issued. In addition, a corporation is restricted from declaring and paying dividends on its shares and repurchasing its shares unless it can meet certain financial tests, including that there are reasonable grounds for believing that, after giving effect to the payment of the dividend or repurchase of shares, the realizable value of the corporation&#146;s assets would be more than the aggregate of its liabilities and stated capital. The reduction in stated capital will not result in any change to shareholders&#146; equity as</font><font face="Arial"> presented in the Company&#146;s financial statements and therefore will not affect our book value.</font><font face="Arial"> The reduction of stated capital will also have no impact on the day-to-day</font><font face="Arial"> operations of the Company and will not, on its own, alter the financial condition of the Company.</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="2" face="Arial" style="font-size:10.0pt;">The Board of Directors believes that the reduction of stated capital will benefit the Company on a go-forward basis by providing more flexibility in managing our capital structure, including our ability to pay dividends and repurchase our common shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Canadian Federal Income Tax Consequences</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">THE FOLLOWING IS A SUMMARY OF CERTAIN CANADIAN FEDERAL INCOME TAX CONSEQUENCES OF THE REDUCTION OF STATED CAPITAL OF THE COMMON SHARES. IT IS OF A GENERAL NATURE ONLY AND IS NOT INTENDED TO CONSTITUTE NOR SHOULD IT BE CONSTRUED TO CONSTITUTE LEGAL OR TAX ADVICE TO ANY PARTICULAR SHAREHOLDER. SHAREHOLDERS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE CONSEQUENCES THE REDUCTION OF STATED CAPITAL, TAKING INTO ACCOUNT THEIR OWN PARTICULAR CIRCUMSTANCES AND ANY APPLICABLE FOREIGN, PROVINCIAL OR TERRITORIAL LEGISLATION.</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="2" face="Arial" style="font-size:10.0pt;">This summary is based upon the current provisions of the <i>Income Tax Act</i> (Canada) (the &#147;<b>Tax Act</b>&#148;) and the published administrative policies and assessing practices of the Canada Revenue Agency (the &#147;<b>CRA</b>&#148;) publicly available prior to the date here. This summary also takes into account all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the &#147;<b>Tax Proposals</b>&#148;) and assumes that all Tax Proposals will be enacted in the form proposed. However, there can be no assurance that the Tax Proposals will be enacted in their current form or at all. Except for the Tax Proposals, this summary does not take into account or anticipate any changes in law or any changes in the administrative policies or assessing practices of the CRA, whether by legislative, regulatory, administrative or judicial decision or action, nor does it take into account or consider any provincial, territorial or foreign tax considerations, which may differ significantly from the Canadian federal income tax considerations described herein.</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="2" face="Arial" style="font-size:10.0pt;">The proposed reduction of the stated capital of the common shares will not result in any immediate Canadian income tax consequences to the holders of common shares. Since no amount will be paid by the Company on the reduction, none of the holders of common shares will be deemed to have received a dividend and there will not be any reduction in the adjusted cost base of the common shares to the holders as a result of the reduction of stated capital. The reduction of the stated capital will reduce the &#147;paid-up capital&#148; (&#147;<b>PUC</b>&#148;) of the common shares for purposes of the Tax Act by an amount equal to the reduction of stated capital. The reduction in PUC of the common shares may have future Canadian federal income tax consequences to a holder of common shares, including, but not limited to, if the Company repurchases any common shares, on a distribution of assets by the Company or if the Company is wound-up.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">28</font><a name="PB_28_131556_141"></a><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">   |&nbsp; TransAlta Corporation 2018   Management Proxy Circular</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">United States Federal Income Tax Consequences</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The reduction of stated capital should not constitute a taxable event for our Shareholders. As a result, Shareholders generally should not recognize gain or loss upon the reduction of stated capital. Each Shareholder&#146;s tax basis in its common shares should remain unchanged, and each Shareholder&#146;s holding period in its common shares should include the holding period in the common shares held by such shareholder prior to the reduction of stated capital.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to the provisions of the<i><font style="font-style:italic;"> Canada</font> Business Corporations Act</i>, the special resolution must be approved by not less than two-thirds of the votes cast by the holders of our common shares at the Meeting, in person or by proxy, on the special resolution.&#160; Accordingly, at the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve a special resolution, with or without variation, as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&#147;BE IT RESOLVED, AS A SPECIAL RESOLUTION THAT:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the stated capital account of the common shares of TransAlta Corporation (the &#147;Company&#148;) be reduced to $2 billion dollars, all as more particularly described in the Company&#146;s Management Proxy Circular dated March&nbsp;6, 2018;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any one director or officer of the Company be and is hereby authorized and empowered on behalf of the Company to do and perform all such acts and things and to execute and deliver or cause to be executed and delivered for, in the name of and on behalf of the Company (whether under corporate seal or otherwise), all such deeds, documents or other instruments as in his opinion may be necessary and desirable in order to perform the terms of this resolution; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">notwithstanding that this resolution has been passed by the shareholders of the Company, the directors of the Company are hereby authorized to and empowered to revoke this resolution, without any further approval of the Company&#146;s shareholders, at any time if such revocation is considered necessary or desirable by the directors.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Recommendation of the Board of Directors</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board of Directors recommends a vote &#147;FOR&#148; the reduction of the stated capital of our Common Shares.&#160; <b>Unless otherwise instructed, the persons designated in the Proxy intend to vote FOR the reduction of stated capital</b>.</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="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="#00a3e3" face="Arial" style="color:#00A3E3;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; </font><b><font color="#00a3e3" face="Arial" style="color:#00A3E3;font-weight:bold;">ADVISORY VOTE ON EXECUTIVE COMPENSATION</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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; In 2017, the non-binding advisory vote to accept the Company&#146;s approach to executive compensation was not approved, and received 57,496,305 votes FOR our approach to executive compensation, representing 47.29% of the common shares represented by Shareholders present in person or by proxy at the 2017 annual meeting of Shareholders.</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="2" face="Arial" style="font-size:10.0pt;">As a result of last year&#146;s voting result, the Board and HRC undertook a rigorous review of the compensation arrangements and undertook extensive shareholder engagement.&#160; A detailed discussion of our efforts to address the concerns represented by last year&#146;s vote on our approach to executive compensation follows in our Compensation Discussion and Analysis (&#147;<b>CD&amp;A</b>&#148;), which also 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.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Reasons for Shareholders to Support our Approach to Executive Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Following the results of our 2017 non-binding advisory vote to accept the Company&#146;s approach to executive compensation, the Chair of the Board, together with the Chair of the HRC, undertook extensive shareholder engagement.&#160; This included extending invitations to 15 of our largest shareholders, who collectively represent 46% of our common shares outstanding, and meeting with 11 Shareholders, who collectively represented 35% of our common shares outstanding.&#160; The executive officers of the Company were not in attendance for any of these Shareholder meetings in order to encourage an open dialogue.&#160; In addition, the Chair of our Board attended our Investor Day in Toronto, Ontario on December&nbsp;6, 2017, a forum that attracted a significant number of Shareholders.&#160; The Chair of the Board was available at the meeting to meet with Shareholder and to receive feedback from Shareholders regarding any concerns they may have had, including any concerns related to the Company&#146;s approach to executive compensation.&#160; We also met with proxy advisory firms to further understand and identify areas of concern relating to the Company&#146;s approach to executive compensation.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy   Circular&nbsp; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">29</font><a name="PB_29_131703_7608"></a></p>    </td>   </tr>  </table>
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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;">At these Shareholder meetings, we received limited concerns regarding the structure of TransAlta&#146;s compensation program.&#160; However, we did receive feedback regarding</font><font color="black" face="Arial" style="color:black;"> the use of the Board&#146;s discretion to recognize outstanding achievement by certain senior executives in 2016 in furtherance of the Company&#146;s strategic goals. We believe that 2016 was one of the most significant and transformative years in TransAlta&#146;s long history. The contributions of four members of the executive team in 2016 were not fully captured in our 2016 compensation program, and thus warranted discretionary awards.&#160; In particular, as part of our annual compensation plan reviews over the past two years, the Board has made design changes to incorporate strategic goals, as well as financial goals, which will alleviate the kind of discretionary action required in 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, we undertook the following changes in 2017 to respond to Shareholder concerns:</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 35.7pt;text-indent:-17.85pt;"><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 improved our disclosure practices by reorganizing and simplifying our CD&amp;A with the aim of creating more transparency into the decision-making process of the Board and HRC as it relates to executive compensation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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 increased the share ownership requirements for our President and CEO from four times to five times base salary; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">on the advice of the HRC&#146;s independent consultant, Willis Towers Watson, we revised the Company&#146;s peer group to remove two companies that are significantly larger than TransAlta.</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="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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&#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 2018 annual and special meeting of Shareholders of the Company&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Since your vote is advisory, it will not be binding on the Board, however, the Board and, in particular, the HRC will consider the outcome of the vote as part of their ongoing review of executive 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;"><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 .25in;text-indent:-.25in;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">6.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">OTHER BUSINESS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of this Proxy Circular, the Board and management are not aware of any other items of business to be brought before the Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">30</font><a name="PB_30_131809_8146"></a><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">   |&nbsp; TransAlta Corporation 2018   Management Proxy Circular</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">GOVERNANCE</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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>
<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="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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">OUR GOVERNANCE PRACTICES</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">TransAlta is listed on the TSX, under the trading symbol &#147;<b>TA</b>&#148;, and the NYSE, under the trading symbol &#147;<b>TAC</b>&#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-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">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-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">National Instrument 52-110, <i>Audit Committees</i></font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">National Policy 58-201, <i>Corporate Governance Guidelines</i></font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">National Instrument 58-101, <i>Disclosure of Corporate Governance Practices</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="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 <u><font color="black" style="color:black;">http://www.transalta.com/about-us/governance/governance-guidelines</font></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;"><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>
<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="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 35.7pt;text-indent:-17.85pt;"><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">ensuring employees, management and the Board are committed to ethical business conduct, integrity and honesty;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">establishing key policies and standards to provide a framework for how we conduct our business;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">retaining directors, other than our CEO, that are independent;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">having a Board with individuals that have a mix of skills, knowledge and experience;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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:3.0pt 0in .0001pt .5in;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">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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">OUR ETHICAL COMMITMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Codes of Conduct</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">One of our most valuable assets is our reputation.&#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>
<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 35.7pt;text-indent:-17.85pt;"><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">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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">Directors&#146; Code of Conduct, which applies to our directors;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">Finance Code of Ethics, which applies to all financial employees of the Company; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">Energy Trading Code of Conduct, which applies to all of our employees engaged in energy marketing.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font><font face="Arial">  </font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">31</font><a name="PB_31_130418_2794"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our codes of conduct outline the standards and expectations we have for our employees, officers and directors with respect to the protection and proper use of our assets.&#160; The codes also provide guidelines with respect to securing our assets, conflicts of interest, respect in the workplace, social responsibility, privacy, compliance with laws, insider trading, environment, health and safety and our commitment to ethical and honest conduct.&#160; Our Corporate Code of Conduct goes beyond the laws, rules&nbsp;and regulations that govern our business in the jurisdictions in which we operate; it outlines principal business practices with which all employees must comply.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">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="margin:0in 0in .0001pt;"><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 color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Handling Conflicts of Interest</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At TransAlta, we expect and promote a culture of integrity and ethical business conduct by requiring employees, officers, and directors to conduct their personal business and affairs in a manner that ensures that their private or personal interests do not interfere or appear to interfere with the interest of the Company.&#160; Our policies provide that each director and executive officer must comply with the disclosure requirements of the <i>Canada Business Corporations Act</i> regarding any material interest.&#160; If a declaration of material interest is made, the declaring director shall not vote on the matter if put to a vote of the Board.&#160; In addition, the declaring director and executive officer may be requested to recuse himself or herself from the meeting when such matter is being discussed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Insider Trading</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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>
<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 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </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:3.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">requiring all reporting insiders to pre-clear transactions.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Whistleblower Procedures</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">32</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_32_130418_8299"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;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;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">The General Governance Guidelines</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 GSSC 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>
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Board Relationships with Management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the General Governance Guidelines, the Board has delegated to the CEO and senior management the responsibility for the day-to-day management of the business of the Company.&#160; In addition to those matters which must, pursuant to applicable laws and our by-laws, be approved by the Board, the Board has delegated to management the authority to approve expenditures within specified limits.&#160; The Board retains responsibility for significant matters such as major changes to organizational structure, material acquisitions and divestitures, major capital expenditures, debt and equity financing transactions and approval of environmental policies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Terms of Reference for the Chair of the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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>
<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="Arial" style="font-size:10.0pt;">In 2017, the Terms of Reference for the Chair was amended to remove the term limits that would otherwise have limited Ambassador Giffin to serving two three-year terms as Chair of the Board.&#160; As discussed above, the Board removed the Chair term limits following an assessment of: (i)&nbsp;the practices of the Company&#146;s peer group, (ii)&nbsp;best practices identified by corporate governance organizations and proxy advisors; (iii)&nbsp;advice from external legal counsel; and (iv)&nbsp;the numerous and valuable contributions that Ambassador Giffin provides the Board in his capacity as Chair.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has delegated various responsibilities to three standing committees: Audit and Risk, Governance, Safety and Sustainability 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;"><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 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">CEO Position Description</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font><font face="Arial">  </font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">33</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_33_130418_8247"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Strategic Planning</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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.&#160; In 2017, the Board dedicated significant time assessing and approving the strategic direction of the Company, including a comprehensive review of the current competitive environment, the implications of the termination of the power purchase arrangements in Alberta and the decision to accelerate the conversion of coal-fired generation to gas-fired generation.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Safety and Sustainability</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Effective March&nbsp;2018, the Governance and Environment Committee was renamed the &#147;Governance, Safety and Sustainability Committee&#148;.&#160; In connection with the name change, the mandate of the committee was expanded to emphasize safety and sustainability and to assist the Board in fulfilling its oversight responsibilities with respect to the formulation and implementation of the policies, standards and practices with respect to health, safety and environment.&#160; The Board takes the safety of the Company&#146;s employees and contractors very seriously and the GSSC reviews quarterly the safety performance of 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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company is recognized by CDP Worldwide (formerly Climate Disclosure Project) as an industry leader on Climate Change Management.&#160; In 2015, the Company scored 100 per cent for disclosure on climate change related management and performance and was added to the Disclosure Leadership Index in Canada (top 20 in Canada). For 2016 and 2017, under a new aggregated CDP scoring system, CDP awarded the Company a score of B, which is industry leading within the energy sector.&nbsp; In December&nbsp;2017, Canada&#146;s Chartered Professional Accountants (CPA) recognized our climate change reporting as &#147;outstanding.&#148;&#160; The GSSC reviews annually guidelines and practices relating to environmental protection, including the mitigation of pollution and climate change.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Risk Management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for overseeing risk and the risk assessment process, including:</font></p>
<p style="margin:0in 0in .0001pt;"><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 35.7pt;text-indent:-17.85pt;"><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">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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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:3.0pt 0in .0001pt .5in;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">ensuring that management has put in place systems to mitigate the Company&#146;s risks and that residual risks remain within our risk appetite.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">We have adopted a comprehensive enterprise risk management system that evaluates the risks from each of our major businesses.&#160; This process involves analyzing both existing and emerging risks in defined categories and takes into consideration factors that work to mitigate our risks.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">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>
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Internal Controls</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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>
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Meeting without Management or Non-Independent Directors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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 2017, the Board held <i>in camera</i> sessions of independent directors at the end of every regularly scheduled board meeting.&#160; Each of the standing committees of the Board also held regularly scheduled <i>in camera</i> sessions.&#160; In 2017, the Board held (10)&nbsp;ten, the ARC held (5)&nbsp;five, the HRC held (5</font><font face="Arial">)</font><font face="Arial">&nbsp;five, and the GSSC held (4)&nbsp;four<i> in camera</i> sessions.</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;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">34</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_34_130418_5893"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Succession Planning</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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.&#160; In regard to the CEO position, the HRC establishes and reviews the succession plan for the CEO on an annual basis under a variety of scenarios, including in emergency replacement scenarios.&#160; The HRC works with the CEO to develop, monitor and assess the Company&#146;s succession plans, including reviewing the internal talent pool on a regular basis, selecting executive development opportunities, and evaluating performance and progress.&#160; Succession planning will continue to be an important area of focus for the HRC into the future.</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="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>
<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="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">BOARD CHARACTERISTICS</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="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Independence of Directors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 GSSC.&#160; The GSSC 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>
<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="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;"><font size="2" face="Arial" style="font-size:10.0pt;">The committees of the Board are made up of independent 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;"><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 nine out of the ten nominated directors are 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;"><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;"><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;"><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;"><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 by the Board and shall be responsible for the overall process involved in the work of the Board as well as the development and effective performance of the Board.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font><font face="Arial">  </font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">35</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_35_130418_9862"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Diversity</font></b></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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board is currently comprised of four female directors (40%) and six male directors (60%).&#160; With respect to executive officer positions, we have four women (44%) and five men (66%).&#160; Women comprise 23% 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;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">Our Board and GSSC 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;"><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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Attendance</font></b></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;"><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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Other Directorships</font></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table outlines other public company directorships our nominee directors hold including the committees on which they serve.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">36</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_36_130418_9111"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Other Public Company Directorships/Committee Appointments</font></i></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Name</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Other Public Company<br>    Directorships</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Stock<br>    Exchange</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Board/Committee <br>    Appointments</font></b></p>     </td>    </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ambrose, R.H.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Manulife Financial Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Management Resources, Compensation and Risk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dielwart, J.P.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ARC Resources Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Health, Safety and Environment (Chair); Reserves</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:8.0pt;">Denbury Resources Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board; Reserves and Health, Safety and   Environment; Risk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Faithfull, T.W.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural Resources Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Health, Safety, Asset Integrity and   Environment</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Farrell, D.L.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The Chemours Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Compensation; Nominating&nbsp;&amp; Governance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fohrer, A.J.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">PNM Resources,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit and Ethics; Compensation and Human Resources   (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian National Railway Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Natural Resources Limited</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Lead Director; Audit; Nominating and Corporate   Governance (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Jenkins, P. T.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Manulife Financial Company</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Open Text Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NASDAQ</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Risk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of the Board</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:8.0pt;">None</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Nelson, G.R.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ball Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Human Resources; Nominating / Corporate Governance</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:8.0pt;">Cummins,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Compensation; Governance and Nominating</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:8.0pt;">Sims Metals Management Ltd.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ASX</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Safety; Health; Environment&nbsp;&amp; Community;   Remuneration</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Park, B.F.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">SSR Mining Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NASDAQ</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit; Safety and Sustainability; Compensation</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:8.0pt;">Teekay LNG Partners</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit (Chair); Governance; Conflicts (Chair)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pinney, B</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">North American Energy Partners Inc. </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSX/NYSE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Lead Director; Audit Committee (Chair); </font><font size="1" face="Arial" style="font-size:8.0pt;">Human   Resources&nbsp;&amp; Compensation</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:8.0pt;">Persta Resources Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">HKG</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Audit Committee (Chair); Human Resources and   Compensation </font></p>    </td>   </tr>  </table>
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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 align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">37</font><a name="PB_37_131524_6952"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">THE BOARD EXPERTISE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Orientation and Continuing Education</font></b></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Orientation</font></i></p>
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<p style="margin:0in 0in .0001pt;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">access to materials and minutes from recent Board and committee meetings;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><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:3.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">at the beginning of the term, participation in all committee meetings to obtain an understanding of each committee&#146;s function, oversight responsibilities and the overall workings and responsibilities of the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Continuing Education</font></i></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our continuing education for directors includes the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </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:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#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:3.0pt 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">information sessions on topics suggested by directors.&#160; The GSSC sets a schedule for speakers and/or presentations from internal or external sources.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2017, 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;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Date</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Topic</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Prepared/Hosted   by</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Attended   by</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">May</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Gas and Renewables Business</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:9.0pt;">D. Farrell, B. Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">May</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Capacity Market in Alberta</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:9.0pt;">A. Fohrer, J. Dielwart, B. Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">July</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Energy Trends and Developments </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Tinker Energy Associates</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:9.0pt;">October</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="1" face="Arial" style="font-size:9.0pt;">Microsoft / TransAlta   Corporation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All Directors</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;">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="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;">In 2016, the GSSC 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 2017, Ms.&nbsp;Park attended a &#147;deep-dive&#148; into the Gas and Renewables business with the CEO, which provided insight into the Company&#146;s Gas and Renewables&#146; business and operations. This program will continue into 2018 as it provides valuable and unique experiences to the 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">38</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_38_131524_9801"></a></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="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Financial Literacy</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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 and Mr.&nbsp;Pinney qualify as &#147;audit committee financial experts&#148; as defined by the U.S. Securities Exchange Act of 1934, as amended.&#160; This determination is based on an analysis of each director&#146;s education, skills and experience.&#160; Designation as an &#147;audit committee financial expert&#148; does not impose on such person any duties, obligations and liability that are greater than the duties, obligations and liability imposed on a member of the committee and Board in the absence of such designation.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">External Consultants and Other Third Parties</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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 2017, 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="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;">See &#147;<i>Compensation Report on Executive Compensation &#150; Use of External Advisors</i>&#148;.</font></p>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">39</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_39_131524_2440"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">THE BOARD EFFECTIVENESS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Board Evaluation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We have established an annual evaluation process whereby our directors are provided with an opportunity to evaluate the Board, Board committees, individual directors and the Chair&#146;s performance.&#160; Below is a summary of the processes for the annual evaluation:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Review<br>     <i>(Frequency)</i></font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">By</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Action</font></b></p>     </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Outcome</font></b></p>     </td>    </tr>
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<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Full   Board<br>    <i>(Annual)</i></font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All   Members of the Board</font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Board   members complete a detailed questionnaire which: (a) provides the quantitative   ratings in key areas; and (b) seeks subjective comment in each of those   areas.</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Responses   are reviewed by the GSSC together with the Chair of the Board.</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">The   GSSC and Board reviews and considers the proposed changes to the General   Governance Guidelines of the Board.</font></p>
<p style="margin:0in 0in .0001pt 13.2pt;text-indent:-13.2pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.2%;">
<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:5.0pt 0in .0001pt;"><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 style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All   Members of the Board</font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Individual   responses are received by the Chair of the GSSC during one-on-one sessions   with each member of the Board. </font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">A   summary report is prepared by the Chair of the GSSC and provided to the Chair   of the Board and the full Board during an in camera session.</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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 GSSC makes   recommendation to the full Board with respect to renewal of term.</font></p>
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<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Board   Committees <br>    <i>(Annual)</i></font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">All   Members of the Board</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:38.72%;">
<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Responses   are reviewed by the GSSC and Chair of the Board.</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">The   GSSC and Board reviews and considers the proposed changes to the Committee   Charters. </font></p>
<p style="margin:0in 0in .0001pt 13.2pt;text-indent:-13.2pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:35.2%;">
<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </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:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Individual   Directors<br>    <i>(Annual)</i></font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Each   Director</font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Each   director formally meets with the Chair of the Board to engage in a full and   frank discussion of any and all issues either wishes to raise.</font></p>
<p style="margin:3.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Each   director is expected to be prepared to discuss how the directors,   individually and collectively, can operate more effectively. </font></p>
<p style="margin:0in 0in .0001pt 13.2pt;text-indent:-13.2pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:5.0pt 0in .0001pt 12.95pt;text-indent:-12.95pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">The   Chair of the Board reports summary findings to the full Board during an <i>in camera</i> session.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">40</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_40_131524_5340"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Identifying New Candidates for the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Each year the GSSC 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 GSSC 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 GSSC also receives materials and proposals from third party search firms in connection with potential engagements for Board recruitment.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">In late 2017, the Board approved the nomination of Mr.&nbsp;Bryan Pinney for appointment to the Board at the Meeting.</font><font face="Arial"> In approving the nomination of Mr.&nbsp;Pinney the Board considered a number of factors, including t</font><font face="Arial">he demonstrated ability of Mr.&nbsp;Pinney to support the business and affairs of the Company through strategic stewardship and oversight; his professional experience with significant executive leadership accomplishments, including financial literacy with the ability and willingness to serve on the Audit and Risk Committee of the Company; and his personal qualities of integrity and credibility.&#160; The Board also considered his independence, Canadian residency and commitment to devote the time, effort and energy necessary to serve effectively as a director of the Company as factors contributing to his nomination.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Shareholder Engagement Policy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board believes that it is important to have regular and constructive engagement directly with its Shareholders. This includes allowing, encouraging and facilitating Shareholders to express their views on governance and other matters directly to the Board.&#160; The Board encourages shareholder participation at the Meeting, where the Chair of the Board will be available to respond to Shareholder questions. In between annual meetings, the Company supports an open and transparent process for shareholders to contact the Board, including the chairs of the Board committees, through the office of the Corporate Secretary or at the email listed below. The Corporate Secretary has been designated by the Board as its agent to receive and review communications and meeting requests addressed to the Board. The Corporate Secretary will determine whether the communication received is a proper communication to the Board or should be addressed by management.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This Shareholder Engagement Policy is subject to applicable law and the Company&#146;s disclosure policies, which prohibit the selective disclosure of undisclosed material facts or material changes. &nbsp;This Shareholder Engagement Policy is intended to promote and facilitate an interchange of views about governance and other corporate matters that are within the public domain.&#160; The GSSC oversees this policy and reviews this policy annually to ensure that it is effective in achieving its objectives and continues to be representative of sound corporate governance practices.&#160; The Shareholder Engagement Policy can be found at the Company&#146;s website.</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="Arial" style="font-size:10.0pt;">The Board will endeavor to respond to all appropriate correspondence in a timely manner. On a quarterly basis, the Corporate Secretary will report to the GSSC with respect to all communications sent to the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholders may communicate with the Board by mail (marking the envelope &#147;Shareholder Engagement&#148;) or e-mail (marking the subject line as &#147;Shareholder Engagement&#148;) as follows:</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="Arial" style="font-size:10.0pt;">Chief Legal and Compliance Officer and Corporate Secretary<br> TransAlta Corporation<br> 110 &#150; 12th Avenue SW<br> Box 1900, Station &#147;M&#148;<br> Calgary, Alberta&#160; T2P 2M1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">corporate_secretary@transalta.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Shareholders, and other stakeholders, are also encouraged to contact us through our Ethics Help-Line at 1.855.374.3801 (Canada / US) or 1.800.339276 (Australia) or by emailing the Ethics Committee (composed of members of management) at ethics_helpline@transalta.com.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">41</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_41_131524_1065"></a></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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">REPORT OF THE AUDIT AND RISK COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:11.0pt;font-weight:bold;">MEMBERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The ARC   is comprised of independent directors in accordance with National Instrument   52-110 Audit Committees. 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. </font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="54" height="61" src="g88581mm37i002.jpg"></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"><img width="54" height="61" src="g88581mm37i003.jpg"></font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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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>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="54" height="61" src="g88581mm37i006.jpg"></font></p>    </td>   </tr>
