<SEC-DOCUMENT>0001279569-19-000788.txt : 20190402
<SEC-HEADER>0001279569-19-000788.hdr.sgml : 20190402
<ACCEPTANCE-DATETIME>20190401175349
ACCESSION NUMBER:		0001279569-19-000788
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190401
FILED AS OF DATE:		20190402
DATE AS OF CHANGE:		20190401

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:		19722104

	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>transalta6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">&nbsp;UNITED STATES</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION </FONT><BR>
<FONT STYLE="font-size: 12pt">WASHINGTON, D.C. 20549 </FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE&nbsp;13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of April, 2019</B><BR>
<B>Commission File Number 001-15214</B></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 20pt">TRANSALTA
CORPORATION</FONT><BR>
<FONT STYLE="font-size: 10pt; font-weight: normal">(Translation of registrant's name into English)</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>110-12th Avenue S.W., Box 1900, Station
&ldquo;M&rdquo;, Calgary, Alberta, Canada, T2P 2M1</B><BR>
(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-weight: normal">Form&nbsp;20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1). _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7). _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3in"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 3in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid">/s/ Christophe Dehout</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Christophe Dehout</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">Date: April 1, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">EXHIBIT INDEX</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit Number</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description of Document</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">TransAlta Files Management Information Circular, Highlights Plan to Advance Clean Energy Strategy</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED APRIL 1, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Files Management Information
Circular, Highlights Plan to Advance Clean Energy Strategy</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, April 1, 2019 /CNW/ - TransAlta Corporation
(&quot;TransAlta&quot; or the &quot;Company&quot;) (TSX:TA) (NYSE:TAC)&nbsp;today issued a letter to shareholders and filed its
management information circular (the&nbsp;&quot;Circular&quot;) for its annual and special meeting of shareholders (the&nbsp;&quot;Meeting&quot;)
to be held on April 26, 2019.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta encourages shareholders to read the
Circular to gain insight into the extensive efforts undertaken to seek and reflect shareholder input, assess a wide range of strategic
alternatives, engage constructively with shareholders, and secure an outstanding transaction with a leading global renewable energy
investor and operator to advance its strategy. The Circular also addresses TransAlta's recent engagement with Mangrove Partners
(&quot;Mangrove&quot;) and Bluescape Energy Partners (&quot;Bluescape&quot;), which have notified the Company that they intend
to nominate director candidates.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta urges shareholders to vote the <B>Blue
proxy FOR </B>TransAlta's director nominees in order to: (i) secure a strategic $750 million investment from Brookfield Renewable
Partners, a world-class renewable energy investor and operator; (ii) strengthen TransAlta's ability to advance its strategy, invest
in growth and accelerate the return of capital to shareholders; and (iii) add world-class renewable energy and capacity market
expertise to its Board of Directors. A copy of the Circular can be downloaded from the Company's SEDAR profile at www.sedar.com
and the Company's EDGAR profile at www.sec.gov/edgar.shtml. The Circular is also available at TransAlta's website.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>TransAlta Is Positioned to Advance Its Strategy,
Return Capital To Shareholders And Achieve Its Goal Of 100% Clean Energy By 2025</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Over the past several years, TransAlta
has successfully developed and implemented a strategy designed to navigate fundamental regulatory changes and a weak economy in
our primary market, all while delivering record free cash flow, reducing debt, and continuing to grow the Company,&quot; said Ambassador
Gordon Giffin, Chair of the TransAlta Board. &quot;Securing Brookfield's investment and expertise is a continuation of that work.