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<td width="11%" height="85" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:64.05pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alan   Fohrer (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:9.0pt;">Rona   Ambrose</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;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">John   Dielwart</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy   Faithfull</font></p>    </td>
<td width="10%" height="85" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:64.05pt;padding:0in 5.4pt 0in 5.4pt;width:10.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Yakout   Mansour</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Beverlee   Park</font></p>    </td>   </tr>
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<td width="100%" colspan="7" height="118" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:none;border-bottom:solid windowtext 1.0pt;height:88.85pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:11.0pt;font-weight:bold;">MANDATE</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><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. The full text of the ARC&#146;s charter is   available on TransAlta&#146;s website at <u>www.transalta.com/about-us/governance/board-committees</u>   or at <u>www.sedar.com</u> as an Appendix to the Company&#146;s Annual Information   Form.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2017, the ARC completed the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Financial Reporting</font></i></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received regular updates from management with respect to any changes in accounting principles, practices or policies and discussed with management and the external auditors their applicability and impact on the Company&#146;s business;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received regular updates from management with respect to its disclosure controls and procedures and the effectiveness of these controls; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">reviewed the Company&#146;s annual information form for the year ended December&nbsp;31, 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;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;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 .25in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received quarterly updates on the Company&#146;s assessment and mitigation of cyber security threats;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received quarterly updates on the Company&#146;s risk management assessment process based on the Company&#146;s Enterprise Risk Management framework;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received quarterly detailed reports and analysis on the Company&#146;s risk profile, risk assessment, developing risks forecast and programs/policies put in place to mitigate or address such risks;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">together with the GSSC, reviewed the Company&#146;s insurance programs and coverage vis-&#224;-vis its risk profile;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed with the external auditors and the internal auditors the processes relating to the assessment of potential fraud, programs, policies and controls to mitigate the risk of fraud and the processes put in place for monitoring such risk within targeted areas;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed reports from the external auditors and the internal auditor relating to the adequacy of the Company&#146;s financial risk management practices, as well as management&#146;s responses;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and recommended to the Board changes to the Company&#146;s policies with respect to financial and commodity exposure management;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received quarterly updates on the Company&#146;s financial and commodity exposure management activities;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received quarterly updates with respect to legal and regulatory compliance matters which may have a material impact on the Company&#146;s financial statements; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">reviewed the financial performance of the Company&#146;s pension plans.</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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">42</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_42_133959_7990"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">External Auditors</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed the performance and qualifications of the external auditors and recommended to the Board their re-appointment for Shareholder approval;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and discussed with the external auditors the accounting policies adopted by management, the estimates made and the reasonableness of the assessments made by management;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed the independence of the external auditors, based on the auditors&#146; disclosure of their relationship with the Company, and determined they were independent;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">obtained and reviewed with the external auditors their report with respect to their internal quality-control procedures, any material issues raised by the review or recent peer review and inquired on whether there were any investigations by governmental or professional authorities within the last five years, and determined that no such matters existed which could impact their ability to act as independent external auditors;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">approved the fees payable to the external auditors;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and approved the overall scope and plans of the annual audit with the external auditors and management;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and approved non-prohibited services to be provided by the external auditors; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">met privately, without any members of management present, with the external auditors to discuss the scope of their work, their relationship with management and internal audit and other issues that the external auditors wished to raise at each in person audit committee meeting and at each regularly scheduled executive session.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Information Technology</font></i></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">received updates from the Company&#146;s IT department on cyber security system integrity, updates, and overall system security.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Internal Auditors</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed the mandate, independence, qualifications and resources of the internal auditor (the &#147;<b>Internal Auditor</b>&#148;);</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and approved the annual work plan of the Internal Audit department;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received regular quarterly updates of audits performed, the results of each audit and the plans in place to address any remedial work needed;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">engaged Internal Audit to undertake independent reviews of the business to provide clarity on compliance and best practices; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2017 the ARC:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">met regularly with external auditors; the Internal Auditor; the CEO; the Chief Financial Officer (&#147;<b>CFO</b>&#148;); the Managing Director and Corporate Controller; the Chief Legal and Compliance Officer and Corporate Secretary and other members of management, as required;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">met in camera, without management present, at the conclusion of five regularly scheduled ARC meetings; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">reviewed the changes made to the Company&#146;s trade compliance program.</font></p>
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<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 2017.</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; R. Ambrose&#160;&#160; John P. Dielwart&#160;&#160; Timothy Faithfull&#160;&#160; Yakout Mansour&#160;&#160; Beverlee Park</font></p>
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">43</font><a name="PB_43_133959_2846"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-weight:bold;">REPORT OF THE GOVERNANCE, SAFETY AND SUSTAINABILITY COMMITTEE AND COMMITTEE RESPONSIBILITIES</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
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<p style="margin:0in 1.0in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">The   GSSC 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>
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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;">P.   Thomas Jenkins (Chair)</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:9.0pt;">John   Dielwart</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Timothy   Faithfull</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Yakout   Mansour</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The GSSC 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 GSSC is also   responsible for board recruitment and for the nomination of directors to the   Board and its committees.&nbsp; In addition,   the GSSC assists the Board in fulfilling its oversight responsibilities with   respect to the Company&#146;s monitoring of environmental, health and safety   regulations and public policy changes and the establishment and adherence to   environmental, health and safety practices, procedures and policies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The charter of the GSSC is   available on TransAlta&#146;s website at <u>www.transalta.com/about-us/governance/board-committees</u>.   </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In fulfilling its mandate in 2017, the GSSC completed the following:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate Governance</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:3.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">considered the retirement policy of the Board, recommended to the Board the removal of term limits and increasing the retirement age from 72 to 75;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">evaluated the size of the Board and the composition of its committees to provide for staffing of each committee with the appropriate mix of skills and experience;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">recommended the nominees to stand for election as directors at the annual general meeting;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and recommended amendments as required to the Company&#146;s General Governance Guidelines;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and recommended amendments to the charters of each committee, which were approved by the Board;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed and recommended amendments to the Terms of Reference of the Chair of the Board;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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 Chair of the committee performed an evaluation of the Chair&#146;s performance based on one-on-one discussions with each member of the Board;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed the market competitiveness of directors&#146; 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>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">performed an evaluation of the Board and its committees and held a discussion in-camera at the Board on the results of the anonymous evaluations addressing also matters for improvement and change where applicable;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">together with the ARC reviewed the directors&#146; and officers&#146; insurance program and indemnity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">44</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_44_133959_457"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-style:italic;font-weight:bold;">Environment, Health and Safety (&#147;EH&amp;S&#148;)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received regular reports from management regarding environmental compliance, trends and TransAlta&#146;s responses;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">conducted a &#147;deep-dive&#146; into the safety performance and practices of the Company;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received reports and briefings on management&#146;s initiatives with respect to changes in climate change legislation, policy developments as well as other draft initiatives and the potential impact such initiatives may have on the Company&#146;s operations in Canada and the United States;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">assessed the impact of the greenhouse gas policies implementation and other legislative initiatives on the Company&#146;s business;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">reviewed with management the EH&amp;S policies of the Company;</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">received regular reports from management on the near miss reporting program and discussed with management ways to improve the EH&amp;S processes and practices; and</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .5in;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">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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, during 2017 the GSSC met in camera, without management present, at the conclusion of the four regularly scheduled GSSC meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The GSSC has reviewed its mandate and is satisfied that it met the terms of its charter in 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;"><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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">45</font><a name="PB_45_133959_2959"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Times New Roman" style="color:#595959;font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;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;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">MEMBERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in .25in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">All   members of the HRC are independent.&nbsp;   Each member brings to the committee experience and knowledge relevant   to the committee&#146;s responsibilities and accountabilities, including   experience in human resources, executive compensation, corporate governance,   industry, finance and business judgment.</font></p>
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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>
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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;">Georgia   Nelson (Chair)</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:9.0pt;">Rona   Ambrose</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;">P. Thomas   Jenkins</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Beverlee   Park</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">MANDATE</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC is empowered by the Board to review and   approve key compensation and human resources policies of TransAlta which are   intended to attract, recruit, retain and motivate employees of the   Company.&nbsp; The HRC also makes   recommendations to the Board regarding the compensation of the Company&#146;s   executive officers, including the review and adoption of equity-based   incentive compensation plans, the adoption of human resources policies which   support human rights and ethical conduct, the review and approval of   executive management succession and development plans.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The 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;"><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;">In fulfilling its mandate in 2017, the HRC completed the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">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 2017 performance metrics and targets applicable to the Company&#146;s incentive plans;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">In March, the HRC reviewed and recommended to the Board for approval the grant of long-term incentive awards and the variable compensation payable to the executives.&#160; The HRC also conducted a comprehensive review of compensation risks;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">In April, the HRC discussed the feedback received from the Chair of the HRC and the Chair of the Board as part of their shareholder outreach as it pertains to the Company&#146;s approach to executive compensation;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><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">In July, the HRC received advise from Willis Towers Watson regarding the failed shareholder resolution supporting the Company&#146;s approach to executive compensation.&#160; The HRC increased the CEO&#146;s share ownership requirement from four-times to five-times salary.&#160; The HRC revised the comparator group, on the advice of Willis Towers Watson, to remove two peers that were larger that the Company;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">In October, the HRC reviewed the 2018 executive goals and reviewed the annual incentive and long-term incentive metrics.&#160; The HRC discussed additional shareholder outreach and engagement with proxy advisory firms to reassess the Company&#146;s approach to executive compensation.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2017, the HRC also:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">conducted annual salary reviews for executive officers;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">reviewed achievements of variable compensation plans at each of its scheduled meetings;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">together with the ARC, reviewed the 2017 annual pension report;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">reviewed the HRC charter; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" 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">reviewed and recommended to the Board the approval of the CEO&#146;s role description.</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="Arial" style="font-size:10.0pt;">In addition, during 2017 the HRC met in camera, without management present, at the conclusion of six regularly scheduled HRC meetings</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 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;"><font size="2" face="Arial" style="font-size:10.0pt;">Georgia R. Nelson (Chair), R. Ambrose,&#160;&#160; P. Thomas Jenkins,&#160;&#160; Beverlee F. Park</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">46</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_46_133959_3821"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">DIRECTOR COMPENSATION</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">REPORT ON DIRECTOR COMPENSATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Philosophy and Approach</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for developing and implementing the directors&#146; compensation plan and has delegated to the GSSC 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="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-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-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-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-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="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;">Director compensation does not include retirement benefits, change of control or severance provisions, health care coverage, charitable donations, vehicles, clubs, pensions, or other such perquisites.&#160; In addition, non-management directors are not eligible to participate in the long-term incentive plan (consisting of restricted share units and performance share units) or the stock option plan.</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="Arial" style="font-size:10.0pt;">The GSSC 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 GSSC, revisions to director compensation in order to provide compensation denominated in U.S. dollars for those directors that reside outside of Canada.&#160; In recommending the change to director compensation, the GSSC considered, among other things, the compensation practices of comparable companies and the potential impact on attracting and retaining experienced, skilled and knowledgeable directors.&#160; No changes to director compensation were made in 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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Components of Compensation for 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Retainers</font></b><font size="1" color="white" face="Arial" style="color:white;font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">&nbsp;&nbsp; Amount</font></b><font size="1" color="white" face="Arial" style="color:white;font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>    </td>   </tr>
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<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><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 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$330,000</font></p>    </td>   </tr>
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<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><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 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$160,000</font></p>    </td>   </tr>
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<td width="77%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<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 12.8pt;text-indent:-4.5pt;"><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;"><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 12.8pt;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><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 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Human   Resources Committee</font></p>    </td>
<td width="22%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.38%;">
<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$25,000</font></p>    </td>   </tr>
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<td width="77%" height="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.1pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Governance,   Safety and Sustainability Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><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;"><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 12.8pt;text-indent:-4.5pt;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.38%;">
<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Travel Fees</font></b></p>    </td>
<td width="22%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.38%;">
<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If   travelling more than 1,000 kilometres round trip</font></p>    </td>
<td width="22%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.38%;">
<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$1,500</font></p>    </td>   </tr>
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<td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:77.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If   traveling more than 7,500 kilometres round trip</font></p>    </td>
<td width="22%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:22.38%;">
<p style="margin:0in 0in .0001pt 12.8pt;text-indent:-4.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">$3,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:8.0pt;">Note:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" 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 </font><font size="1" face="Arial" style="font-size:8.0pt;">retainer</font><font size="1" face="Arial" style="font-size:8.0pt;">, the director can choose to receive it as deferred share units or common shares.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">47</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_47_142259_7056"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Deferred Share Units</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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="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;">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, 2017, the accrual in respect of DSUs currently outstanding to directors was $3,666,599, based on the closing price of a TransAlta common share on December&nbsp;31, 2017 of $7.45.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Share Ownership Requirements of Directors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board 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 within five years of joining the Board or from the date of any increase in compensation.&#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 or from the date of any increase in 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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Shareholdings of Directors at December&nbsp;31, 2017</font></b></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;">

<tr height="68" style="height:51.0pt;">
<td width="25%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Director <br>    and Year <br>    Appointed</font></b></p>     </td>
<td width="5%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:5.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Year</font></b></p>     </td>
<td width="10%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Total<br>    Shares&nbsp;and<br>    DSUs</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>     </td>
<td width="10%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Change<br>    Year Over <br>    Year</font></b></p>     </td>
<td width="10%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Value</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>     </td>
<td width="11%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Multiple<br>    of<br>    Requirement</font></b></p>     </td>
<td width="14%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Equity at    risk<br>    Multiple of 2017<br>    Annual&nbsp;Retainer</font></b></p>     </td>
<td width="11%" height="68" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:51.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Ownership<br>    Requirement<br>    Met</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b></p>     </td>    </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">R.H.   Ambrose &#150; 2017</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4,550</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<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="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$34,444</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.07x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.22x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P.   Dielwart &#150; 2014</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">75,001</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">22,865</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$567,758</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.18x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3.54x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">T.W.   Faithfull &#150; 2003</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">138,408</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15,456</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,047,749</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.18x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6.55x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">D.L.   Farrell &#150; 2012</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">783,003</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">141,977</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$5,927,335</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">5.93x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">A.J.   Fohrer &#150; 2013</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">71,023</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15,113</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$537,644</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.12x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3.36x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">G.D.   Giffin &#150; 2002</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">143,228</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">33,257</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,084,236</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.10x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3.29x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T.   Jenkins &#150; 2014</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">83,327</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">(214,120)</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(6)</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$630,785</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.31x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3.94x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Y.   Mansour &#150; 2011</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">75,184</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15,223</font></p>
<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="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$569,143</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.19x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">3.56x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">G.   Nelson &#150; 2014</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">61,997</font></p>    </td>
<td width="10%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15,059</font></p>
<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="10%" height="19" style="height:14.15pt;padding:0in 0in 0.375pt 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$469,317</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">0.98x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.93x</font></p>    </td>
<td width="11%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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 height="19" style="height:14.15pt;">
<td width="25%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="25%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F.   Park &#150; 2015</font></p>    </td>
<td width="5%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:5.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">63,341</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">22,254</font></p>    </td>
<td width="10%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">$479,791</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1.00x</font></p>    </td>
<td width="14%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">2.99x</font></p>    </td>
<td width="11%" height="19" style="height:14.15pt;padding:0in 0in 0in 0in;width:11.92%;">
<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="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.58%;">
<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="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<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="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.48%;">
<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="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<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="11%" valign="top" 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:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">48</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_48_142300_5335"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<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="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 .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Includes units credited in lieu of reinvested dividends.&#160; See <i>&#147;Report on Director Compensation &#150; Components of Compensation for 2017 &#150; Deferred Share Units&#148;</i> for further information on the DSU plan.&#160; 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 &#150; Our Variable Compensation Program&#148;</i>).&#160; As at December&nbsp;31, 2017, she held </font><font size="1" face="Arial" style="font-size:8.0pt;">245,827</font><font size="1" face="Arial" style="font-size:8.0pt;"> RSUs and 401,912 ODSUs.&#160; In addition, as at December&nbsp;31, 2017, Mrs.&nbsp;Farrell held </font><font size="1" face="Arial" style="font-size:8.0pt;">506,981</font><font size="1" face="Arial" style="font-size:8.0pt;"> PSUs and 666,461 options to acquire common shares.&#160; See <i>&#147;Compensation Discussion and Analysis &#150; Shareholder Alignment &#150; Share Ownership Requirements&#148;</i>.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">The 2016 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, 2016 of $7.35 and the 2017 value is based on the weighted average closing price of TransAlta common shares on the TSX for the 20 trading days prior to and including December&nbsp;31, 2017 of $</font><font size="1" face="Arial" style="font-size:8.0pt;">7.57</font><font size="1" face="Arial" style="font-size:8.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Due to the Independent directors&#146; share ownership policy, independent directors are required to acquire and hold a minimum value of three times the directors&#146; annual retainer fee (cash or equity retainer) within five years from the date they joined the Board and to meet the Independent directors&#146; share ownership requirement.&#160; New directors are required to hold the equivalent of their annual retainer within two years of joining the Board or from the date of any increase in compensation, to meet the independent directors&#146; share ownership requirement.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(4)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017 and has until July&nbsp;13, 2019 to hold her annual retainer amount ($160,000) and until July&nbsp;13, 2022 to hold shares equal to three times her retainer ($480,000).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(5)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Mrs.&nbsp;Farrell is required to hold four times her base salary in accordance with the executive share ownership policy.&#160; Mrs.&nbsp;Farrell has met this requirement.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(6)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">In December&nbsp;2017, Mr.&nbsp;Jenkins sold 237,000 common shares of the Company.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(7)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(8)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Park was appointed to the Board on April&nbsp;28, 2015 and has until April&nbsp;28, 2020 to meet the requirement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Summary of Directors&#146; Compensation for the Fiscal Year 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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.&#160; 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 GSSC, revisions to director compensation in order to provide compensation referenced to U.S. dollars for those directors that reside outside of Canada.</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="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="Times New Roman" 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="15%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Name</font></b></p>     </td>
<td width="13%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;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" color="white" face="Arial" style="color:white;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" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="15%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Board    Meeting<br>    Fee&nbsp;&amp; Travel<br>    Day Fee</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;position:relative;top:-3.0pt;">(1)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="13%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Chair Fee</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">(Committee)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="14%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;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" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="15%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">All other<br>    compensation</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>
<td width="13%" height="45" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:33.7pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;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" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">($)</font></b></p>     </td>    </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">R.H. Ambrose</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">34,783</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">40,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">74,783</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">(DSU/Shares)</font></p>    </td>
<td width="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">J.P. Dielwart</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">160,000</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">T.W. Faithfull</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(4)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">17,430</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">224,198</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">D.L. Farrell</font><font size="1" face="Arial" style="font-size:6.0pt;position:relative;top:-3.0pt;">(5)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">N/A</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;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:9.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><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;">(4)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7,754</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">32,307</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">246,829</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">(ARC)</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><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;">(4)(6)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">213,229</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9,676</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">213,229</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">436,134</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">P.T. Jenkins</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">1,500</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">15,000</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">176,500</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">(GSSC)</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><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;">(4)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">9,676</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">216,444</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><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;">(4)</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7,659</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">32,307</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">103,384</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">246,734</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">(HRC)</font></p>    </td>
<td width="14%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:3.0pt 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">B.F. Park</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">7,500</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">80,000</font></p>    </td>
<td width="15%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="13%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">167,500</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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="15%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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="15%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="11" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;page-break-inside:avoid;">
<td width="15%" height="11" valign="top" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="13%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.36%;">
<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;">901,548</font></b></p>    </td>
<td width="15%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;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:9.0pt;font-weight:bold;">61,195</font></b></p>    </td>
<td width="13%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">79,614</font></b></p>    </td>
<td width="14%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.16%;">
<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;">906,765</font></b></p>    </td>
<td width="15%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="13%" height="11" bgcolor="#BFBFBF" style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.34%;">
<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;">1,949,122</font></b></p>    </td>   </tr>  </table>
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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 align="right" style="font-size:10.0pt;margin:0in 0in .0001pt 5.4pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |</font>  <font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">49</font><a name="PB_49_142300_5796"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Travel day fee of $1,500 (where round trip travel exceeds 1,000 km but is less than 7,500 km) or $3,000 (where round trip travel exceeds 7,500 km);</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">The flat fee includes for up to ten (10)&nbsp;Board meetings.&#160; For every Board meeting after ten (10), a meeting fee of $1,500 per meeting is paid. In 2017, there were 11 Board meetings and, as a result, a meeting fee of $1,500 was paid to T. Faithfull, Ambassador Giffin, T. Jenkins, Y. Mansour, G. Nelson and B. Park.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(4)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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;">&#160;day of the last month of each compensation quarter.&#160;&#160; 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;">&#160;day of the last month of each compensation quarter.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(5)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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.&#160; Her compensation is reported in the <i>&#147;Summary Compensation Table&#148;</i> for Named Executive Officers (&#147;<b>NEO</b>&#148;) in this Proxy Circular.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(6)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ambassador Giffin is Chair of the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Breakdown of Annual Retainer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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, 2017.</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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<tr height="26" style="height:19.85pt;">
<td width="33%" height="26" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Director</font></b></p>    </td>
<td width="33%" height="26" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Cash (%)</font></b></p>    </td>
<td width="33%" height="26" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">Equity (%)</font></b></p>    </td>   </tr>
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<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">R. Ambrose</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">46</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">J.P. Dielwart</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">T.W. Faithfull</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><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>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A.J. Fohrer</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">G.D. Giffin</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">P.T. Jenkins</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Y. Mansour</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">G.R. Nelson</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>
<tr height="19" style="height:14.15pt;">
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">B.F. Park</font></p>    </td>
<td width="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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="33%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 5.4pt 0in 5.4pt;width:33.34%;">
<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>   </tr>  </table>
<p style="margin:0in 0in .0001pt 117.0pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Ms.&nbsp;Ambrose was appointed to the Board on July&nbsp;13, 2017.</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </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="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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Share-Based Awards</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 2017&#148;</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">50</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_50_142300_2897"></a></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">REPORT ON EXECUTIVE COMPENSATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This next section discusses executive compensation at TransAlta &#150; our strategy, compensation governance, compensation elements, what we paid our most senior officers for 2017 and why, and how that relates to our share performance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Human Resources Committee has reviewed and approved the content of this section and the compensation details beginning on page&nbsp;55.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:17.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .2in;"><b><font size="4" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Letter to Shareholders</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">52</font></b></p>    </td>   </tr>
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<p style="margin: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 .1in;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">2017 Named Executive Officers</font></b></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">55</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Highlights</font></b></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">56</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .15in;"><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;">Compensation Discussion and Analysis</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .2in;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:4.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;How we link strategy and   compensation</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">57</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;2017 compensation decisions</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">58</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;2017 executive   performance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">61</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;2017 CEO realized pay   analysis</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">66</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Share performance and   executive pay</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">67</font></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 align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .15in;"><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;">Compensation Governance</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;What we do and what we   don&#146;t do</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">68</font></b></p>    </td>   </tr>
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<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Independent advice</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">69</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Benchmarking executive   compensation</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">70</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Disciplined   decision-making process</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Executive share   ownership</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">72</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Managing compensation   risk</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">73</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .15in;"><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;">2017 Compensation Programs</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Annual incentive plan<b>  </b></font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">75</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Long-term incentive plan</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">76</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .15in;"><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;">2017 Executive compensation details</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Summary compensation   table</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">77</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Incentive plan awards </font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">78</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Retirement plans</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">80</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;Termination and change   of control</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">82</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .65in;"><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="92%" valign="top" style="border:none;border-left:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .65in;"><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="border-bottom:solid #00A4E4 2.25pt;border-left:solid #00A4E4 2.25pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:92.24%;">
<p style="margin:0in 0in .0001pt .65in;"><font size="1" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #00A4E4 2.25pt;padding:0in 0in 0in 0in;width:1.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid #00A4E4 2.25pt;border-left:none;border-right:solid #00A4E4 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:5.82%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size: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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">51</font><a name="PB_51_221042_5335"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">LETTER TO SHAREHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Dear shareholder,</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As we begin the conversation about TransAlta&#146;s compensation policy and programs, we would first like to assure you that the Board took seriously the &#147;say on pay&#148; vote last year and the message emanating from it.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">We encourage you to read the compensation discussion and analysis beginning on page&nbsp;57, which explains how our compensation program aligns with our strategic goals and the principles of pay for performance. We also encourage you to vote FOR our approach to executive compensation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We value your feedback and look   forward to seeing you at the shareholder meeting on April&nbsp;20, 2018.</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 .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">2017 Highlights</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">1.&nbsp;&nbsp;&nbsp;</font></b><font color="black" face="Arial" style="color:black;">The compensation plan includes and is   linked to strategic goals.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">2.&nbsp;&nbsp;&nbsp;</font></b><font color="black" face="Arial" style="color:black;">There were no discretionary awards   provided in 2017.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">3.&nbsp;&nbsp;&nbsp;</font></b><font color="black" face="Arial" style="color:black;">CEO realized pay is strongly aligned   with performance, as illustrated on page&nbsp;66</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">4.&nbsp;&nbsp;&nbsp;</font></b><font color="black" face="Arial" style="color:black;">Our compensation plans&#146; pay for   performance metrics are aligned with market practice and are now designed to   limit the need for discretion.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">5.&nbsp;&nbsp;&nbsp;</font></b><font color="black" face="Arial" style="color:black;">Executive salaries and incentive   compensation targets will remain at 2017 levels for 2018.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">6.&nbsp;&nbsp; </font></b><font color="black" face="Arial" style="color:black;">The Chair of the Board and the Chair   of the Human Resources Committee met and will continue to meet with   shareholders, independent of management, to directly address shareholder   concerns about executive compensation.</font></p>
<p style="font-size:10.0pt;margin:2.0pt .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><b><font size="2" color="#e06b2f" face="Arial" style="color:#E06B2F;font-size:10.0pt;font-weight:bold;">7.&nbsp;&nbsp; </font></b><font color="black" face="Arial" style="color:black;">The Alberta power industry is in a   period of disruptive change and our share price does not yet reflect the outstanding   strategic work the executive team has accomplished. However, we strongly   believe that our compensation plans are driving the right behaviour for   creating long-term shareholder value.</font></p>
<p style="margin:0in .1in .0001pt 23.75pt;text-align:justify;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Times New Roman" style="color:#E06B2F;font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Shareholder   Outreach</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We initiated a shareholder outreach   program to speak to many of you individually. We reached out to major   shareholders, who collectively represent 46% of our outstanding shares, and   met with 11 shareholders, who collectively represent 35% of our outstanding   shares. We also talked with proxy advisory firms Institutional Shareholder   Services and Glass Lewis.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As Chair of the Board,&nbsp;I   attended these meetings and was joined by Georgia Nelson, Chair of the Human   Resources Committee. This initiative, which we will continue, is intended to provide   shareholders with the opportunity to engage in a direct dialogue with the   Board. </font><font color="black" face="Arial" style="color:black;">We will be transparent with shareholders   about our compensation decisions and invite shareholders to provice ongoing   feedback. To that end, we have introduced a formal Shareholder Engagement   Policy to ensure greater communication and provide improved access to our   independent directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In our meetings, we heard few   concerns about the structure of TransAlta</font><font color="black" face="Arial" style="color:black;">&#146;</font><font color="black" face="Arial" style="color:black;">s compensation program. However, the need for greater transparency   was flagged and subsequently acted upon. Shareholders also emphasized the   need for more clarity related to our decisions on executive compensation.   Thus, this year</font><font color="black" face="Arial" style="color:black;">&#146;</font><font color="black" face="Arial" style="color:black;">s circular has been reorganized and simplified.</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="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We also received feedback regarding the use of the Board&#146;s discretion in 2016 to recognize outstanding achievement by certain senior executives in furtherance of the company&#146;s strategic goals. We believe that 2016 was one of the most significant and transformative years in TransAlta&#146;s 100+ year history. The contributions of four members of the executive team in 2016 were not fully captured in our 2016 compensation program, and thus warranted discretionary awards that year. Shareholders raised questions about these decisions and the Board has amended our compensation plans to directly incorporate the achievement of strategic goals going forward. In particular, as part of our annual compensation plan reviews over the past two years, we have made design changes to incorporate strategic goals, as well as financial goals, which will alleviate the kind of discretionary action required in 2016. The compensation program is described in the following pages&nbsp;and shareholders can rely on the compensation program.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">52</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_52_221043_5796"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Aligning Strategy, Results and Compensation</font></b></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;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Company&#146;s goal is to ensure alignment of executive compensation with shareholder value. Our compensation programs are designed to pay for performance, and the majority of executive compensation is &#147;at risk&#148; and directly tied to financial success and the furtherance of our strategic goals. Furthermore, 100% of the CEO&#146;s annual incentive is based on the results of the corporate scorecard, which includes strictly financial metrics that help drive both short-term and long-term shareholder value creation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Incentive- Based Compensation Metrics</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Our incentive compensation plan metrics are directly tied to our business strategy and drive the right behaviour. A more detailed breakdown of these metrics is provided on pages&nbsp;58 and 59.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">In our short-term incentive plan, we focus on two key financial metrics to align pay and performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">We use free cash flow (&#147;FCF&#148;) as the primary metric because it represents the amount of cash generated by our business that is available to invest in growth and pay down debt.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">We also use a financial metric titled <i>strategic transformation </i>that represents TransAlta&#146;s central effort to drive financial performance through Project Greenlight. The targets and results of this metric are a combination of cost reductions, working capital reductions, future cost avoidance, net new revenues, and sustaining capital reductions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In our long-term incentive plan, we focus on financial performance and the furtherance of our strategic goals to align pay and performance:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">We use funds from operations to debt (&#147;FFO-to-debt&#148;) because it is a strong indicator of the strength of our balance sheet, as it measures both cash generated from operating activities and net debt levels.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">We use a strategic metric to measure our transition away from coal because it represents how effectively we transform TransAlta.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">2017 Results</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Company performance improved on nearly all metrics, including free cash flow, free cash flow per share and year-end debt. We achieved an injury frequency rate of 0.72, our best result ever.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We made groundbreaking progress on regulatory files, reaching an agreement on new federal regulations for converting coal plants to gas, which will come into effect in 2018. These new regulations allow us to extend the combined life of our existing coal facilities by approximately 75 years, adding more than $1 billion of additional free cash flow.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Our balance sheet is strengthening at an accelerated pace, we continue to increase our financial flexibility, and we continue to reduce debt. We maintained our investment grade credit rating, which is critical to our focus on growing TransAlta&#146;s renewables fleet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We commissioned our South Hedland power station in Western Australia. The project is up and running and delivering $60 million in cash flow annually from our customer, Horizon Power. The facility is contracted for approximately 115 megawatts of power, or 75% of its capacity, through 2042. We expect the remaining capacity to be sold to Fortescue Metals Group Ltd pursuant to the terms of a power purchase agreement, or sold to third parties in the market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Overall availability was lower than 2016, largely due to coal supply constraints at our Alberta mine during the summer. However, Alberta Coal successfully initiated a strong and rapid recovery plan. We anticipate that Alberta Coal will achieve budget targets in 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">During our accelerated transition off coal, we have successfully re-positioned TransAlta to supply customers with low cost, clean, reliable and firm power. We now have the regulatory framework and the financial strength to execute our next stage of diversification and growth.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">This performance is the basis for the 2017 compensation which is derived from the compensation system described in the following pages. </font><font color="black" face="Arial" style="color:black;">2017 was a strong year. As a result of these significant achievements, we now have the clarity and confidence we need to make and execute informed plans to propel us forward to a 100% clean power future. We recognize our CEO</font><font color="black" face="Arial" style="color:black;">&#146;</font><font color="black" face="Arial" style="color:black;">s leadership and all the work our employees did to maintain the positive momentum of the Company. We are grateful to you, our shareholders, for your patience as we transform TransAlta. We are confident it is well-founded.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">53</font><a name="PB_53_221043_2897"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Relative CEO 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" color="black" face="Arial" style="color:black;font-size:10.0pt;">The chart below demonstrates that our compensation program and metrics position CEO realized pay within the range of our peers. It is important in assessing the validity of the compensation program to focus on compensation actually received relative to comparators.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We have heard and responded to your concerns, while maintaining a competitive compensation structure that delivers pay for performance, aligns shareholder and management interests, and ensures the appropriate risk oversight. We encourage you to vote FOR our approach to executive compensation and we look forward to your ongoing feedback.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Georgia R.   Nelson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Gordon D.   Giffin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Chair, Human Resources Committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Chair of the Board</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">54</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#160; </font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_54_221043_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 NAMED EXECUTIVE OFFICERS</font></b></p>
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<p style="margin:0in 0in .0001pt 8.8pt;text-indent:-8.8pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Dawn L. Farrell, President and Chief Executive Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mrs.&nbsp;Farrell became   President and CEO of TransAlta on January&nbsp;2, 2012. Prior to her appointment,   she served as Chief Operating Officer (2009 to 2011) and Executive   Vice-President, Commercial Operations and Development (2008 to 2009).   Mrs.&nbsp;Farrell has over 30 years of experience in the electric energy   industry.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mrs.&nbsp;Farrell is also a member   of the Board of Directors of The Chemours Company, a chemical company listed   on the NYSE, The Conference Board of Canada and the Business Council of   Canada. Mrs.&nbsp;Farrell is also a member of The Canada-U.S. Council for   Advancement of Women Entrepreneurs and Business Leaders. Past board   memberships 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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Donald Tremblay,   Chief Financial Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mr.&nbsp;Tremblay joined   TransAlta 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.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Prior to joining TransAlta,   Mr.&nbsp;Tremblay was Executive Vice-President, Corporate Development and   also Chief Financial Officer at Brookfield Renewable Power. He has 25 years   of extensive financial experience, and has built a career that couples 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 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Brett M.   Gellner, Chief Investment Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">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 Chief Financial Officer (2010 to 2014) and Vice-President,   Commercial Operations (2008 to 2009).</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mr.&nbsp;Gellner has significant   experience in finance, valuation, economics, mergers and acquisitions, and   commercial agreements. He also has extensive knowledge of the power industry,   having worked as co-head of CIBC World Markets&#146; Power&nbsp;&amp; Utilities   group where 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 a major international consulting firm.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">John H.   Kousinioris, Chief Legal and Compliance Officer&nbsp;&amp; Corporate Secretary</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mr.&nbsp;Kousinioris joined   TransAlta on December&nbsp;3, 2012. He is TransAlta&#146;s Chief Legal and   Compliance Officer and Corporate Secretary and is responsible for directing   TransAlta&#146;s legal affairs, government relations, regulatory compliance and   corporate secretarial matters. Mr.&nbsp;Kousinioris is also President of   TransAlta Renewables.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Dawn E. de   Lima, Chief Administrative Officer</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mrs.&nbsp;de Lima started with TransAlta   on January&nbsp;23, 2006 and was appointed Chief Human Resources Officer on   March&nbsp;15, 2011, and then Chief Administrative Officer on   September&nbsp;14, 2015. She is responsible for leading human resources,   information technology, supply chain management, corporate   communications,&nbsp;Indigenous relations and corporate security, as well as   overseeing the company&#146;s general administration. She directs the design and   successful implementation of standards across the organization, is focused on   the execution of a long-term plan that addresses current and future talent   demands, ensures we maintain strong relationships with internal and external   stakeholders, safeguards the company&#146;s reputation and ensures that both our   cyber and corporate security practices are best-in-class.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Prior to joining TransAlta, Dawn   spent nearly two decades as a business leader in human resources and   communications, holding senior positions in Bell Canada and Norigen   Communications. Currently, she is the Chair of the Board of Directors for Junior   Achievement Canada.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">55</font><a name="PB_55_221205_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">HIGHLIGHTS</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 Performance</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Our strong financial and operational performance in 2017 reflects our   continued focus on transforming TransAlta to become Canada&#146;s leading clean   power company and creating long-term Shareholder value.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The significant achievements over the past year give us the clarity   and confidence we need to execute informed plans that propel us forward.</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in .1in .0001pt 0in;"><b><font size="2" color="#00b050" face="Wingdings" style="color:#00B050;font-size:10.0pt;font-weight:bold;">&#252;</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;"> Financial performance</font></b></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Funds from   operations (&#147;<b>FFO</b>&#148;) up 9.5% to $804 million</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Free cash flow (&#147;<b>FCF</b>&#148;) up 28% to $328M</font></p>
<p style="margin:0in 5.75pt .0001pt 0in;text-align:justify;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 5.75pt .0001pt 0in;"><b><font size="2" color="#00b050" face="Wingdings" style="color:#00B050;font-size:10.0pt;font-weight:bold;">&#252;</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;"> Transition to clean power</font></b></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Preserved maximum value for the coal plants we will convert to gas by   securing an additional 75 years of combined life, adding more than $1 billion   in anticipated FCF</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Accelerated coal plant conversions</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Secured agreement to build a 120 kilometre gas pipeline to converted   plants</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Acquired two construction-ready wind projects, announced in early-2018</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="#00b050" face="Wingdings" style="color:#00B050;font-size:10.0pt;font-weight:bold;">&#252;</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;"> Project Greenlight (strategic   transformation)</font></b></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Significantly exceeded targets</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Achieved $191 million in cost reductions, cost avoidance, and net new   revenues</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="#00b050" face="Wingdings" style="color:#00B050;font-size:10.0pt;font-weight:bold;">&#252;</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;"> Stronger balance sheet</font></b></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Increased liquidity   to $1.8 billion and FFO-to-debt to 20% for first time since 2011</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Reduced net debt by   $530 million, increasing our financial flexibility and preserving our   investment grade credit rating</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">De-leveraging   nearing completion</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>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 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;">Our 2017 executive compensation program is aligned with Shareholder interests and financial and strategic performance.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">171% scorecard   result for <br>   2017 annual bonus awards</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">98% scorecard   result for <br>   2015-2017 PSU awards</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">FCF was weighted 60% and the result was 151% of target</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Project Greenlight (strategic transformation) was weighted 40% and the   result was 200% of target</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">The three financial metrics were weighted 50% and the overall result   was 66% of target</font></p>
<p style="font-size:10.0pt;margin:4.0pt 5.75pt .0001pt 24.5pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">The two strategic metrics were weighted 50% and the overall result was   130% of target</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 CEO&#146;s annual incentive in 2017 was based entirely on the corporate scorecard result of 171%, which resulted in a $1,710,000 award. Combined with Mrs.&nbsp;Farrell&#146;s salary of $1,000,000 and the long-term incentive payout from the 2015-2017 grant of $1,685,572, Mrs.&nbsp;Farrell&#146;s realized total direct compensation was $4,395,572.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">56</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">  </font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">|&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_56_221205_141"></a></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="3" color="#00a3e3" face="Arial" style="color:#00A3E3;font-size:12.0pt;font-weight:bold;">COMPENSATION DISCUSSION AND ANALYSIS</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">How We Link Strategy and Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Our compensation program is designed to drive the right actions to achieve our strategic goals, align with Shareholder interests and link to measurable performance results. The four pillars of our approach to executive compensation are:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="720" height="124" src="g88581mm43i007.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">1. Drive strategic goals</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, TransAlta&#146;s strategic goals were to:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">Increase FCF and drive financial performance through Project Greenlight</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">Increase FFO-to-debt</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">Continue to effectively transition from coal to gas and renewable power</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">Continue to strengthen the balance sheet</font></p>
<p 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" color="black" face="Arial" style="color:black;font-size:10.0pt;">These goals were chosen because they represent the highest priorities with the greatest impact on long-term shareholder value.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">2. Pay for performance</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The majority of executive   compensation is tied directly to financial and operational metrics that are   aligned with our strategy and the performance of our common share price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The   illustration to the right shows the target pay mix for the President and CEO   and the other named executives. The majority of each executive&#146;s pay mix is   considered &#147;at risk&#148; because payouts are not guaranteed.</font></p>
<p 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" color="black" face="Arial" style="color:black;font-size:10.0pt;">Target compensation is set around   the median of our comparator group. The amount an executive receives will be   at, above, or below the target depending on performance.</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="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="336" height="208" src="g88581mm43i008.gif"></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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">3. Align with shareholder interests</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We have structured our compensation program so that it rewards performance that helps generate sustainable long-term value. Executives earn more through at-risk pay when performance is above expectations, and less when performance is below threshold. The annual bonus and the performance share units (&#147;<b>PSUs</b>&#148;) have a payout range of 0-2x, which means payout could be as little as $0 and as high as 200% of target. Share ownership guidelines ensure executives have a stake in our future success, aligning their interests with those of our Shareholders (see page&nbsp;72</font><font color="black" face="Arial" style="color:black;">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">4. Effective oversight and risk management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Human Resources Committee has primary responsibility for executive compensation. It conducts an annual risk assessment to make sure the overall incentive plans and compensation program&#160; do not encourage inappropriate risk-taking. It also receives advice from an independent, external advisor and reviews regulatory developments relating to 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">57</font><a name="PB_57_221205_7608"></a></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="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 Compensation Decisions</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Salary</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="55%" rowspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table   to the right shows the salaries the named executives earned in 2017. For   2018, no executive salary increases were provided.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries are   reviewed annually and increases are made based on individual performance,   changes to additional responsibilities, the individual&#146;s future potential, or   to remain market competitive.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Annual   Incentive </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:3.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table   below shows how we calculated the 2017 corporate scorecard result, which is   the highest result in several years. The Board and the HRC believe this   appropriately reflects the outstanding work completed in 2017 as we continue   to transform TransAlta.</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="8%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Increase<br>   for 2018</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn Farrell</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">President   and CEO</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,000,000</font></p>    </td>
<td width="8%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Donald Tremblay</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief   Financial Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$475,000</font></p>    </td>
<td width="8%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Brett Gellner</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief   Investment Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000</font></p>    </td>
<td width="8%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">John Kousinioris</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief Legal   and Compliance Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000</font></p>    </td>
<td width="8%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn de Lima <br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief   Administrative Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$425,000</font></p>    </td>
<td width="8%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:18.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="31%" nowrap bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:31.48%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:9.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Weight</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:11.62%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Threshold<br>   (50%)</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:11.64%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Target<br>   (100%)</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:11.64%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Maximum<br>   (200%)</font></b></p>    </td>
<td width="11%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:11.64%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2017 <br>   result</font></b></p>    </td>
<td width="12%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:12.48%;">
<p style="margin:4.0pt 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Performance<br>   factor</font></b></p>    </td>   </tr>
<tr>
<td width="31%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.48%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Free cash flow </font></p>
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">60%</font></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.62%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$275M</font></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$310M</font></b></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$345M</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$328M</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:3.0pt 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">151%</font></p>    </td>   </tr>
<tr>
<td width="31%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.48%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Project Greenlight (strategic   transformation)</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">40%</font></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.62%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$75M</font></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$100M</font></b></p>    </td>
<td width="11%" nowrap style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$125M</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$191M</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:3.0pt 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>   </tr>
<tr>
<td width="31%" nowrap bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.48%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017 CORPORATE RESULT</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.62%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" nowrap bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
<p style="margin:3.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.48%;">
<p style="margin:3.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">171%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below shows the 2017 annual incentives for each named executive. Neither the HRC nor the Board used its discretion to adjust the calculated award for any of the named executives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<tr>
<td width="23%" valign="top" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Earned<br>   salary in<br>   2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Target<br>   annual<br>   incentive</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Corporate   performance<br>   factor&nbsp;&amp; weighting</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Individual   performance<br>   factor&nbsp;&amp;<br>   weighting</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">20I7 annual incentive</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dawn Farrell</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">President and CEO</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$1,000,000</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(171%   x 100%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">+</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#150;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">=</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$1,710,000</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Donald Tremblay</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$475,000</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">70%</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(171%   x 75%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">+</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(125%   x 25%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">=</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$530,338</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Brett Gellner</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Investment Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$500,000</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">70%</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(171%   x 75%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">+</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(125%   x 25%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">=</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$558,250</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">John Kousinioris</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Legal and Compliance Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$500,000</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">70%</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(171%   x 75%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">+</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(200%   x 25%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">=</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$623,875</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dawn de Lima</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Administrative Officer</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$425,000</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">70%</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">x</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(171%   x 75%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">+</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(175%   x 25%)</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">=</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$511,700</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Full details on individual executive performance can be found on page&nbsp;61</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">58</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_58_222022_4141"></a></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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Long-term Incentive</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The PSU awards granted in 2015 vested on January&nbsp;1, 2018. They had a grant price of $10.52 per unit, earned dividend equivalents and paid out at 80% of their grant value.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">2015-2017 PSU scorecard</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Threshold<br>   (50%)</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Target<br>   (100%)</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 2.15pt 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Maximum<br>   (200%)</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Result</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Score</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial and relative metrics</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="10" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;height:7.4pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="43%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:43.84%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">FFO growth per share per year </font></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">2%</font></p>    </td>
<td width="9%" colspan="2" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">3%</font></p>    </td>
<td width="9%" colspan="2" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">4%</font></p>    </td>
<td width="9%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0%</font></b></p>    </td>
<td width="9%" height="10" valign="top" style="height:7.4pt;padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16.66%</font></b></p>    </td>
<td width="7%" height="10" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;height:7.4pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0%</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.84%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">FCF growth per share per year</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">4%</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">6%</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">8%</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8.5%</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16.66%</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">33%</font></b></p>    </td>   </tr>
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<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.84%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Relative TSR </font><font size="1" face="Arial" style="font-size:7.5pt;">(compared   to the S&amp;P/TSX Composite Index)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">P25</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">P50</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">P75</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">P11</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16.66%</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0%</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Strategic metrics</font></b></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.28%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><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:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><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:4.0pt 0in .0001pt 20.0pt;text-align:justify;"><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Coal negotiation and transition   (new metric)</font></u></i></p>
<p style="margin:4.0pt 0in .0001pt 19.8pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Assessment of 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>
<td width="9%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.62%;">
<p style="margin:0in 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 .05in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">130%<br>    </font></b><b><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;font-weight:bold;">(See below)</font></i></b></p>    </td>
<td width="9%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">50%</font></b></p>    </td>
<td width="7%" rowspan="2" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65%</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;"><i><u><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Debt refinancing (new metric)</font></u></i></p>
<p style="margin:4.0pt 0in .0001pt 19.8pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Assessment of management&#146;s ability to   finance capital in the company, which includes financing of $400 million to   $800 million in long-term debt and accessing financial markets after a coal   transition deal to re-finance debt coming due between 2017 and 2022.</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PSU performance factor</font></b></p>    </td>
<td width="11%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.2%;">
<p style="margin:4.0pt 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.72%;">
<p style="margin:4.0pt 0in .0001pt .05in;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#ACE8FF" style="background:#ACE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p style="margin:4.0pt 0in .0001pt 2.9pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">98%</font></b></p>    </td>   </tr>
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<td width="310" style="border:none;"></td>
<td width="73" style="border:none;"></td>
<td width="8" style="border:none;"></td>
<td width="57" style="border:none;"></td>
<td width="29" style="border:none;"></td>
<td width="39" style="border:none;"></td>
<td width="68" style="border:none;"></td>
<td width="68" style="border:none;"></td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">To properly assess management&#146;s performance against the strategic metrics, the HRC conducted a comprehensive performance review, which formally began in July&nbsp;2017 and was completed in March&nbsp;2018. The HRC considered the following factors in its review:</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the state of TransAlta and the Alberta power market at the start of each year, as well as over the three-year period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the strategic priorities of the management team at the start of each year;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">management&#146;s accomplishments, balanced with setbacks, in each year, as well as over the three-year period; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the final outcomes and impacts at the end of each year, as well as over the three-year period.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Assessment of Strategic Metrics</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Following the HRC comprehensive review, the HRC assessed performance of the strategic goals collectively and assigned a rating of 130%. Highlights of the considerations relevant to each metric are as follows:</font></p>
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<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Coal negotiation and </font></b><b><font face="Arial" style="font-weight:bold;">transition accomplishments</font></b></p>
<p style="margin:4.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Times New Roman" style="color:#E06B2F;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Entered into a Memorandum of Understanding with the   Government of Alberta to advance the objectives of the Climate Leadership   Plan</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Entered into an Off-Coal Agreement with the Government of   Alberta providing compensation for stranded capital of $524 million over   14-years</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Advanced construction of the South Hedland power station   in Western Australia</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Advanced the Brazeau Pumped Storage Project in Alberta</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Executed a new contract worth $209 million for a   cogeneration facility in Mississauga</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Secured draft federal coal-to-gas conversion regulations   that will extend the life of TransAlta&#146;s coal fleet by 75 years and add an   incremental $1 billion of FCF</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Entered   into a Letter of Intent with Tidewater Midstream to construct a 120 kilometre   natural gas pipeline in Alberta</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">59</font><a name="PB_59_222022_8627"></a></p>
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<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Debt refinancing a</font></b><b><font face="Arial" style="font-weight:bold;">ccomplishments</font></b></p>
<p style="margin:4.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Times New Roman" style="color:#E06B2F;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Raised nearly $600 million of equity using TransAlta   Renewables between May&nbsp;2015 and January&nbsp;2016</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Raised $1.1 billion in project-level financing with   Pingston, Wolfe Island, Melancthon, New Richmond, Poplar Creek and Kent Hills</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Sold Wintering Hills, an uncontracted Alberta wind   project, for $61 million</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Used proceeds from equity and project-level financing to   repay maturing corporate debt</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Reduced our cost of capital on the credit facility and   extended its maturity to 2021 (post PPA) in an uncertain Alberta energy   market</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Added $200 million of demand letter of credit facility</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Increased access to the equity markets and corporate bond   markets for capital</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Made the strategic decision to reduce our annual per share   dividend from $0.18 to $0.04 in January&nbsp;2016, which saves approximately   $160 million annually</font></p>
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Increased   our liquidity, from the beginning of 2015 to the end of 2017, from $1.6   billion to $1.8 billion and our FFO-to-debt from 17% to 20%, and reduced our   debt from $4.4 billion to $3.4 billion</font></p>
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Payout of 2015-2017 PSU Awards</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As noted above, the PSUs granted in 2015 had a grant price of $10.52, earned dividend equivalents and paid out at 80% of their original grant value. The table below shows the payout each named executive received, calculated using a share price of $7.45, the closing price of our common shares on the TSX on December&nbsp;31, 2017:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2015   PSU award <br>   (# of units)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:3.88%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:12.46%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Dividend   equivalents </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:5.76%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:13.16%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">PSU<br>   performance<br>   factor</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:6.02%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" height="36" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:26.95pt;padding:0in 0in 0in 0in;width:19.28%;">
<p style="margin:2.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Value of   total <br>   2015 PSU payout</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.9%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn   Farrell</font></p>    </td>
<td width="11%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:11.54%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">132,446</font></p>    </td>
<td width="3%" height="14" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:3.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="12%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:12.46%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">20,427</font></p>    </td>
<td width="5%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:5.76%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">x</font></p>    </td>
<td width="13%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:13.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" height="14" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:6.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.28%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,116,122</font></p>    </td>   </tr>
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<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.9%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald   Tremblay</font></p>    </td>
<td width="11%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:11.54%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">35,646</font></p>    </td>
<td width="3%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:3.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="12%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:12.46%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">5,498</font></p>    </td>
<td width="5%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:5.76%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">x</font></p>    </td>
<td width="13%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:13.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:6.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.28%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$300,389</font></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.9%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett   Gellner</font></p>    </td>
<td width="11%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:11.54%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">55,450</font></p>    </td>
<td width="3%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:3.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="12%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:12.46%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">8,552</font></p>    </td>
<td width="5%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:5.76%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">x</font></p>    </td>
<td width="13%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:13.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:6.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.28%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$467,277</font></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.9%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">John   Kousinioris</font></p>    </td>
<td width="11%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:11.54%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">37,627</font></p>    </td>
<td width="3%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:3.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="12%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:12.46%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">5,803</font></p>    </td>
<td width="5%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:5.76%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">x</font></p>    </td>
<td width="13%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:13.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:6.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.28%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$317,083</font></p>    </td>   </tr>
<tr height="13" style="height:9.65pt;">
<td width="27%" nowrap height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn   de Lima</font></p>    </td>
<td width="11%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:11.54%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">23,764</font></p>    </td>
<td width="3%" height="13" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:3.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="12%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:12.46%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">3,665</font></p>    </td>
<td width="5%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:5.76%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">x</font></p>    </td>
<td width="13%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:13.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">100%</font></p>    </td>
<td width="6%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:6.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="13" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:19.28%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$200,259</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" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Payout of 2015-2017 RSU Awards</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The restricted share unit (&#147;<b>RSU</b>&#148;) awards granted for 2015 vested on January&nbsp;1, 2017. They had a grant price of $10.52 per unit, earned dividend equivalents and paid out at 82% of their grant value. The value each named executive received was calculated using $7.45, the closing price of our common shares on the TSX on December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.88%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="14" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:17.32%;">
<p style="margin:2.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2015   RSU award <br>   (# of units)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.02%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="14" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:16.94%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Dividend<br>   equivalents </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.58%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" height="14" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:2.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Value of   total <br>   2015 RSU payout</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn Farrell</font></p>    </td>
<td width="17%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:17.32%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">66,223</font></p>    </td>
<td width="9%" height="14" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="16%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:16.94%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">10,213</font></p>    </td>
<td width="9%" height="14" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.58%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.26%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$569,450</font></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>    </td>
<td width="17%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:17.32%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">17,823</font></p>    </td>
<td width="9%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="16%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:16.94%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">2,749</font></p>    </td>
<td width="9%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.58%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.26%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$153,260</font></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="27%" nowrap height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:27.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>    </td>
<td width="17%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:17.32%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">27,725</font></p>    </td>
<td width="9%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:9.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="16%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:16.94%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">4,276</font></p>    </td>
<td width="9%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:9.58%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="11" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$238,407</font></p>    </td>   </tr>
<tr height="14" style="height:.15in;">
<td width="27%" nowrap height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:27.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>    </td>
<td width="17%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:17.32%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">18,813</font></p>    </td>
<td width="9%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="16%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:16.94%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">2,901</font></p>    </td>
<td width="9%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:9.58%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="14" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.15in;padding:0in 0in 0in 0in;width:19.26%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$161,773</font></p>    </td>   </tr>
<tr height="13" style="height:9.65pt;">
<td width="27%" nowrap height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:27.88%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>    </td>
<td width="17%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:17.32%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">11,882</font></p>    </td>
<td width="9%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:9.02%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">+</font></p>    </td>
<td width="16%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:16.94%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">1,833</font></p>    </td>
<td width="9%" height="13" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:9.58%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">=</font></p>    </td>
<td width="19%" height="13" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:9.65pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$102,173</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">60</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_60_222022_7906"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade 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>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 Executive Performance</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Dawn L. Farrell, President and Chief Executive Officer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As President and CEO, Mrs.&nbsp;Farrell is responsible for the overall performance of the Company, and her exceptional leadership has allowed TransAlta to successfully begin its transition away from coal. Her annual bonus is 100% based on scorecard results and we believe the scorecard results reflect her personal contributions to TransAlta&#146;s success.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">Corporately, TransAlta improved over 2016 on nearly all metrics, including free cash flow, free cash flow per share and year-end debt. We also achieved an injury frequency rate of 0.72 &#151; our best result ever.</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;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 compensation and five-year lookback</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mrs.&nbsp;Farrell&#146;s realized compensation in 2017, which includes the payout value of her 2015 long-term incentive grant, was 7% above target and 1% above 2016. For 2018, Mrs.&nbsp;Farrell&#146;s target compensation will remain unchanged. Mrs.&nbsp;Farrell elected to receive 100% of her annual incentive in deferred share units in 2013, 2014, and 2015, and to receive 50% in 2016</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="50%" rowspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;"><img width="295" height="283" src="g88581mm47i001.gif"></font></b></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid #00A4E4 1.5pt;padding:4.0pt 4.0pt 4.0pt 4.0pt;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="179" style="height:134.5pt;">
<td width="50%" height="179" valign="top" style="border:solid #00A4E4 1.5pt;border-top:none;height:134.5pt;padding:4.0pt 4.0pt 4.0pt 4.0pt;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Highlights</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We have   designed Mrs.&nbsp;Farrell&#146;s incentive compensation package to be entirely   based on scorecard results and share price performance. However, we continue   to assess individual performance and we believe Mrs.&nbsp;Farrell&#146;s   leadership and execution in 2017 are wholly and accurately captured in the   results TransAlta delivered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">For 2018,   Mrs.&nbsp;Farrell&#146;s compensation package will remain unchanged, including   salary and incentive targets.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:4.0pt 4.0pt 4.0pt 4.0pt;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:4.0pt 4.0pt 4.0pt 4.0pt;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:4.0pt 4.0pt 4.0pt 4.0pt;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="23%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2013<br>   (realized)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2014<br>   (realized)</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2015<br>   (realized)</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2016<br>   (realized)</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (target)</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (realized)</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2018<br>   (target)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Base   salary</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$950,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$950,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$950,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$960,556</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Annual   incentive</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$421,088</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,105,088</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$762,660</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,729,000</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,710,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Long-term   incentive</font></p>
<p style="margin:3.0pt 0in .0001pt 24.3pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:9.5pt;">PSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 24.3pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:9.5pt;">RSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 24.3pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial" style="font-size:9.5pt;">Stock   options</font></p>
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$287,417</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$211,916</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$460,688</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,393,333</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$696,667</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,116,122</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$569,450</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,210,000</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$550,000</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$440,000</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Special   bonus</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$150,000</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$1,000,000</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:23.38%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total direct compensation</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$1,371,088</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$2,055,088</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$2,150,077</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$4,362,160</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$4,090,000</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$4,395,572</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.4pt 0in 1.4pt 0in;width:10.94%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$4,200,000</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mrs.&nbsp;Farrell is a TransAlta shareholder and meets her share ownership requirements of five times her base salary (see page&nbsp;72 for details).</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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">61</font><a name="PB_61_141827_4624"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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 style="font-family:Times New Roman;">
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Donald Tremblay, Chief Financial Officer</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, Mr.&nbsp;Tremblay made significant contributions to transforming TransAlta, including strengthening the balance sheet and leading the Company&#146;s debt refinancing strategies.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As a result, Mr.&nbsp;Tremblay received an individual performance factor of 125% for 2017. This factor was used to calculate the individual portion of his annual incentive, which is weighted 25%. The remaining 75% is based on corporate results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017   individual performance and accomplishments</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Built   a strong transformation plan to reduce the costs of delivering financial   information</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Maintained   an investment grade credit rating from three credit rating agencies amid the   Alberta power market disruption related to the coal phase-out</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Initiated   organizational transformation by incubating a culture that encourages   front-line innovation, accountability and leadership. During 2017, this   culture has taken root, as evidenced by 900+ initiatives driven by employees</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 22.5pt;text-align:justify;text-indent:-22.5pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Tremblay&#146;s realized compensation in 2017, which includes the payout value of his 2015 long-term incentive grant, was 6% above target and 36% above 2016. For 2018, his target compensation will remain unchanged.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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="40%" rowspan="6" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;"><img width="211" height="205" src="g88581mm47i002.gif"></font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2016<br>   (realized) </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (realized)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2018<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Base salary</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$455,278 </font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$475,000 </font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$475,000 </font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$475,000 </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Annual incentive</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$485,155 </font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$332,500 </font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$530,338</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$332,500 </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.92%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Long-term incentive</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">PSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">RSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Stock options</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$42,187 </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$91,707 </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$375,000 </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$187,500 </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">n/a </font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:10.58%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$300,389</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$153,260</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$326,563 </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$148,438 </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$118,750 </font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="16%" 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:16.92%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Special bonus</font></p>    </td>
<td width="10%" 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:10.76%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0 </font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0 </font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0</font></p>    </td>
<td width="10%" 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:10.74%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$0 </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total direct compensation</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.76%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$1,074,328 </font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:11.0%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$1,370,000</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.58%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,458,986</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.74%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">$1,401,250 </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Tremblay is a TransAlta shareholder and has met his share ownership requirements of two times his base salary (see page&nbsp;72 for details).</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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">62</font><a name="PB_62_141954_7056"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management 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>
<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>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Brett M. Gellner, Chief Investment Officer</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, Mr.&nbsp;Gellner made significant contributions to transforming TransAlta, including the sale of a merchant wind facility in Alberta for approximately $61 million and advancing the Company&#146;s coal-to-gas strategy. Proceeds from the sale were used to reduce debt and fund future renewables growth, including potential contracted renewable opportunities in Alberta.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As a result, Mr.&nbsp;Gellner received an individual performance factor of 125% for 2017. This factor was used to calculate the individual portion of his annual incentive, which is weighted 25%. The remaining 75% is based on corporate results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017   individual performance and accomplishments</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
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<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">South   Hedland power station successfully commissioned on budget</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Sale   of Wintering Hills provided a significant means to reduce corporate debt</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Expanded   Kent Hills</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Initiated   organizational transformation by incubating a culture that encourages   front-line innovation, accountability and leadership. During 2017, this   culture has taken root, as evidenced by 900+ initiatives driven by employees</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 compensation</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Gellner&#146;</font><font color="black" face="Arial" style="color:black;">s realized compensation in 2017, which includes the payout value of his 2015 long-term incentive grant, was 2% above target and 4% below 2016. For 2018, his target compensation will remain unchanged.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="40%" rowspan="6" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;"><img width="211" height="208" src="g88581mm47i003.gif"></font></p>    </td>
<td width="16%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2016<br>   (realized) </font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2017<br>   (realized)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:9.5pt;font-weight:bold;">2018<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Base   salary</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Annual   incentive</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$550,000   </font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$350,000   </font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$558,250</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$350,000   </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.76%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Long-term   incentive</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">PSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">RSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Stock options</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$88,716   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$192,904   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$583,333</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$291,667</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$467,277</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$238,407</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$481,250   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$218,750   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$175,000   </font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="16%" 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:16.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Special   bonus</font></p>    </td>
<td width="10%" valign="bottom" 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:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.08%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0</font></p>    </td>
<td width="10%" valign="bottom" 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:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total direct compensation</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,831,620   </font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:11.08%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,725,000   </font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.68%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,763,934</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in .7pt 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,725,000   </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Gellner is a TransAlta shareholder and has met his share ownership requirements of two times his base salary (see page&nbsp;72 for details).</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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">63</font><a name="PB_63_142432_5335"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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 style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">John H. Kousinioris, Chief Legal and Compliance Officer and Corporate Secretary</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, Mr.&nbsp;Kousinioris made significant contributions to transforming TransAlta through successful negotiations with the provincial and federal governments to extend the life of the coal plants being converted to gas. These new regulations will allow us to extend the combined life of these facilities by approximately 75 years, adding more than $1 billion of additional free cash flow.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As a result, Mr.&nbsp;Kousinioris received an individual performance factor of 200% for 2017. This factor was used to calculate the individual portion of his annual incentive, which is weighted 25%. The remaining 75% is based on corporate results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017   individual performance and accomplishments</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Successfully   negotiated with the provincial and federal governments to extend the life of   the gas-converted coal plants by an aggregate of 75 years, which will add   approximately $1 billion in incremental free cash flow</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Secured   credits for existing wind and hydro facilities from the Government of   Alberta, which will contribute additional revenues</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Reduced   overall department costs</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Initiated   organizational transformation by incubating a culture that encourages   front-line innovation, accountability and leadership. During 2017, this   culture has taken root, as evidenced by 900+ initiatives driven by employees</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 compensation</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Kousinioris&#146;</font><font color="black" face="Arial" style="color:black;"> realized compensation in 2017, which includes the payout value of his 2015 long-term incentive grant, was 11% above target and 6% below 2016. For 2018, his target compensation will remain unchanged.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="34" style="height:25.5pt;">
<td width="40%" rowspan="6" valign="bottom" style="border:none;height:25.5pt;padding:0in 0in 0in 0in;width:40.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="211" height="203" src="g88581mm47i004.gif"></font></p>    </td>
<td width="17%" height="34" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="34" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2016<br>   (realized) </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="34" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.6%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2017<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="34" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2017<br>   (realized)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="34" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2018<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="17%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Base   salary</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$480,278   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.6%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="17%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Annual   incentive</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$528,306   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.6%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$350,000   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$623,875</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$350,000   </font></p>    </td>   </tr>
<tr>
<td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Long-term   incentive</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">PSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">RSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Stock options</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$60,196   </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$130,861   </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$416,667</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$208,333</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a   </font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$317,083</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$161,773</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$343,750   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$156,250   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$125,000   </font></p>
<p style="margin:0in 0in .0001pt 15.15pt;text-indent:-8.65pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="17%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Special   bonus</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$500,000   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.6%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.76%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.48%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="17%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:17.0%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total direct compensation</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.74%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,699,641   </font></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.6%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,475,000   </font></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.76%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,602,731</font></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.48%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,475,000   </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mr.&nbsp;Kousinioris is a TransAlta shareholder and has met his share ownership requirements of two times his base salary (see page&nbsp;72 for details).</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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">64</font><a name="PB_64_142530_5796"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management 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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Dawn E. de Lima, Chief Administrative Officer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, Mrs.&nbsp;de Lima made significant contributions to transforming TransAlta by championing Project Greenlight, a company-wide initiative that will turn TransAlta into Canada&#146;s leading provider of clean power.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">As a result, Mrs.&nbsp;de Lima received an individual performance factor of 175% for 2017. This factor was used to calculate the individual portion of her annual incentive, which is weighted 25%. The remaining 75% is based on corporate results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:4.0pt 0in .0001pt 20.15pt;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017   individual performance and accomplishments</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.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>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Delivered   a total of $63.1 million in &#145;one-time&#146; savings and another $49.5 million in   annual savings through Project Greenlight</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Completed   a major Human Resources reorganization</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Advanced   TransAlta&#146;s cyber-security efforts</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt 24.0pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Improved   the skills and capabilities of the senior leadership team</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 23.75pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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 face="Arial">Initiated   organizational transformation by incubating a culture that encourages   front-line innovation, accountability and leadership. During 2017, this   culture has taken root, as evidenced by 900+ transformation initiatives   driven by employees</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 20.15pt;text-indent:-.25in;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 compensation</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mrs.&nbsp;de Lima&#146;s realized compensation in 2017 was 13% above target and 29% above 2016. For 2018, her target compensation will remain unchanged. She elected to receive 25% of her annual incentive in deferred share units in 2015 and 2016</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="34" style="height:25.5pt;">
<td width="40%" rowspan="6" valign="bottom" style="border:none;height:25.5pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="211" height="201" src="g88581mm47i005.gif"></font></p>    </td>
<td width="16%" height="34" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="34" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2016<br>   (realized) </font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="34" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2017<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="34" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2017<br>   (realized)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="34" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">2018<br>   (target)</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="16%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Base   salary</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$405,278 </font></p>    </td>
<td width="11%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$425,000   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$425,000   </font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$425,000   </font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="16%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Annual   incentive</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$431,874 </font></p>    </td>
<td width="11%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$297,500   </font></p>    </td>
<td width="10%" height="19" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$511,700</font></p>    </td>
<td width="10%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$297,500   </font></p>    </td>   </tr>
<tr>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Long-term   incentive</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">PSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">RSUs</font></p>
<p style="margin:3.0pt 0in .0001pt 15.0pt;text-indent:-8.7pt;"><font size="1" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Stock options</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$38,033   </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$82,635   </font></p>
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$250,000</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$125,000</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$200,259</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$102,173</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$292,188   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$132,813   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$106,250   </font></p>
<p style="margin:3.0pt 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="16%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Special   bonus</font></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0 </font></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:11.16%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.5%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">n/a</font></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:4.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$0   </font></p>    </td>   </tr>
<tr height="19" style="height:.2in;">
<td width="16%" height="19" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in 0in 0in;width:16.86%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total direct compensation</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.68%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$957,820   </font></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:11.16%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,097,500</font></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.5%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,239,132</font></p>    </td>
<td width="10%" height="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:.2in;padding:0in 0in .7pt 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,253,750   </font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 3.0in;"><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;de Lima is a TransAlta shareholder and is on track to meeting her share ownership requirements of two times her base salary (see page&nbsp;72 for details).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">65</font><a name="PB_65_142729_2897"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 CEO Realized Pay 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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below compares Mrs.&nbsp;Farrell&#146;s target compensation for the last five years to her compensation as reported in the summary compensation table, as well as the average realized value, highlighting the at-risk nature of her incentive compensation.</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="17%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Target<br>   compensation</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Compensation as reported in the<br>   summary compensation table</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#05A3E4" style="background:#05A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Realized<br>   compensation</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2017</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$4,200,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$6,518,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">$4,396,000</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2016</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,653,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$7,390,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">$4,053,000</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2015</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,965,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$4,516,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">$2,398,000</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2014</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,965,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$4,520,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">$2,535,000</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2013</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,965,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$3,955,000</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">$1,441,000</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="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><i><font face="Arial" style="font-style:italic;">Target compensation </font></i><font face="Arial">includes base pay, annual incentive at target performance, grant value of long-term incentive awards, and perquisites.</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><i><font face="Arial" style="font-style:italic;">Compensation as reported in the summary compensation table</font></i><font face="Arial"> includes base pay, annual incentive paid, grant value of long-term incentive awards, pension and perquisites.</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><i><font face="Arial" style="font-style:italic;">Realized compensation</font></i><font face="Arial"> includes base pay, annual incentive paid, payouts of long-term incentive awards and perquisites.</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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The next graph shows how Mrs.&nbsp;Farrell</font><font color="black" face="Arial" style="color:black;">&#146;</font><font color="black" face="Arial" style="color:black;">s compensation compares to companies in our comparator group, which was recently updated by the HRC based on the recommendation of Willis Towers Watson, by three-year TSR and three-year average realized pay. As shown by TransAlta&#146;s positioning in the shaded box, there is a strong alignment between pay and performance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="720" height="282" src="g88581mm49i001.jpg"></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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><i><font face="Arial" style="font-style:italic;">Realized compensation</font></i><font face="Arial"> includes the three-year average of base pay, annual incentive paid, payouts of long-term incentive awards and any special awards.</font></p>
<p style="font-size:10.0pt;margin:3.0pt 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font><font face="Arial">We used 2015-2017 compensation figures for TransAlta and 2014-2016 compensation data for the other companies in our comparator group, as disclosed publicly in their 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>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">66</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160; <font color="#595959" style="color:#595959;">|&#160; TransAlta Corporation 2018 Management Proxy Circular</font></font><a name="PB_66_222338_563"></a></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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 Share Performance and Executive Pay</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">The graph and table below show the total return of $100 invested in TransAlta common shares on December&nbsp;31, 2012, and assumes reinvestment of dividends, compared to a similar investment in the S&amp;P/TSX Composite Index over the same period. Also included are the three-year average compensation levels for the named executives (as reported in the summary compensation table in prior years and the amount that was realized).</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="720" height="320" src="g88581mm49i002.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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<td width="31%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:31.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">(at December&nbsp;31)</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2012</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2013</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2014</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$97</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$80</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$41</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$63</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$65</font></p>    </td>   </tr>
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<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:31.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">S&amp;P/TSX   Composite Index</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$100</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$110</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$118</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$105</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$123</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$130</font></p>    </td>   </tr>
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<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:31.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3-year average of   named executive compensation as reported in the summary compensation table</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,872,143</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,459,097</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,288,041</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,151,019</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$12,804,655</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$13,629,527</font></p>    </td>   </tr>
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<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:31.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3-year average of   named executive realized compensation</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,850,506</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$6,336,333</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,409,193</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$5,625,373</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,277,399</font></p>    </td>
<td width="11%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:.05in .05in .05in .05in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$8,734,987</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Executive compensation is weighted towards variable or at-risk compensation, which is directly linked to our performance and the performance of our common shares, aligning the interests of 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="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The HRC and the Board are confident that the CEO and her executive team will successfully lead the company in delivering on its long-term strategy and generate sustainable value for TransAlta 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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Named executives:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2013: Dawn Farrell, Brett Gellner, Ken Stickland, Paul Taylor and John Kousinioris.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2014: Dawn Farrell, Donald Tremblay, Brett Gellner, John Kousinioris and Cynthia Johnston.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015: Dawn Farrell, Donald Tremblay, Brett Gellner, John Kousinioris and Wayne Collins.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016: Dawn Farrell, Donald Tremblay, Brett Gellner, John Kousinioris and Wayne Collins.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017: Dawn Farrell, Donald Tremblay, Brett Gellner, John Kousinioris and Dawn de Lima.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">67</font><a name="PB_67_222338_9497"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">COMPENSATION GOVERNANCE</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below is a summary of our compensation practices, many of which represent best practices in the industry.</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" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">What we do</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">What we don&#146;t do</font></b></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Maintain   a pay-for-performance philosophy in which the majority of executive   compensation is &#147;at risk&#148; and based on performance against pre-defined   metrics that reflect our strategic priorities</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No payouts of   incentive awards when performance is below threshold</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Incorporate   risk management principles into all decision-making processes and ensure our   compensation programs do not encourage inappropriate or excessive risk-taking</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No guaranteed   increases in compensation in executive employment agreements</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Maintain   strong governance policies, including clawbacks and anti-hedging, and require   executives to be TransAlta shareholders</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No re-pricing,   backdating or exchanges of stock options or other long-term incentive awards</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Maintain   a Human Resources Committee that is made up of independent directors and has   the necessary skills, knowledge and experience to carry out its   responsibilities effectively</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No gross-up of   executive compensation, including perquisites or incentive awards, to account   for withholding of taxes</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Require   the Human Resources Committee to retain an independent adviser</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No counting of   performance share units or unvested or unexercised stock options toward share   ownership requirements</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cap   the performance factors in the annual incentive and performance share unit   plans for exceptional performance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No single-trigger   change of control provisions in employment agreements</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Allow   executives to convert a portion of their annual bonus to deferred share units</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No hedging of   TransAlta securities</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Annually   review our executive compensation program to ensure continued regulatory   compliance and alignment with shareholder interests and sound risk management   and governance principles</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No granting of   loans to directors or executives</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#00b050" face="Arial" style="color:#00B050;font-size:8.0pt;">&#10003;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;"><font size="1" face="Arial" style="font-size:8.0pt;">Benchmark   executive compensation and our incentive plans against a select group of   companies similar to TransAlta</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="red" face="Arial" style="color:red;font-size:8.0pt;">&#10007;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">No granting of   stock options to independent directors</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Board has delegated governance of the Company&#146;s human resource policies and practices to 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="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">All of the members of the HRC are independent. Average tenure is 3.5 years and Georgia Nelson, Committee Chair, has been a member of the TransAlta Board since 2014.</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="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Key   skills<br>   and experience</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Number of   committee members<br>   with specific skills or experience</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Human resources /   Executive compensation</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="1" face="Arial" style="font-size:9.0pt;">4 of 4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Regulatory /   Compliance</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="1" face="Arial" style="font-size:9.0pt;">3 of 4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Strategy and   development</font></p>    </td>
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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="1" face="Arial" style="font-size:9.0pt;">4 of 4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Electric energy /   Utility</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2 of 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>
<p 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" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">68</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160; <font color="#595959" style="color:#595959;">|&#160; TransAlta Corporation 2018 Management Proxy Circular</font></font><a name="PB_68_222338_3641"></a></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="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Independent Advice</font></b></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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The HRC retains an external   consultant to provide independent advice regarding TransAlta&#146;s compensation   strategy and program, and to advise on all matters related to executive   compensation. The HRC retained Willis Towers Watson as its independent   adviser in 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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The HRC confirms the   independence of its consultant every year, and reviews whether the work   provided raises any conflicts of interest. After its 2017 review, the HRC   confirmed that there were no conflicts of interest with 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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Willis Towers Watson provided a   broad range of services in 2017 as part of the HRC&#146;s systematic comprehensive   review of executive compensation:</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="font-size:10.0pt;margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Hig</font></b><b><font color="#00a3e4" face="Arial" style="color:#00A3E4;font-weight:bold;">hlig</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">hts</font></b></p>
<p style="margin:4.0pt 5.75pt .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC considers   the following factors in evaluating the independence of an adviser:</font></p>
<p style="font-size:10.0pt;margin:3.0pt 5.75pt .0001pt 22.3pt;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color="black" face="Arial" style="color:black;">Any   business or personal relationship between a member of the HRC or TransAlta&#146;s   executive team and the adviser</font></p>
<p style="font-size:10.0pt;margin:3.0pt 5.75pt .0001pt 22.3pt;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color="black" face="Arial" style="color:black;">The scope,   if any, of other services provided by the adviser to TransAlta</font></p>
<p style="font-size:10.0pt;margin:3.0pt 5.75pt .0001pt 22.3pt;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">The policies and   procedures of the adviser that are designed to prevent conflicts of interest</font></p>
<p style="margin:0in 5.75pt .0001pt 22.3pt;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="font-size:10.0pt;margin:0in 2.7in .0001pt .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Conducted a comprehensive review of TransAlta&#146;s comparator group</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Benchmarked compensation for the CEO and the CEO&#146;s direct reports relative to the comparator group</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Completed ISS and Glass Lewis pay-for-performance modelling to assist the Committee in understanding potential &#147;say on pay&#148; outcomes</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Reviewed executive share ownership guidelines</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Extensively reviewed the HRC Charter</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Completed a compensation regulatory review</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Reviewed the compensation discussion and analysis</font></p>
<p style="margin:0in 0in .0001pt .65in;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 .65in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">Consulted on numerous compensation governance matters, including proxy adviser positions following our 2017 &#147;say on pay&#148; and in advance of our 2018 &#147;say on pay&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Management does not retain a compensation adviser. Management has retained Aon Hewitt since 2007 as its primary actuary and consultant on our pension plans. Management approves Aon Hewitt&#146;s fees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the fees paid in 2017 and 2016 to Willis Towers Watson for executive compensation-related fees, and to Aon Hewitt for pension-related work.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
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<td width="61%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:61.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="19%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2016</font></b></p>    </td>   </tr>
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<td width="61%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:61.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Executive compensation-related   fees</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">$220,112</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">$274,142</font></p>    </td>   </tr>
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<td width="61%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:61.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">All other fees (pension)</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">$383,628</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">$317,325</font></p>    </td>   </tr>
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<td width="61%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:61.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">$603,740</font></b></p>    </td>
<td width="19%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">$591,467</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Note: In addition to the amounts above, Aon Hewitt received US$143,734 in 2017 and US$209,051 in 2016 for pension services provided to our U.S. 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">69</font><a name="PB_69_222602_5250"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Benchmarking Executive Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Target compensation is set at   the 50th percentile of an industry comparator group using market data   collected by external consulting firms. The data includes a cross-section of   Canadian and U.S. companies in our industry that have similar revenue, assets   and market capitalization, and companies that we compete with for executive   talent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The HRC reviews the compensation   data to determine the competitiveness of base pay, incentive pay and plan   design, and overall compensation levels relative to our compensation   strategy. The HRC also considers the competitiveness of the Calgary market   for executive talent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Total compensation is   benchmarked to similar roles in the comparator group and total target   compensation is set within a competitive range (+/-20%) of the median of the   group. For U.S. companies, we assume a nominal exchange rate to remove the   effects of exchange rate fluctuations.</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="36%" valign="top" style="border:solid #00A4E4 1.5pt;border-left:none;padding:0in 0in 0in 0in;width:36.66%;">
<p style="font-size:10.0pt;margin:4.0pt 0in .0001pt .05in;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Hig</font></b><b><font color="#00a3e4" face="Arial" style="color:#00A3E4;font-weight:bold;">hlig</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">hts</font></b></p>
<p style="margin:4.0pt 5.75pt .0001pt .05in;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, the HRC&#146;s independent   adviser, Willis Towers Watson, conducted a thorough and extensive review of   TransAlta&#146;s comparator group to ensure the appropriateness of each company in   the group. Based on this review, the Committee approved the following   changes:</font></p>
<p style="border:none;font-size:10.0pt;margin:3.0pt 5.75pt .0001pt 25.9pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">TransCanada   Corporation and Enbridge Inc. were removed as they are significantly larger   than TransAlta</font></p>
<p style="font-size:10.0pt;margin:0in 5.75pt .0001pt 25.9pt;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Arial">Atlantic Power   Corporation was replaced with Vermillion Energy Corporation as it is a closer   comparator</font></p>
<p style="margin:0in 5.75pt .0001pt 22.3pt;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">TransAlta&#146;s 2017 executive compensation comparator group, which was developed by Willis Towers Watson, was as follows:</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="50%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Canadian   companies (weighted 75%)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">U.S. companies   (weighted 25%)</font></b></p>    </td>   </tr>
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<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Algonquin Power&nbsp;&amp;   Utilities</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">AltaGas Ltd.</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">ATCO Group</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Brookfield Renewable Partners</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cameco Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Capital Power Corporation</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cenovus Energy Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Emera Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Encana Corp.</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Fortis Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Husky Energy Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inter Pipeline Ltd.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Keyera Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Northland Power Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Obsidian Energy Ltd.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Pembina Pipeline Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Vermillion Energy Inc.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">AES Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Alliant Energy Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Black Hills Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Calpine Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Dynegy Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Great Plains Energy Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.68%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">NRG Energy,&nbsp;Inc.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">OGE Energy Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Pinnacle West Capital Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Portland General Electric Co.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">SCANA Corp.</font></p>
<p style="margin:1.0pt 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Westar Energy Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Relative to the companies above:</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">TransAlta is positioned at the 41</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">st</font><font face="Arial">&#160;percentile in total assets</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">There are only two Canadian companies (Fortis Inc. and Husky Energy Inc.) and two U.S. companies (AES Corp. and NRG Energy,&nbsp;Inc.) that have total assets greater than 3x those of TransAlta. We include them due to their similar operations and/or presence in the Calgary market</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">There is one Canadian company (Obsidian Energy Ltd.) that has total assets less than 1/3x those of TransAlta. We include them due to their presence in the Calgary</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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">TransAlta is positioned at the 39</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font face="Arial">&#160;percentile in total revenues</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">There is only one Canadian company (Husky Energy Inc.) and three U.S. companies (AES Corp., NRG Energy,&nbsp;Inc. and Calpine Corp.) that have total revenues greater than 3x those of TransAlta. We include them due to their similar operations and / or presence in the Calgary market</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-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">There is one Canadian company (Obsidian Energy Ltd.) that has total revenues less than 1/3x those of TransAlta. We include them due to their presence in the Calgary market</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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Based   on the 2017 executive compensation review c</font><font color="black" face="Arial" style="color:black;">onducted by Willis Towers Watson using the companies above, CEO compensation at target is   currently at the 52</font><font size="1" color="black" face="Arial" style="color:black;font-size:5.0pt;position:relative;top:-5.0pt;">nd</font><font color="black" face="Arial" style="color:black;">&nbsp;percentile.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">70</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_70_222602_7672"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Disciplined Decision-making Process</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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Compensation program design and decision-making involves management, the HRC and the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Management&#146;s</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">recommendations</font></b></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&gt;</font></b><font face="Arial">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Committee review <br>   and recommendations</font></b></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&gt;</font></b><font face="Arial">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Board review </font></b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">and approval</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   and analyzes current compensation strategy</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   input from the HRC&#146;s independent compensation adviser</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   peer company compensation strategies and provides recommendations to the   committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 1.45pt 2.9pt;width:38.38%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   management&#146;s recommendations</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Considers   comparative data, benchmarking and the advice of its independent compensation   adviser</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   the design and metrics for the short and long-term incentive plans to make   sure they align with our strategic priorities</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   stress testing and back testing of the factors that make up the annual   corporate budget and different scenarios under the incentive plans to make   sure the targets and any proposed changes result in the intended outcomes</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Evaluates   business and management&#146;s performance at the end of the year and makes   compensation recommendations to the Board</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 1.45pt 2.9pt;width:4.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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:2.9pt 2.9pt 1.45pt 2.9pt;width:27.28%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Considers   recommendations from the HRC, its advisers and management</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Considers   corporate objectives and strategy</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   the current market conditions</font></p>
<p style="margin:6.0pt 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reviews   Company performance and makes its final decisions including the CEO&#146;s   compensation and all equity-compensation awards</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Use of Discretion</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In extraordinary circumstances, the Board retains the option to adjust the calculated results, using its experience and collective business judgment, and recognizes that the effectiveness of the various plans is best served when the Board uses its discretion sparingly.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Board may, at the recommendation of the HRC, exercise discretion in extraordinary circumstances where unforeseen circumstances cause formula-driven compensation decisions to be inappropriate, including: one-time circumstances out of management&#146;s control, such as major regulatory changes; changes to the strategic direction of the Company; and unanticipated and exceptional impacts to the peer group that, in turn, affect the calculation of comparative results. The exercise of discretion can be used to either increase or decrease compensation, depending on the circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Over the past three years, the Board exercised discretion twice:</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 .7in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">In 2015, the Board rewarded the CEO with a special $150,000 bonus, and three other named executives with $100,000, for designing and implementing a new organizational structure to enable our company to better navigate through harsh economic conditions in the Alberta marketplace.</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 .7in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;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; </font><font face="Arial">In 2016, the Board rewarded the CEO with a special $1,000,000 bonus, and three other named executives with $500,000, for making 2016 the most impactful year in TransAlta&#146;s 100+ year history. The Off-Coal Agreement signed with the Government of Alberta, which entitled TransAlta to $524 million over 14 years, immediately stabilized the future of our company at a time of unprecedented uncertainty and deserved immediate recognition.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In 2017, no discretionary awards were considered, as the compensation plans now in place ensure the full array of management&#146;s successes are appropriately captured and recognized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">71</font><a name="PB_71_222602_536"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Executive Share Ownership</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">We believe executives and Board members should have a meaningful equity stake in the Company to align their long-term interests with 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>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Ownership requirements vary by   level, and executives must meet the required level of share ownership within   five years of being appointed to the position. If an executive is promoted to   a position with a higher ownership requirement, he or she will have five   years from the new effective date to meet the higher requirement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The HRC reviews our share   ownership guidelines annually to make sure they are consistent with market   practice.</font></p>
<p 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" color="black" face="Arial" style="color:black;font-size:10.0pt;">If an executive does not meet   his or her share ownership requirement within the designated time period, the   Board and the HRC will consider all relevant factors and take an appropriate   course of action to uphold the efficacy of the policy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below shows the share   ownership for each named executive. We used $7.57, the weighted average price   of our common shares on the TSX for the 20 trading days ending the day before   December&nbsp;31, 2017 to value their holdings. See <i>Total   value of equity holdings at year-end</i> on page&nbsp;79 for a   breakdown.</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="28%" valign="top" style="border:solid #00A4E4 1.5pt;border-left:none;padding:0in 0in 0in 0in;width:28.88%;">
<p style="font-size:10.0pt;margin:3.0pt .05in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Hig</font></b><b><font color="#00a3e4" face="Arial" style="color:#00A3E4;font-weight:bold;">hlig</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">hts</font></b></p>
<p style="margin:6.0pt .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The   Board increased the share ownership guidelines for the President and CEO from   4x to 5x base salary in July&nbsp;2017.</font></p>
<p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:3.0pt .05in .0001pt;text-align:justify;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Hig</font></b><b><font color="#00a3e4" face="Arial" style="color:#00A3E4;font-weight:bold;">hlig</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">hts</font></b></p>
<p style="margin:6.0pt .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For   the purposes of determining compliance within the executive share ownership   policy, all common shares, DSUs, and RSUs are included.</font></p>
<p style="margin:0in .05in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mrs.&nbsp;Farrell, Mr.&nbsp;Tremblay, Mr.&nbsp;Gellner, and Mr.&nbsp;Kousinioris have all exceeded their ownership requirement, and Mrs.&nbsp;de Lima is on track to meet her guideline. Mrs.&nbsp;de Lima has until December&nbsp;2020 to comply.</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" color="white" face="Arial" style="color:white;font-size:8.0pt;">(as at   December&nbsp;31, 2017)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Ownership<br>   requirement<br>   (multiple of<br>   base pay)</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Number<br>   of equity<br>   securities<br>   required</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Current<br>   holdings</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Value of<br>   current<br>   holdings</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">In<br>   compliance<br>   with policy</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Hold period<br>   after leaving<br>   TransAlta</font></b></p>    </td>   </tr>
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<td width="26%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:26.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dawn Farrell</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">President and CEO</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5x <b><i style="font-weight:bold;">(new)</i></b></font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">660,502</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">783,003</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$5,927,335</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Yes (5.9x)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1 year</font></p>    </td>   </tr>
<tr>
<td width="26%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:26.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Donald Tremblay</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Financial Officer</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2x</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">125,495</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">135,191</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$1,023,399</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Yes (2.2x)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="26%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:26.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Brett Gellner</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Investment Officer</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2x</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">132,100</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">168,114</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$1,272,623</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Yes (2.6x)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="26%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:26.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">John   Kousinioris</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Legal and Compliance Officer</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2x</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:11.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">132,100</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">135,468</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$1,025,492</font></p>    </td>
<td width="12%" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Yes (2.1x)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
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<td width="26%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:26.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dawn de Lima</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;"><br>    </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Administrative Officer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2x</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">112,285</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 2.9pt 2.9pt 2.9pt;width:12.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">88,116</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$667,034</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">On Track (1.6x)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">72</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_72_222602_5926"></a></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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Managing Compensation Risk</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Board believes that our executive compensation program does not raise TransAlta&#146;s risk profile based on an annual risk review conducted by the HRC.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The risk review considers our major risks (equipment/maintenance, capital investments, long-term contracting, market competition and pricing, energy marketing, growth opportunities, construction and regulatory impact) as well as our compensation philosophy, pay mix, incentive plans and performance measures, stock-based compensation and our share ownership requirements. The mix of these items, their overall balance and the caps embedded in our incentive plans are also part of the review.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Our compensation program has various features that limit unreasonable or inappropriate risk-taking:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Incentive plan payouts are based on a combination of absolute and relative metrics</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Target performance is set within our risk profile and provides sufficient incentive for our executives to achieve the corporate objectives</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PSU awards have overlapping performance periods</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Targets for the annual and long-term incentive awards are set annually so they are relevant and appropriate</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Performance factors under the annual incentive plan and performance share unit plan are capped at 200% and payouts are also capped to avoid excessive risk-taking</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Expenditure authority limits are established for different levels in the organization and any expenditures, new investment programs or products to be undertaken must be reviewed by a five-member investment committee</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">Key policies</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="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Clawback policy &#150; allows the Board to recoup all variable compensation awarded to an executive if:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The payment was based on achieving certain financial results that were subsequently the subject of a restatement of TransAlta&#146;s financial statements filed with securities regulatory authorities, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The executive engaged in gross negligence, intentional misconduct or fraud that caused, or partly caused, the need for a restatement, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The incentive compensation would have been lower had the financial results been properly reported</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Anti-hedging policy &#150; prohibits executives and directors from speculative trading in our shares. Insiders are prohibited from:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Directly or indirectly short selling securities of TransAlta or any of its affiliates where they do not own the underlying security</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Directly or indirectly selling a call or buying a put on our securities or any securities of our affiliates, or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .9in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Engaging in a monetization transaction or other hedging procedure designed to reduce or offset a decrease in the market value of TransAlta securities held by an insider, either directly or indirectly.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">Other important policies</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We have codes of conduct for our employees, officers and directors to ensure we always protect TransAlta&#146;s assets and act ethically and responsibly in everything we do. Our insider trading policy and reporting guidelines put restrictions on insiders and others who have a special relationship with TransAlta so that they do not trade our securities on privileged information or during blackout periods. All insiders must also pre-clear their transactions before they carry out a trade.</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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">73</font><a name="PB_73_222708_4688"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 </font></b><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">COMPENSATION PROGRAMS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Executive compensation includes direct compensation (fixed and variable) and indirect compensation (pension and other benefits).</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Base salary</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Annual incentive</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Long-term<br>   incentive (PSUs)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Long-term<br>   incentive</font></b><font face="Arial"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">(RSUs)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Long-term<br>   incentive</font></b><font face="Arial"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">(Options)</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;">Primary purpose</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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reward   for ongoing work performed</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Continuity</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reinforce   and drive short-term priorities</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Recognize   and reward corporate and individual performance</font></p>    </td>
<td width="1%" valign="top" style="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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.08%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Align   interests with shareholders</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Recognize   and reward performance</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.16%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reinforce   and drive long-term shareholder value</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Reinforce   and drive long-term shareholder value</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Performance period</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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Ongoing</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">1   year</font></p>    </td>
<td width="1%" valign="top" style="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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.08%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">3   years</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.16%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">3   years</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">7   years</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Payment</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:14.02%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Ongoing</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">In   March&nbsp;after end of performance period</font></p>    </td>
<td width="1%" valign="top" style="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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.08%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">In   March&nbsp;after end&nbsp;of performance period</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.16%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">In   March&nbsp;after end of performance period</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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">When   exercised</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cash or Equity</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:14.02%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cash</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.92%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cash   or DSUs at NEO&#146;s election</font></p>    </td>
<td width="1%" valign="top" style="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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.08%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cash   or common shares at Board discretion</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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:15.16%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cash   or common shares at Board discretion</font></p>    </td>
<td width="1%" valign="top" style="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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Common   shares (cash when exercised)</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 align="center">
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="235" style="height:176.6pt;">
<td width="4%" height="235" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:176.6pt;padding:0in 0in 0in 0in;width:4.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="35" height="235" src="g88581mm53i002.jpg"></font></p>    </td>
<td width="1%" height="235" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:176.6pt;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="50%" height="235" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:176.6pt;padding:0in 0in 0in 0in;width:50.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Pension</font></b></p>
<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>
<p style="margin:0in 0in .0001pt .4in;text-indent:-.15in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Defined contribution (DC) pension plan </font></b><font size="1" face="Arial" style="font-size:9.0pt;">(page&nbsp;80)</font></p>
<p style="margin:0in 0in .0001pt .4in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Non-contributory   pension plan for participants</font></p>
<p style="margin:0in 0in .0001pt .4in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Company   contributes 5% of base pay and annual incentive, up to the limit under the   Income Tax Act (Canada)</font></p>
<p style="margin:0in 0in .0001pt .4in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Employees   choose the types of investments for allocating the pension contributions</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Benefits </font></b><font size="1" face="Arial" style="font-size:9.0pt;">(see below)</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Flexible   health benefits coverage employee elects coverage every two years</font></p>    </td>
<td width="1%" height="235" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:176.6pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" height="235" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:176.6pt;padding:0in 0in 0in 0in;width:42.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Supplemental pension plan (SPP) </font></b><font size="1" face="Arial" style="font-size:9.0pt;">(page&nbsp;80)</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Provides   a pension on the executive&#146;s earnings above the contribution limit of the   Income Tax Act (Canada) based on the executive&#146;s pensionable service period</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Defined   benefit SPP for executives who started before January&nbsp;1, 2016; defined   contribution SPP for executives who started on or after January&nbsp;1, 2016</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.15in;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Perquisites </font></b><font size="1" face="Arial" style="font-size:9.0pt;">(see below)</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.15in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Annual   automobile and perquisite allowance</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="66%" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:66.66%;">
<p style="margin:0in 5.75pt .0001pt 0in;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Executives participate in the same pension and benefits   programs as our other employees. Executives also participate in a   Supplemental Pension Plan. Life insurance, disability, medical and dental   coverage are included in the benefits program. Employees allocate their   annual benefits allowance to the different plan components based on their   needs, and can receive enhanced coverage by making contributions through   payroll deductions. Automobile allowances are provided to the named   executives and other senior management employees. Amounts are fixed and vary   by level based on market practice. The annual perquisite allowance is in lieu   of additional benefits.</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Auto<br>   allowance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Perquisite<br>   allowance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Dawn   Farrell</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$20,000</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$50,000</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,000</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,000</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,000</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,000</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,000</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,000</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.58%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$16,000</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$10,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p 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" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">74</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_74_222708_2983"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Annual Incentive Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Board set the targets in the annual incentive program with significant stretch and to have a 50% likelihood of achievement. In addition, scorecard results are capped at 200% to mitigate against excessive risk and inappropriate behaviour.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">For the 2017 performance year, our scorecard included two financial metrics that we believe represent the highest short-term priorities with the greatest impact on shareholder value. We also have business unit scorecards which include a combination of financial, operational, and safety metrics, but none of these scorecards were applicable to this year&#146;s named executives. The metrics are reviewed and approved by the Board to make sure they reflect our current priorities and are appropriate for driving strong performance for the year.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below shows how the HRC calculated the 2017 corporate scorecard result, which is the highest result in several years. The Board and the HRC believe this appropriately reflects the outstanding work completed in 2017 as we continue to transform TransAlta.</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" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2017 Corporate Result</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
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<td width="30%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Weight</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Threshold</font></b><font color="white" face="Arial" style="color:white;"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">(50%)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Target</font></b><font color="white" face="Arial" style="color:white;"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">(100%)</font></b></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Maximum</font></b><font color="white" face="Arial" style="color:white;"><br>    </font><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">(200%)</font></b></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">2017<br>   result</font></b></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Performance<br>   factor</font></b></p>    </td>   </tr>
<tr>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.38%;">
<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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Free cash flow</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">60%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$275M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$310M</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$345M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$328M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#C6EFFF" style="background:#C6EFFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">151%</font></p>    </td>   </tr>
<tr>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.38%;">
<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 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Project Greenlight (strategic   transformation)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">40%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$75M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$100M</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$125M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$191M</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#C6EFFF" style="background:#C6EFFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:8.0pt;">200%</font></p>    </td>   </tr>
<tr>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.38%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.92%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#C6EFFF" style="background:#C6EFFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">171%</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="1%" valign="top" style="border:solid #00A4E4 1.5pt;border-right:none;padding:0in 0in 0in 0in;width:1.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="98%" valign="top" style="border-bottom:solid #00A4E4 1.5pt;border-left:none;border-right:none;border-top:solid #00A4E4 1.5pt;padding:0in 0in 0in 0in;width:98.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Hig</font></b><b><font color="#00a3e4" face="Arial" style="color:#00A3E4;font-weight:bold;">hlig</font></b><b><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-weight:bold;">hts</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">In 2017, we replaced <i>cash return on book   equity</i> (50%) with Project Greenlight (<i>strategic   transformation)</i> (40%), a new financial metric that represents   TransAlta&#146;s central effort to drive financial performance.&nbsp; The 2017 targets and results below   represent a combination of cost reductions, working capital reductions, future   cost avoidance, net new revenues, and sustaining capital reductions that are   helping turn TransAlta into Canada&#146;s leading provider of clean power.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:solid #00A4E4 1.5pt;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>   </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="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below shows the weightings for corporate and individual performance factors for each named executive, as well as their maximum payout as a percentage of base salary. As President and CEO, Mrs.&nbsp;Farrell</font><font color="black" face="Arial" style="color:black;">&#146;</font><font color="black" face="Arial" style="color:black;">s performance under the annual incentive is based entirely on our corporate performance (up from an 80% weighting in 2015 and a 75% weighting in 2014).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" bgcolor="#00A3E3" style="background:#00A3E3;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="3" bgcolor="#00A3E3" style="background:#00A3E3;padding:0in 0in 0in 0in;width:31.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Performance weightings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" colspan="5" bgcolor="#00A3E3" style="background:#00A3E3;padding:0in 0in 0in 0in;width:37.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Payout as a percentage of base salary </font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Corporate </font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Individual</font></b></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Minimum</font></b></p>    </td>
<td width="0%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Target</font></b></p>    </td>
<td width="1%" bgcolor="#00A3E3" style="background:#00A3E3;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="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" bgcolor="#00A3E3" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Maximum</font></b></p>    </td>   </tr>
<tr>
<td width="29%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn Farrell</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">President and CEO</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="1%" style="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="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">200%</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Donald Tremblay</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">70%</font></p>    </td>
<td width="1%" style="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="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">140%</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Brett Gellner</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">Chief Investment Officer</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">70%</font></p>    </td>
<td width="1%" style="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="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">140%</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">John Kousinioris</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">Chief Legal and Compliance Officer</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">70%</font></p>    </td>
<td width="1%" style="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="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">140%</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.5%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn de Lima</font></b><font size="1" face="Arial" style="font-size:8.0pt;"><br>    </font><font size="1" face="Arial" style="font-size:8.0pt;">Chief Administrative Officer</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">75%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.1%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0%</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">70%</font></p>    </td>
<td width="1%" style="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="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">140%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">75</font><a name="PB_75_222708_6228"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Long-term Incentive Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">For the 2017-2018 performance cycle, long-term incentive plan grants were based on a percentage of salary and consisted of performance share units, restricted share units and stock options.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="31%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="3" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Target   grant value</font></b></p>    </td>
<td width="3%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Allocation</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Amount</font></b></p>    </td>
<td width="3%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">%   of Salary</font></b></p>    </td>
<td width="3%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Options</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn Farrell</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$2,200,000</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">220%</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">20%</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Donald Tremblay</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$593,750</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">125%</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">20%</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Brett Gellner</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$875,000</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">175%</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">20%</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">John Kousinioris</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$625,000</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">125%</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">20%</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Dawn de Lima</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">$531,250</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">125%</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">55%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">25%</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">20%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Board, on the recommendation of the HRC, approves the number of PSUs, RSUs and stock options to be granted every year, as well as the performance metrics, targets and weightings for the PSU 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" color="black" face="Arial" style="color:black;font-size:10.0pt;">We emphasize financial and strategic metrics under the PSU plan. The ultimate value of the PSUs, RSUs and stock options is linked to our share price, aligning the interests of executives and shareholders. All have three-year vesting, but stock options expire at the end of seven years, emphasizing the focus on shareholder value over the longer 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;text-align:justify;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">2017-2019 PSU scorecard</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The corporate performance factor will be calculated using the following metrics and weightings:</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="33%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Threshold<br>   (50%)</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Target<br>   (100%)</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Maximum<br>   (200%)</font></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Weighting</font></b></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:4.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1. Funds from operations to debt</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:4.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:4.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">70%</font></b></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:3.0pt 0in .0001pt 11.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2017   (weighted 25%)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">17.2%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">18.2%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">19.2%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:3.0pt 0in .0001pt 11.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2018   (weighted 25%)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">19.7%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">20.7%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">21.7%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:3.0pt 0in .0001pt 11.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2019   (weighted 25%)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">15.4%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">16.4%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">17.4%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:3.0pt 0in .0001pt 11.5pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3-year   average (weighted 25%)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">17.0%</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">18.5%</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">20.0%</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.52%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2. Transition to renewable energy (new measure)</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">30% </font></b></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.52%;">
<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="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="81%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:81.28%;">
<p style="margin:0in .1in .0001pt 12.25pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Management   will be assessed on its ability to make clear progress and substantive   advancement on executing the coal to gas transition, including but not limited   to, securing regulations that support conversion, the Brazeau Pumped Storage   project, ensuring that the new capacity market in Alberta treats incumbent   thermal and renewable generators fairly, and/or growth in wind power in   Alberta and Saskatchewan.</font></p>
<p style="margin:0in .1in .0001pt 12.25pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.72%;">
<p style="margin:0in 0in .0001pt .05in;"><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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">TSR Modifier</font></i></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" rowspan="9" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We will apply a total shareholder   return (&#147;TSR&#148;) modifier to the corporate performance factor to determine the   PSU performance factor, which will determine the number of units that vest.   This feature directly links executive compensation to shareholder interests.   We compare our TSR for the three-year period to the return of the S&amp;P/TSX   Composite Index to determine the modifier.</font></p>    </td>
<td width="22%" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">If our   relative TSR is</font></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Then the modifier will be</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Above   P75 </font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">1.2</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Between   P25 and P75</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0.8 &#150; 1.2   (straight-line interpolation)</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Below   P25</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">0.8</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&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" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">Stock Option Grants</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Options cliff vest after three years and expire after seven years. We use the Black-Scholes pricing model to calculate the number of stock options to be granted. However, if the calculated option value is below 12% of our common share price at the time of grant, we will use a fixed option value of 12% of the common share price. This feature is to ensure we do not grant an inappropriate number of options during a period of extreme share price volatility. See the footnote to the summary compensation table on page&nbsp;77 for more information about how we value the stock option 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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">76</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; | &#160;TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_76_152456_5335"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">2017 COMPENSATION DETAILS</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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Summary Compensation Table</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below sets out the annual compensation received by our five named executives for our financial years ending December&nbsp;31, 2017, 2016 and 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="17%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Year</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Salary</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Share-based<br>   awards</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Option-<br>   based<br>   awards </font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Non-equity<br>   incentive<br>   plans </font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Pension<br>   value </font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">All other<br>   compensation </font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Total<br>   compensation</font></b></p>    </td>   </tr>
<tr>
<td width="17%" rowspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<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;">Dawn L. Farrell<br>    </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="5%" valign="top" style="padding:1.45pt 0in 0.375pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,000,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,760,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$440,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,710,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,525,800 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$82,616 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$6,518,416 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$960,556 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,318,125 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$439,375 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,729,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,866,400 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$76,322 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$7,389,778 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$950,000 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,090,000 </font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$912,660 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$488,800 </font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$74,215 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$4,515,675 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" rowspan="2" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<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;">Donald Tremblay<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">Chief Financial Officer</font></p>    </td>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$475,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$475,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$118,750 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$530,338 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$275,800 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$29,586 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,904,474 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$455,278 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$354,375 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$118,125 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$485,155 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$212,400 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,651,333 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$450,000 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$562,500 </font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$320,894 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$177,800 </font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,537,194 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" rowspan="2" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<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;">Brett M. Gellner<br>    </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Investment Officer</font></p>    </td>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$700,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$175,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$558,250 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$494,800 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$2,454,050 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$562,500 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$187,500 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,050,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$392,400 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$2,718,400 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$875,000 </font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$338,563 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$206,800 </font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,946,363 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" rowspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<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;">John H Kousinioris <br>    </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief Legal and   Compliance Officer</font></p>    </td>
<td width="5%" valign="top" style="padding:1.45pt 0in 0.375pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$500,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$125,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$623,875 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$383,800 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$31,123 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$2,163,798 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$480,278 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$374,063 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$124,688 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,028,306 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$310,400 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$2,343,735 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$475,000 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$593,750 </font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$326,634 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$190,800 </font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,612,184 </font></b></p>    </td>   </tr>
<tr>
<td width="17%" rowspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:17.5%;">
<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;">Dawn E. de Lima<br>    </font></b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Chief   Administrative Officer </font></p>    </td>
<td width="5%" valign="top" style="padding:1.45pt 0in 0.375pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2017</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$425,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$425,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$106,250 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$511,700 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$448,800 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,942,750 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2016</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$405,278 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$315,000 </font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$105,000 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$431,874 </font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$680,400 </font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,963,552 </font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2015</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$325,000 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$562,500 </font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$159,534 </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$117,800 </font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$26,000 </font></p>    </td>
<td width="14%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:14.2%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,190,834 </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="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Notes:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">Salary</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">In 2017, there were no salary increases provided to any member of TransAlta</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#146;</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">s executive team. In 2016, Mrs.&nbsp;Farrell&#146;s salary increased from $950,000 to $1,000,000, Mr.&nbsp;Tremblay&#146;s salary increased from $450,000 to $475,000, Mr.&nbsp;Kousinioris&#146; salary increased from $475,000 to $500,000, and Mrs.&nbsp;de Lima&#146;s salary increased from $400,000 to $425,000.</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;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">Share-based awards</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Total grant date fair value of units awarded under the long-term incentive plan. All units granted in 2017 were made on March&nbsp;7, 2017 using the closing share price of our shares on the TSX on March&nbsp;6, 2017 of $7.25. All grants made in 2016 and 2015 were made on January&nbsp;1 of each year using the closing share price of our shares on the TSX on the last trading day before the grant ($4.91 for 2016 and $10.52 for 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;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Option-based awards</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Total grant date fair value of stock options granted under the long-term incentive plan. We use the Black-Scholes method to value option awards and determine the number of options to be granted. The table below shows the assumptions used to calculate the fair value of the 2017 and 2016 awards. We did not grant stock option awards in 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="8%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Grant   date</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.2%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Grant   price</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Term</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.98%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Risk-free   rate</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Volatility</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p style="margin:3.0pt 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Dividend   yield</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p style="margin:3.0pt 0in .0001pt 2.9pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Value   per option</font></b></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:3.0pt 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">2017</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">March&nbsp;7, 2017</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.2%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">$7.25</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.8%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">7 years</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1.38%</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.1%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">27.30%</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2.21%</font></p>    </td>
<td width="16%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;padding:0in 0in 0in 0in;width:16.06%;">
<p style="margin:3.0pt 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:7.5pt;">$1.62</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:5.0pt 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">2016</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.82%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">February&nbsp;22, 2016</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.2%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">$5.93</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.8%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">7 years</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.98%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">0.93%</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">26.08%</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p style="margin:5.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2.70%</font></p>    </td>
<td width="16%" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p style="margin:5.0pt 0in .0001pt 2.9pt;"><font size="1" face="Arial" style="font-size:7.5pt;">$1.11</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;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Non-equity incentive plans</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cash bonuses for annual performance represent payments made under the annual incentive program. In 2016, these amounts also include outstanding leadership and recognition payments ($1,000,000 for Mrs.&nbsp;Farrell and $500,000 each for Mr.&nbsp;Gellner and Mr.&nbsp;Kousinioris). In 2015, these amounts also include performance payments ($150,000 for Mrs.&nbsp;Farrell and $100,000 each for Mr.&nbsp;Tremblay, Mr.&nbsp;Gellner and Mr.&nbsp;Kousinioris).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">Pension value</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Sum of the compensatory amounts related to the defined contribution pension plan and supplemental pension plan. Mrs.&nbsp;Farrell</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#146;</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">s pension value increased in 2016, reflecting her first salary increase since 2012, the payment of an annual incentive at 200% of target and her outstanding leadership and recognition bonus 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;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-style:italic;">All other compensation</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Amounts are for car allowances and annual perquisite allowances. In 2017, these amounts also include the cost of additional life insurance over and above the Company</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&#146;</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">s standard benefits package ($12,616 for Mrs.&nbsp;Farrell, $3,586 for Mr.&nbsp;Tremblay, and $5,123 for Mr.&nbsp;Kousinioris). In 2016, the amount for Mrs.&nbsp;Farrell also included $6,322 for additional life insurance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">77</font><a name="PB_77_152456_5796"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&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>
<p style="margin:0in 0in .0001pt;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Incentive Plan Awards</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Outstanding Option and Share Awards</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows all outstanding equity-based compensation granted to the named executives as at December&nbsp;31, 2017:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">OPTION-BASED AWARDS</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">SHARE-BASED AWARDS</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" colspan="3" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid white 1.0pt;padding:0in 0in 0in 0in;width:15.92%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;"># of shares or<br>   units of shares that have<br>   not vested </font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.5pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" colspan="3" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid white 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:15.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Market   or payout value<br>   of share awards that<br>   have not vested </font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.5pt;font-weight:bold;position:relative;top:-3.0pt;">(3)</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Market<br>   or payout<br>   value of</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Grant<br>   date</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Vesting<br>   date</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">#   of<br>   securities<br>   underlying<br>   unexercised<br>   options</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Option<br>   exercise<br>   price</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Option<br>   expiration<br>   date</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Value   of<br>   unexercised<br>   in-the-<br>   money<br>   options </font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:4.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#00A4E4" style="background:#00A4E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">vested<br>   shares<br>   that have<br>   not yet<br>   paid out</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><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="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Dawn Farrell</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2017</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2020</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">270,833</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$7.25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2024</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$54,167</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">168,602</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">76,637</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,256,085</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$570,946</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">395,628</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$5.93</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2023</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$601,355</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">186,325</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">93,163</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,388,125</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$694,066</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2015</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2018</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="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:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">152,054</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">76,027</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,110,146</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$566,401</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">666,461</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$655,522</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">506,981</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">245,827</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$3,754,356</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$1,831,413</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Donald Tremblay</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2017</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2020</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">73,094</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$7.25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2024</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$14,619</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">45,503</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">20,683</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$338,999</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$154,090</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">106,364</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$5.93</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2023</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$161,673</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">50,093</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">25,047</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$373,195</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$186,597</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2015</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2018</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="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:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">40,923</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">20,462</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$298,780</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$152,439</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">179,458</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$176,292</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">136,519</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">66,192</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$1,010,974</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$493,126</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Brett Gellner</font></b></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2017</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2020</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">107,718</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$7.25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2024</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$21,544</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">67,057</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">30,480</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$499,576</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$227,078</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">168,831</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$5.93</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2023</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$256,624</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">79,513</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">39,756</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$592,375</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$296,184</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2015</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2018</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="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:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">63,659</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">31,830</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$464,775</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$237,130</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">276,549</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$278,168</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">210,229</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">102,066</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$1,556,726</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$760,392</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">John Kousinioris</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2017</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2020</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">76,941</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$7.25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2024</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$15,388</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">47,898</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">21,772</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$356,843</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$162,203</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">112,273</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$5.93</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2023</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$170,655</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">52,876</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">26,439</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$393,927</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$196,967</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2015</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2018</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="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:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">43,197</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">21,598</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$315,385</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$160,906</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">189,214</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$186,043</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">143,971</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">69,809</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$1,066,155</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$520,076</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Dawn de Lima</font></b></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2017</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2020</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">65,400</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$7.25</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">03/07/2024</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$13,080</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">40,714</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">18,506</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$303,317</font></p>    </td>
<td width="1%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$137,871</font></p>    </td>
<td width="0%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">94,546</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$5.93</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">02/23/2023</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$143,709</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2016</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2019</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">44,528</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">22,264</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$331,730</font></p>    </td>
<td width="1%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$165,865</font></p>    </td>
<td width="0%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2015</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">01/01/2018</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="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:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">27,282</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">13,641</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$199,187</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$101,626</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">$0</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">159,946</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$156,789</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">112,524</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">54,411</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$834,234</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$405,362</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.88%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">1,471,628</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#595959" style="background:#595959;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">$1,452,814</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt 2.15pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">1,110,224</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">538,305</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">$8,222,445</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:7.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">$4,010,369</font></b></p>    </td>
<td width="0%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" bgcolor="#595959" style="background:#595959;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">$0</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Notes:</font></p>
<p style="border:none;margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.5pt;">(1)&nbsp;&nbsp;The value of unexercised in-the-money options = the difference between the closing price of our common shares on the TSX on December&nbsp;31, 2017 ($7.45) and the option exercise price multiplied by the number of outstanding vested and unvested stock options.</font></p>
<p style="border:none;margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.5pt;">(2)&nbsp;&nbsp;The number of RSUs and PSUs outstanding, including dividend equivalents, as of December&nbsp;31, 2017.</font></p>
<p style="border:none;margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.5pt;">(3)&nbsp;&nbsp;Calculated using $7.45, the closing price of our common shares on the TSX on December&nbsp;31, 2017. PSUs granted in 2017 and 2016 assume performance at target (100%). The values for PSUs granted in 2015 reflect a PSU performance factor of 98%.</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="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">78</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; | </font><font size="1" style="font-size:8.0pt;">&#160;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_78_141607_7056"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Value Vested During the Year</font></b></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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below includes the amount of variable compensation that vested and was paid in 2017:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="19" style="height:14.15pt;">
<td width="20%" rowspan="2" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" rowspan="2" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Option-based awards</font></b></p>    </td>
<td width="32%" colspan="2" height="19" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid white 1.0pt;height:14.15pt;padding:0in 0in 0.375pt 2.9pt;width:32.44%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Share-based awards</font></b></p>    </td>
<td width="25%" rowspan="2" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:14.15pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Non-equity incentive plans</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="15%" height="12" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="16%" height="12" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Dawn   Farrell </font></p>    </td>
<td width="21%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$0</font></p>    </td>
<td width="15%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$211,916</font></p>    </td>
<td width="16%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$460,688</font></p>    </td>
<td width="25%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,710,000</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>    </td>
<td width="21%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$0</font></p>    </td>
<td width="15%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$42,187</font></p>    </td>
<td width="16%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$91,707</font></p>    </td>
<td width="25%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$530,338</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>    </td>
<td width="21%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$0</font></p>    </td>
<td width="15%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$88,715</font></p>    </td>
<td width="16%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$192,904</font></p>    </td>
<td width="25%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$558,250</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>    </td>
<td width="21%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$0</font></p>    </td>
<td width="15%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$60,196</font></p>    </td>
<td width="16%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$130,861</font></p>    </td>
<td width="25%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$623,875</font></p>    </td>   </tr>
<tr height="4" style="height:2.75pt;">
<td width="20%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.75pt;padding:0in 0in 0in 2.9pt;width:20.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>    </td>
<td width="21%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.75pt;padding:0in 0in 0in 2.9pt;width:21.68%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">$0</font></p>    </td>
<td width="15%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.75pt;padding:0in 0in 0in 2.9pt;width:15.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$38,033</font></p>    </td>
<td width="16%" height="4" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.75pt;padding:0in 0in 0in 2.9pt;width:16.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$82,635</font></p>    </td>
<td width="25%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:2.75pt;padding:0in 0in 0in 2.9pt;width:25.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$511,700</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">PSUs granted on January&nbsp;1, 2014 vested on January&nbsp;1, 2017, and paid out at 23% of their grant value.&#160; Amounts under <i>non-equity incentive plans</i> include the annual incentive under the annual incentive plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Total Value of Equity Holdings at Year-End</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr height="26" style="height:19.85pt;">
<td width="19%" height="26" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:1.45pt 0in 1.45pt 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-weight:bold;"><br><br></font></b></p>    </td>
<td width="20%" height="26" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:1.45pt 0in 1.45pt 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="20%" height="26" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:1.45pt 0in 1.45pt 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="22%" height="26" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:1.45pt 0in 1.45pt 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Officer deferred <br>   share units</font></b></p>    </td>
<td width="16%" height="26" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:19.85pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="19%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Dawn   Farrell</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,023,948</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,860,912</font></p>    </td>
<td width="22%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$3,042,474</font></p>    </td>
<td width="16%" height="12" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$5,927,335</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="19%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$522,330</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$501,069</font></p>    </td>
<td width="22%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="16%" height="12" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,023,399</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="19%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$499,983</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$772,640</font></p>    </td>
<td width="22%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="16%" height="12" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,272,623</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="19%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$497,039</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$528,453</font></p>    </td>
<td width="22%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$0</font></p>    </td>
<td width="16%" height="12" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$1,025,492</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="19%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:19.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$166,760</font></p>    </td>
<td width="20%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:20.42%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$411,891</font></p>    </td>
<td width="22%" height="12" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:22.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">$88,384</font></p>    </td>
<td width="16%" height="12" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:0in 0in 0in 2.9pt;width:16.9%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$667,034</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">We valued the equity holdings using $7.57 per common share, the 20-day volume-weighted average closing price of our common shares on the TSX for the 20 days ending the trading day before December&nbsp;31, 2017. RSU values include unvested RSUs and vested RSUs that have not yet been paid. All RSUs and DSUs include additional units received as dividend equivalents according to the terms of the plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mrs.&nbsp;Farrell also held 506,981 PSUs and 666,461 stock options at December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Equity Compensation Plan Information</font></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The HRC approves stock option awards. Options may be granted to employees in Canada and the U.S. and are priced according to the provisions of the plan in the currency where the employee resides. The total number of options that can be issued under the plan cannot be higher than the maximum number of shares allocated under the plan, which is set at 13,000,000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">At December&nbsp;31, 2017, there were 2,884,569 options outstanding under the option plan for both Canadian and U.S. participants and 987,250 of them were exercisable:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="20%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:20.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Plan   category</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:23.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Number of   securities to <br>   be issued upon exercise <br>   of outstanding options,<br>   warrants and rights</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:23.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Weighted-average   <br>   exercise price of <br>   outstanding options, <br>   warrants and rights</font></b></p>    </td>
<td width="32%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:32.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Number of   securities remaining <br>   available for future issuance under equity<br>   compensation plans (excluding securities<br>   included in first column)</font></b></p>    </td>   </tr>
<tr>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:20.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity compensation plans approved by security holders<br>    <i>Stock option plan</i></font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:23.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2.88 million</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:23.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$14.26</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:32.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">2.61 million</font></p>    </td>   </tr>
<tr>
<td width="20%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:20.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="23%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:23.82%;"></td>
<td width="23%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:23.78%;">
<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="32%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 2.9pt;width:32.1%;">
<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>  </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;">The table below provides details on TransAlta&#146;s burn rate as it pertains to the <i>stock option plan </i>over the past three years:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="59%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:59.78%;"></td>
<td width="13%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">As of   December<br>   31, 2017</font></b></p>    </td>
<td width="13%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">As of   December<br>   31, 2016</font></b></p>    </td>
<td width="13%" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 2.9pt;width:13.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">As of   December<br>   31, 2015</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="59%" height="11" style="border:none;border-bottom:solid white 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:59.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Number of options granted in the applicable year</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid white 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">760,239</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid white 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">1,137,080</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid white 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">0</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="59%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:59.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Number of shares outstanding</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">288,000,000</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">288,000,000</font></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:1.45pt 0in 1.45pt 2.9pt;width:13.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">280,000,000</font></p>    </td>   </tr>
<tr>
<td width="59%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 2.9pt;width:59.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Burn rate</font></b></p>    </td>
<td width="13%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0.26%</font></b></p>    </td>
<td width="13%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 2.9pt;width:13.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0.39%</font></b></p>    </td>
<td width="13%" bgcolor="#D9D9D9" style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;padding:2.9pt 0in 2.9pt 2.9pt;width:13.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0.00%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">79</font><a name="PB_79_222803_6479"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade 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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Retirement Plans</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;"><font size="2" face="Arial" style="font-size:10.0pt;">All employees, including the named executives, participate in a defined contribution plan (DC plan) registered under the <i>Income Tax Act</i> (Canada) and the Alberta<i> Employment Pension Plans Act</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Executive officers hired before January&nbsp;1, 2016 also participate in a supplementary pension plan (SPP), which is a defined benefit, non-registered plan. Those hired after January&nbsp;1, 2016 participate in a defined contribution, non-registered supplementary pension plan.</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;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Defined Contribution Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We contribute 5% of employees&#146; pensionable earnings, defined as 100% of base pay and annual incentive, to the plan. Contributions are deposited to participants&#146; accounts and invested according to their instructions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Participants are eligible to retire after age 55. They must transfer their account balance (contributions and investment earnings) to an annuity or a life income fund to receive their retirement payments. If a participant retires from TransAlta but does not want to receive their retirement income yet, or if a participant leaves the company before turning 55, they can transfer their account balance to a personal, locked-in account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2017, the maximum annual contribution under the plan was $23,607 (i.e., 90% of the $26,230 maximum allowed by the Canada Revenue Agency). The table below shows the accumulated value of contributions to each named executive&#146;s DC plan as at December&nbsp;31, 2017:</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="20%" height="12" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Accumulated value at</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">start of year</font></b></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Compensatory</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Non-compensatory</font></b></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Accumulated value at</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">end of year</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Dawn Farrell</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$321,335</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$23,607</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$29,279 </font></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$374,221 </font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$81,909</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$23,607</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$18,937 </font></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$124,453 </font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$274,853</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$23,607</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$25,147 </font></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$323,606 </font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="20%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$115,333</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$23,607</font></p>    </td>
<td width="19%" height="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$11,516 </font></p>    </td>
<td width="19%" height="12" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$150,456 </font></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="20%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:1.4pt 0in 1.4pt 2.9pt;width:20.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>    </td>
<td width="19%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$342,694 </font></p>    </td>
<td width="19%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$23,607 </font></p>    </td>
<td width="19%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$30,935 </font></p>    </td>
<td width="19%" height="11" valign="bottom" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.3pt;padding:1.4pt 0in 1.4pt 2.9pt;width:19.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$397,236 </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="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Supplemental Pension Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We fund a non-contributory supplemental pension plan (SPP) for executives to provide benefits above the registered pension contribution limits set out under the <i>Income Tax Act</i> (Canada).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For executives hired before January&nbsp;1, 2016, the SPP provides a defined benefit pension of 2% of the final average pensionable earnings (base pay and annual incentive) in excess of the average DC plan pensionable earnings limit for each year of credited service. Final average pensionable earnings are calculated as the executive&#146;s highest five consecutive year average within the last 10 years, including the annual bonus (no cap).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">For executives hired on January&nbsp;1, 2016 or later, the SPP provides a defined contribution pension of an additional 5% on the portion of the executive&#146;s pensionable earnings (base pay and annual incentive) that is above the maximum allowed under the DC plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Participants are eligible to retire after they turn 55 and complete two years of service, but the pension amount they receive is based on several factors:</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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">They receive their full monthly pension if they retire after they turn 60 or their total years of service plus age equal 85 or more</font></p>
<p style="margin:0in 0in .0001pt .9in;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Their monthly pension is reduced by 5/12 of 1% for each month that their retirement date precedes their unreduced retirement date</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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Pension payments are increased by 2% per year every January&nbsp;1 after a participant becomes 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>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">80</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font><a name="PB_80_222803_2639"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">A participant who leaves the Company before turning 55, but after completing two years of service, is eligible to receive a deferred monthly pension.</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;"><font size="2" face="Arial" style="font-size:10.0pt;">Pensions are payable for life, with guaranteed payments for five years. If a participant dies after retiring but before the five-year mark, their beneficiary will receive the remaining pension in the guaranteed period. Participants can choose other terms for their pension, including a 10- or 15-year guarantee and joint and survivor benefits. U.S. taxpayers are required to receive a commuted value over a specific period of time according to section 409A of the U.S. Internal Revenue Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the estimated value of the supplemental pension plan for each named executive as of December&nbsp;31, 2017 and our accrued obligation as of that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="27" style="height:20.2pt;">
<td width="14%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Number of<br>   years of<br>   credited<br>   service&nbsp;</font></b></p>    </td>
<td width="22%" colspan="2" height="27" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid white 1.0pt;height:20.2pt;padding:1.4pt 0in 0.375pt 2.9pt;width:22.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Annual benefits payable</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Accrued<br>   obligation at<br>   start of year&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Compensatory</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Non-<br>   compensatory</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:20.2pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Accrued<br>   obligation at<br>   end of year</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="11%" height="12" valign="top" bgcolor="#FFFF00" style="background:#00A3E3;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">At year-end</font></b></p>    </td>
<td width="11%" height="12" valign="top" bgcolor="#FFFF00" style="background:#00A3E3;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">At age 65</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Dawn Farrell</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">10.42</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$433,000</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$731,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$7,337,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,514,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$879,000</font></p>    </td>
<td width="12%" height="12" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$9,730,000</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Donald Tremblay</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">3.75</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$46,000</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$201,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$499,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$264,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$79,000</font></p>    </td>
<td width="12%" height="12" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$842,000</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Brett Gellner</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">9.33</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$139,000</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$299,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,855,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$483,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$225,000</font></p>    </td>
<td width="12%" height="12" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,563,000</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">John Kousinioris</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">5.08</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$73,000</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$242,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$871,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$372,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$121,000</font></p>    </td>
<td width="12%" height="12" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,364,000</font></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:14.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dawn de Lima</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">12.00</font></p>    </td>
<td width="11%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$97,000</font></p>    </td>
<td width="11%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:11.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$185,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$1,692,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$437,000</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$389,000</font></p>    </td>
<td width="12%" height="12" valign="top" bgcolor="#AFE8FF" style="background:#AFE8FF;height:8.65pt;padding:1.4pt 0in 1.4pt 2.9pt;width:12.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">$2,518,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Values are based on the following assumptions:</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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">3.6% annual discount rate (to measure the accrued pension liability at December&nbsp;31, 2017);</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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">3% salary increases before taking into account the limits on final average earnings;</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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Retirement rates based on our pension plan experience; 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 .6in;text-indent:-.2in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">2.5% increase in DC earnings limits (to determine final average pensionable earnings).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">81</font><a name="PB_81_222803_2794"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<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="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Termination and Change of Control</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;">In October&nbsp;2016, we entered into new employment agreements with each named executive. The provisions remained the same for termination without cause and double trigger change of control, and provisions were added for retirement, death and permanent disability to align more closely with market practice.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All of the named executives are subject to non-competition clauses in their agreements if they leave TransAlta. To protect our interests, they cannot promote, engage with, work for or invest in companies in Alberta that are in a similar business to ours for the severance period outlined in the table on the next page.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below sets out how each compensation element is treated if a named executive&#146;s employment is terminated.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Annual <br>   incentive </font></b></p>    </td>
<td width="41%" colspan="3" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid white 1.0pt;padding:2.15pt 2.9pt 0.375pt 2.9pt;width:41.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Long-term incentive</font></b></p>    </td>
<td width="11%" rowspan="2" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Additional pension value</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="#00A3E4" style="background:#00A3E4;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Event</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Salary</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:2.15pt 2.9pt 2.15pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">RSUs</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;padding:2.15pt 2.9pt 2.15pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">PSUs</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;padding:2.15pt 2.9pt 2.15pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Stock options</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.5pt;font-weight:bold;">Benefits</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Resignation / Termination for cause</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">ends on resignation date</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">forfeited</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">forfeited</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">forfeited</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">forfeited</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">none</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">none</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Retirement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-style:italic;">(Age 60 with minimum 10 years of service)</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">ends on retirement date</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">pro-rated to retirement date, payout based on actual performance</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest as normal</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest as normal,   payout based on actual performance</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest as normal,   exercisable for up to earlier of 36 months or normal expiry</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">none</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">none</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Death</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">ends on date of death</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">pro-rated to date of death, payout based on actual performance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full, payout   based on actual performance</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full,   exercisable for one year or normal expiry, whichever comes first</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">none</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">As per TransAlta&#146;s   benefits plan</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Termination without cause</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18 months of base salary</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Mrs.&nbsp;Farrell:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24 months of base salary</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">pro-rated to termination date, payout at target performance</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">pro-rated to   termination date</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mrs.&nbsp;Farrell:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full per   legacy provisions</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">pro-rated to   termination date, payout based on actual performance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mrs.&nbsp;Farrell:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full, payout   at maximum per legacy provisions</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">unvested options are   forfeited, vested options are exercisable for 60 days or normal expiry,   whichever comes first</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">entitled to accrued   pension benefits plus the value of service credits for the severance period</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">16% of base salary</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mrs.&nbsp;Farrell:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">22% of base salary</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .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="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">24 months of base salary</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18 months of base salary for executives hired after   January&nbsp;1, 2016</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:12.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">pro-rated to date of double trigger change of control, payout at   target performance</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:14.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">vest in full, payout   based on actual performance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mrs.&nbsp;Farrell,   Mr.&nbsp;Gellner and Mrs.&nbsp;de Lima:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">payout at maximum   per legacy provisions</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">at the discretion of   the Board, see below</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">entitled to accrued   pension benefits plus the value of service credits for the severance period</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 1.45pt 2.9pt;width:11.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">As per TransAlta&#146;s   benefits plan</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="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="100%" valign="top" style="border:solid #00A3E4 1.5pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">About stock options under a   change of control</font></i></b></p>
<p style="margin:0in 0in .0001pt 2.9pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Under   the stock option plan, if there is a change of control, the Board may:</font></p>
<p style="border:none;margin:6.0pt 0in .0001pt 20.9pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cause   any or all outstanding options to vest and be exercisable (either in whole or   in part, either immediately or before the date of&nbsp;the change of control)</font></p>
<p style="border:none;margin:3.0pt 0in .0001pt 20.9pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Cancel   any or all outstanding options in exchange for a substitute award, or</font></p>
<p style="margin:3.0pt 0in .0001pt 20.9pt;text-indent:-.25in;"><font size="2" color="#e06b2f" face="Symbol" style="color:#E06B2F;font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">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 our closing share price on the   TSX on the date of the change of control, provided that if the closing share   price on the date of the change of control is not higher than the exercise price   of the option then the Board may cancel that option without any payment</font></p>
<p style="margin:0in 0in .0001pt 20.9pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">82</font><a name="PB_82_151509_1333"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade 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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The table below shows the incremental amounts that would have been paid to each named executive if their employment had been terminated at December&nbsp;31, 2017:</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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<td width="9%" height="20" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:15.1pt;padding:2.15pt 0in 2.15pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Event</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Severance<br>   period <br>   (in months) </font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Base <br>   salary</font></b></p>    </td>
<td width="8%" height="20" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:15.1pt;padding:2.15pt 0in 2.15pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Annual<br>   incentive </font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Long-term <br>   incentive</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Additional<br>   pension<br>   value</font></b></p>    </td>
<td width="9%" height="20" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:15.1pt;padding:2.15pt 0in 2.15pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Benefits</font></b></p>    </td>
<td width="9%" height="20" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:15.1pt;padding:2.15pt 0in 2.15pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Other </font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:3.5pt;font-weight:bold;position:relative;top:-3.0pt;">(2)</font></b></p>    </td>
<td width="8%" height="20" valign="bottom" bgcolor="#00A3E4" style="background:#00A3E4;border:none;border-bottom:solid windowtext 1.0pt;height:15.1pt;padding:2.15pt 0in 2.15pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Dawn Farrell</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Resignation / Termination&nbsp;for&nbsp;cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Retirement </font><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,380,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$4,037,493</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$5,417,493</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Death</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,380,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$6,060,041</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$7,440,041</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Termination without cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$2,000,000</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,000,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$10,040,957</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,582,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$440,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$950,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$19,012,957</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Double trigger CoC</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$2,000,000</font></p>    </td>
<td width="8%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,000,000</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$10,040,957</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,582,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$440,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$950,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$19,012,957</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Donald   Tremblay</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Resignation / Termination&nbsp;for&nbsp;cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Retirement </font><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Death</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$458,850</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,631,611</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,090,461</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Termination without cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">18</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$712,500</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$831,250</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$910,184</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$302,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$114,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$350,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,219,934</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Double trigger CoC</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$950,000</font></p>    </td>
<td width="8%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$997,500</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,631,611</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$462,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$152,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$350,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$4,543,111</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Brett Gellner</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Resignation / Termination for cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Retirement </font><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Death</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$483,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,519,403</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,002,403</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Termination without cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">18</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$750,000</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$875,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,416,680</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$565,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$120,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$375,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$4,101,680</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Double trigger CoC</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$1,000,000</font></p>    </td>
<td width="8%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,050,000</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$4,170,981</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$724,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$160,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$375,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$7,479,981</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">John Kousinioris</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Resignation / Termination&nbsp;for&nbsp;cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Retirement </font><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Death</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$483,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,720,783</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,203,783</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Termination without cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">18</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$750,000</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$875,000</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$960,362</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$528,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$120,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$370,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,603,362</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Double trigger CoC</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$1,000,000</font></p>    </td>
<td width="8%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,050,000</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,720,783</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$690,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$160,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$370,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$4,990,783</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Dawn de Lima</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Resignation / Termination&nbsp;for&nbsp;cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Retirement </font><font size="1" color="black" face="Arial" style="color:black;font-size:3.5pt;position:relative;top:-3.0pt;">(3)</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Death</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$410,550</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,363,866</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$1,774,416</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Termination without cause</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">18</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$637,500</font></p>    </td>
<td width="8%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$743,750</font></p>    </td>
<td width="10%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$720,411</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$722,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$102,000</font></p>    </td>
<td width="9%" height="17" style="height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$350,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$3,275,661</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="9%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:16.16%;">
<p style="margin:0in .15in .0001pt 0in;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Double trigger CoC</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">24</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.16%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">$850,000</font></p>    </td>
<td width="8%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$892,500</font></p>    </td>
<td width="10%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:10.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$2,238,751</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$954,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$136,000</font></p>    </td>
<td width="9%" height="17" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:9.26%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$350,000</font></p>    </td>
<td width="8%" height="17" bgcolor="#AFE8FF" style="background:#AFE8FF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:1.45pt 0in 1.45pt 2.9pt;width:8.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">$5,421,251</font></p>    </td>   </tr>  </table>
<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;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(1)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Annual incentive </font></i><font size="1" face="Arial" style="font-size:8.0pt;">includes amounts the NEO is entitled to for the 2017 performance year, as well as amounts for the duration of the severance perio<i>d.</i></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 .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">Other </font></i><font size="1" face="Arial" style="font-size:8.0pt;">reflects legacy payments under old long-term incentive plans according to the terms of the named executive&#146;s prior agreement.</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 .25in;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">(3)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">As of December&nbsp;31, 2017, Mrs.&nbsp;Farrell was the only NEO who was eligible for retirement. However, the retirement provisions in each applicable plan document were used in calculating the values above, as Mrs.&nbsp;Farrell was not eligible for <i>enhanced retirement,</i> as defined on page&nbsp;82, on December&nbsp;31, 2017<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:10.0pt;font-weight:bold;">Loans to Directors and Officers</font></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">We do not make loans to directors and officers. There were no loans outstanding to any director or officer on December 31, 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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; | </font><font size="1" style="font-size:8.0pt;">&nbsp;</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">83</font><a name="PB_83_152645_5796"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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;"><b><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-weight:bold;">Director Approval</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The contents of the Proxy Circular and the sending thereof to each Shareholder, whose proxy is solicited, to Ernst&nbsp;&amp; Young LLP and to the appropriate governmental agencies, have been approved by the Board.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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: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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="216" height="54" src="g88581mm61i001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary, Alberta <br>   March&nbsp;6, 2018</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<br>   Chief Legal and Compliance Officer and Corporate Secretary</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">84</font><a name="PB_84_153829_2897"></a><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPENDIX &#147;A&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">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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<td width="6%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:6.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(a)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Identity of   directors who are independent<br>   (all except for President and Chief Executive Officer (&#147;<b>CEO&#148;</b>))</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Majority 9 of 10</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .2in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(d)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See table on   page&nbsp;37</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">1(e)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Attendance record   for each director</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See table on   page&nbsp;24</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Appendix &#147;B&#148; and at&nbsp;<u>www.transalta.com</u></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(a)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">3(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Written code of   conduct for directors, officers and employees</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">5(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(a)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">6(c)</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;44</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(a)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Process by which   board determines compensation for directors and officers</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See pages&nbsp;47   and 57</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(b)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(c)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Describe   responsibilities, powers and operation of compensation committee</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;46</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">7(d)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;69</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">8</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Identify standing   committees other than audit, compensation and nominating and describe their   function</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">None</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="68%" 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:68.98%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="24%" 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:24.06%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p 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="right" style="margin:0in 0in .0001pt 10.95pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |&#160; A-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">1</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_1_152027_5335"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">9</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 4.3pt;"><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 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">10</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;24</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">11(a)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether   the issuer has adopted a written policy relating to the identification and   nomination of women directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">12</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether   and, if so, how the board or nominating committee considers the level of   representation of women on the board in identifying and nominating candidates   for election or re-election to the board</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">13</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(b)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether   the issuer has adopted a target regarding women on the issuer&#146;s board</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">14(c)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose whether   the issuer has adopted a target regarding women in executive officer   positions of the issuer</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(a)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose the number   and proportion (in percentage terms) of directors on the issuer&#146;s board who   are women</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><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 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">15(b)</font></p>    </td>
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<p style="margin:0in .35in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Disclose the number   and proportion (in percentage terms) of executive officers of the issuer,   including all major subsidiaries of the issuer, who are women</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">See page&nbsp;36</font></p>    </td>   </tr>
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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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">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;"><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>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">A-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">2</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_2_152027_5796"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">APPENDIX &#147;B&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TRANSALTA CORPORATION</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;">GENERAL GOVERNANCE GUIDELINES FOR THE BOARD</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">A.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">INTRODUCTION</font></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board of Directors (the &#147;Board&#148;) is responsible for overseeing the management of TransAlta Corporation (the &#147;Company&#148;) by establishing key policies and standards, including policies for the assessment and management of the Company&#146;s principal risks, for reviewing and approving the Company&#146;s strategic plans and for hiring the President and Chief Executive Officer (&#147;CEO&#148;).&#160; The Board has the statutory authority and obligation to act honestly and in good faith with a view to the best interests of the Company, including all shareholders and its stakeholders.&#160; Although the Board is responsible for the stewardship of the Company, it has delegated to the President and CEO (the &#147;CEO&#148;) and the senior management team the day-to-day leadership and management of the Company.&#160; The Board monitors and assesses the performance and progress of the Company&#146;s goals through candid and timely reports from the CEO and the senior management team.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board has adopted the following guidelines to meet its governance responsibilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">B.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">BOARD ORGANIZATION AND MEMBERSHIP</font></b></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 17.85pt;text-indent:-17.85pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1)</font></b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color="black" face="Arial" style="color:black;font-weight:bold;">Independent Chair of the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 elected to the Board annually by the shareholders and is independent from management and 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Chair Position Description</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Size of the Board</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Governance, Safety and Sustainability 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Independence of Directors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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;">As a matter of policy, the Board is comprised of a majority of independent directors.&#160; Decisions on matters of corporate governance and executive compensation are reviewed and made by the independent directors or a committee of independent directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |&#160; B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">1</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_1_153955_141"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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;"><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 Company 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Criteria for Board Membership</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">New Director Orientation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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; 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Ongoing Director Education</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Each director is responsible for keeping informed about the business of the Company and developments in the industry.&#160; Management assists directors by providing regular updates at each in-person board meeting on various topics relating to the business, developments in the industry, political and economic developments in the geographical areas in which the Company is active and in the general market place.&#160; The Board also receives regular communications from the CEO on developments in the business, progress of the Company towards the achievement of its established goals / strategy and updates on relevant topics of interest.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">2</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_2_153955_7608"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, management engages external speakers from time to time to make presentations to the Board and management on matters affecting the Company, the industry or the market place.&#160; Directors also take part in tours of the Company&#146;s facilities and suppliers and participate in management presentations on the operations of different aspects of the Company&#146;s business.&#160; These presentations, discussions and tours facilitate increased discussion between management and the Board and provide members of the Board with additional knowledge and context for exercising their duties.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Retirement Age and Succession</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The retirement age for Board directors is 75, provided the Board may, at its discretion, extend the term of a director beyond the age of 75 if 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;"><font size="2" face="Arial" style="font-size:10.0pt;">The Committee reviews annually the size and composition of the Board and addresses the succession planning needs associated with ensuring the Board has the necessary skills and experience.&#160; The Board also considers the need for continuity of members on the Board balanced against the need for new skills and perspectives 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Director Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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 five 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 two years 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">BOARD MEETINGS AND MATERIALS</font></b></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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Agendas and Materials</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Chair and the CEO, together with the Chief Legal and Compliance Officer and Corporate Secretary or Assistant Corporate Secretary, establish the agenda for each Board meeting, ensuring that all matters to be addressed as provided in these guidelines form part of the scheduled agendas for the year.&#160; In advance of each meeting, management distributes to the Board written information and data necessary for the Board&#146;s understanding of the business to be conducted at the meeting.&#160; Any Board member may suggest the inclusion of additional items on the agenda.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Quorum</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Members of senior management are invited to attend Board meetings as required.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |&#160; B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">3</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_3_153955_8146"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">COMMITTEE ORGANIZATION AND MEETINGS</font></b></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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Board Committees</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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, Safety and Sustainability.&#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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Assignment of Committee Members</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Committee Meetings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 and Governance, Safety and Sustainability Committee meet at least quarterly and the Human Resources Committee meets at least four times annually.&#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 17.85pt;text-indent:-17.85pt;"><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; </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;"><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 .25in;text-indent:-.25in;"><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; </font><b><font face="Arial" style="font-weight:bold;">BOARD AND MANAGEMENT RESPONSIBILITIES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><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; </font><b><font face="Arial" style="font-weight:bold;">Board Relationship with Management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Board members have open access to management for relevant information and management is encouraged to make appropriate use of the Board&#146;s skills.&#160; Open discussions between the Board and members of management about issues facing the Company are encouraged.&#160; The Board also encourages senior management to bring employees who have potential as future senior leaders, and who would benefit from exposure to the Board, into Board meetings from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Appointment of Chief Executive Officer and Senior Management</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board, at the recommendation of the Human Resources Committee (the &#147;HRC&#148;), is responsible for the hiring and appointment of the CEO, including the approval of his/her compensation and any employment agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board also approves, at the recommendation of the CEO and HRC, the appointment of 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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Corporate Strategy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">4</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_4_153955_7091"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Limits to Management Authority</font></b></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="margin:0in 0in .0001pt;"><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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Risk Assessment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Board is responsible for understanding the principal risks associated with the Company&#146;s business and for ensuring that management has implemented appropriate strategies to manage these risks.&#160; It is the responsibility of management to ensure that the Board is kept well informed of these changing risks on a timely basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><font size="2" face="Arial" style="font-size:10.0pt;">i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Enterprise Risk Management</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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;">Management also undertakes a comprehensive risk-reward analysis of all projects and growth opportunities brought to the Board for approval.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </font><i><font face="Arial" style="font-style:italic;">Compensation Risk Assessment</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Internal Controls</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |&#160; B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">5</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_5_153955_455"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 the Company&#146;s 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;"><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 shareholder engagement policy and a disclosure policy that addresses the timely dissemination of all material information.&#160; The disclosure 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; The Company also has an insider trading policy that 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; These policies are reviewed annually by the ARC or Governance, Safety and Sustainability Committee, as applicable, and are 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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </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="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In each year of the Chair&#146;s term, the Chair of the Committee, as a component of the Board evaluation questionnaire and through one-on-one interviews with each director, performs an evaluation of the Chair&#146;s performance, measured against the Chair&#146;s position description.&#160; The Chair of the Committee summarizes the results, discusses the assessment with the Chair and reviews the results of this assessment during an in camera discussion with the Board.&#160; The results of this review form the basis for objectives for the Chair for the upcoming year.&#160; In addition, prior to the expiry of the Chair&#146;s first term, these reviews form the basis for the Committee&#146;s recommendation to the Board with respect to the renewal of the Chair&#146;s term.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Assessing the Board, Committee,&nbsp;Individual Director Performance and Board-Management Relationship</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">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;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">6</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">&#160; |&#160; TransAlta Corporation 2018 Management Proxy Circular<a name="PB_6_153955_4141"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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 17.85pt;text-align:justify;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">COMMUNICATION AND SHAREHOLDER AND STAKEHOLDER RELATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><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; </font><b><font face="Arial" style="font-weight:bold;">Board Communications Policy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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 17.85pt;text-align:justify;text-indent:-17.85pt;"><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; </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="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;">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 in accordance with a Shareholder Engagement Policy.&#160; The contact information for communicating with the Board is contained in the Shareholder Engagement Policy and is also 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>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">TransAlta Corporation 2018 Management Proxy Circular&#160; |&#160; B-</font><font size="1" color="#595959" face="Arial" style="color:#595959;font-size:8.0pt;">7</font><font size="1" color="#595959" face="Arial" style="color:#595959;"><a name="PB_7_153955_8627"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">TransAlta   Corporation</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">110-   12</font><font size="1" face="Arial" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;Avenue SW</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Box   1900, Station &#147;M&#148;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Calgary,   Alberta</font></p>    </td>
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<p style="font-size:10.0pt;margin:2.0pt 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Canada   T</font><font face="Arial">2</font><font size="3" face="Arial" style="font-size:12.0pt;">P </font><font face="Arial">2</font><font size="3" face="Arial" style="font-size:12.0pt;">M</font><font face="Arial">1</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="4" color="black" face="Arial" style="color:black;font-size:12.5pt;font-weight:bold;">403.267.7110</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><b><font size="4" color="black" face="Arial" style="color:black;font-size:12.5pt;font-weight:bold;">www.transalta.com</font></b></p>    </td>
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<TYPE>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<a name="Exhibit99_2_031242"></a></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Arial" style="font-size:11.0pt;">THIS IS YOUR PROXY - DO NOT DESTROY &#150; THIS IS AN IMPORTANT DOCUMENT</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">This proxy is solicited by and on behalf of Management and the Board of Directors of the Company.</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The undersigned hereby appoints <b>Gordon D. Giffin, Chair of the Board</b>, or failing him,<b> Dawn L. Farrell, President and Chief Executive Officer</b>, or instead of the foregoing persons,</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">as proxyholder of the undersigned shareholder with full power of substitution, to vote and otherwise act for and on behalf of the shareholder as directed below, and in respect of any amendments to the matters identified below, and all other matters that may properly come before the <b>Annual and Special Meeting</b> (the &#147;<b>Meeting</b>&#148;) of shareholders of TransAlta Corporation (the &#147;<b>Company</b>&#148;) to be held on Friday, April&nbsp;20, 2018 at 10:00&nbsp;a.m.&nbsp;(local time) in the Palomino Room (E-H) at the BMO Centre (Stampede Park), 20 Roundup Way S.W., Calgary, Alberta, and at any continuation after an adjournment thereof.</font></p>
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<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>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Items on which shareholder&#146;s action is required:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.</font><font face="Times New Roman">&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 style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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 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; Rona H.   Ambrose</font></p>    </td>
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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; John P.   Dielwart</font></p>    </td>
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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; Timothy W.   Faithfull</font></p>    </td>
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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; Dawn L.   Farrell</font></p>    </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">05&nbsp;&nbsp; Alan J.   Fohrer</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </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;">06&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;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:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </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;">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;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:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </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;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:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </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;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:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </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;">10&nbsp;&nbsp; Bryan D.   Pinney</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;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:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:8.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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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>
<td width="16%" height="14" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:10.35pt;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="Arial" style="font-size:8.0pt;">Withhold from<br>   Voting</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appointment   of Ernst&nbsp;&amp; Young LLP as Auditors at a remuneration to be fixed by   the Board of Directors.&nbsp; Directors and   management recommend shareholders vote for the appointment of   Ernst&nbsp;&amp; Young LLP.</font></p>    </td>
<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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="14" style="height:10.35pt;">
<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:76.3%;">
<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:7.68%;">
<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>
<td width="16%" height="14" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:10.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.02%;">
<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>
<tr height="11" style="height:8.1pt;">
<td width="76%" height="11" valign="top" style="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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special   Resolution approving the stated capital reduction, as described in the   accompanying Management Proxy Circular. Directors and management recommend   shareholders vote for the stated capital reduction.&nbsp;&nbsp; </font></p>    </td>
<td width="7%" height="11" valign="top" style="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>
<td width="16%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:16.02%;">
<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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="14" style="height:10.35pt;">
<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:76.3%;">
<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:7.68%;">
<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>
<td width="16%" height="14" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:10.35pt;padding:0in 5.4pt 0in 5.4pt;width:16.02%;">
<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>
<tr height="11" style="height:8.1pt;">
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory   vote to accept the Company&#146;s approach to executive compensation, as described   in the accompanying Management Proxy Circular. Directors and management   recommend shareholders vote for the Company&#146;s approach to executive   compensation.</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>
<td width="16%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:16.02%;">
<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="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"></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 Company&#146;s Transfer Agent, AST Trust Company (Canada), not less than <b>48 hours</b> (excluding Saturdays, Sundays and holidays) prior to the time fixed for holding the Meeting (or any adjournment thereof).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">The undersigned hereby revokes any proxy previously given with respect to the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" 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 the Company for election as directors, (ii)&nbsp;FOR the appointment of Ernst&nbsp;&amp; Young LLP as auditors of the Company at a remuneration to be fixed by the Board of Directors, (iii)&nbsp;FOR the special resolution approving the stated capital reduction, and (iv)&nbsp;FOR the advisory vote to accept the Company&#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;"><font size="1" face="Times New Roman" 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;"><font size="1" face="Times New Roman" 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;"><font size="1" face="Times New Roman" 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;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</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;">
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<td width="100%" height="14" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.35pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<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>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><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>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Your signature</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">(if you leave it blank, the proxy form will   be deemed to bear the date on which it was mailed to you)</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.1pt;">
<td width="100%" height="11" valign="top" style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position and signature</font></b></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Arial" style="font-size:8.0pt;">(complete this section if you are signing   on behalf of a corporation, estate or trust)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&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 align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&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:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<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="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, AST Trust Company (Canada), 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 AST Trust Company (Canada), 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;">&nbsp;</font></b></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.astvotemyproxy.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 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>
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<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.88%;">
<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="3%" 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:3.0%;">
<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:26.32%;">
<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="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:3.0%;">
<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:8.6%;">
<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:9.96%;">
<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:9.96%;">
<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:9.96%;">
<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:9.96%;">
<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:9.96%;">
<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:9.88%;">
<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>
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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begin 644 g88581mm37i008.jpg
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begin 644 g88581mm37i009.jpg
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