It responds to the feedback we have received from our shareholders and gives us everything we need to accelerate our strategy to
create significant and sustainable shareholder value.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;The market has reacted very favourably
to our deal with Brookfield. It has the full support of RBC Global Asset Management, TransAlta's largest shareholder with a 12.4%
stake in the Company, as well as the equity research analyst community,&quot; Ambassador Giffin continued. &quot;We believe shareholders
should vote the Blue proxy in favour of TransAlta's Board nominees to protect these gains and all of the strategic benefits this
investment provides.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;TransAlta's shareholders have been patient
and supportive as we've transformed the Company. Now they deserve to reap the rewards. We urge shareholders to move forward rather
than backwards. We are poised to deliver compelling value, whereas Mangrove and Bluescape represent risk and uncertainty, at best,&quot;
said Ambassador Giffin.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta has successfully navigated challenging
external market conditions since 2015, when the Alberta Government introduced policies to shut down coal by 2030, impose a significant
carbon tax, and targeted 5,000 MW of additional renewables into an already oversupplied market. This coincided with a period of
historically low power prices in Alberta, a weak Alberta economy, significant competition for new assets&nbsp;and weak&nbsp;capital
market conditions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In the face of these challenges, TransAlta
developed a long-term strategy to create value by achieving 100% clean energy by 2025, converting 100% of its Alberta coal fleet
to natural gas, unlocking the value of the Company's hydro assets, investing in long-term contracted gas and renewable projects,
reducing its operating costs and maintaining a strong balance sheet. TransAlta has made progress towards each of these goals and
has significantly outperformed the TSX Capped Utility index when measured on a three- and one-year basis.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>A Strong Slate with Deep Market Expertise,
Experience and Fresh Perspective</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta is nominating three exceptional new
candidates for election to the Board of Directors at the upcoming Meeting:</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif">Harry Goldgut is a
Vice Chair in Brookfield's Renewable Power and Infrastructure Groups. Mr. Goldgut has been responsible for the acquisition of the
majority of Brookfield's renewable power assets and has played a role in the restructuring of the electricity market in Ontario
as a member of the Electricity Market Design Committee and the Clean Energy Task Force.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif">Richard Legault is
a Vice Chair in Brookfield's Renewable Group, Vice Chair in Brookfield Asset Management and served as the CEO of Brookfield Renewable
Partners until August 2015. During his 28 years at Brookfield, Mr. Legault led the development and expansion of Brookfield's renewable
business in North and South America, as well as in Europe. He also served as CFO at Brookfield Asset Management from 2000 to 2001.</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Robert C. Flexon was the President and Chief Executive
Officer of Dynegy Inc. from 2011 until its acquisition by Vistra Energy Corp. in April 2018. Dynegy Inc. was a U.S. independent
power producer engaged in the operation of power generating facilities and listed on the NYSE. Mr. Flexon brings a wealth of skills
and experience with independent power producers, thermal generation, capital markets, accounting, finance, tax and risk management.</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Each of the nominees brings exceptional and
highly relevant expertise to TransAlta. The fact that Mr. Goldgut and Mr. Legault have been nominated by Brookfield as part of
its cornerstone investment in the Company is a significant benefit of the transaction. TransAlta would add these two directors
under any scenario, simply for their expertise and enormous knowledge of renewable energy assets and the Canadian market. The addition
of Mr. Flexon further enhances our Board's strength, particularly as we execute our coal-to-gas conversion strategy.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">These nominations continue a pattern of Board
renewal at TransAlta. Including the three new nominee directors, the Board will have added eight new directors in the past five
years. TransAlta notes and appreciates the positive endorsement that Bluescape Executive Chairman C. John Wilder gave in recent
correspondence about the quality of the new TransAlta Board nominees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Together with the three new director nominees
described above, TransAlta's Board has the right mix of skills, capabilities, experience and market knowledge to provide effective
oversight and direction to the Company's strategy and ongoing successful efforts to drive shareholder value creation. The Board
nominees' expertise includes renewable and thermal operational capability, as well as public markets, environmental, technology,
legal, regulatory, governmental affairs, engineering and technical expertise. The exceptional qualifications of our Board members
have been proven through the significant leadership positions they have held as officers and/or directors at very sizable, publicly-traded
companies with complex operations.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Background to the Brookfield Transaction</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta's Circular details the Board's extensive
engagement program over the past three years with many of the Company's largest institutional shareholders. The purpose of these
discussions was to gauge Shareholders' support for, and input into, our strategies and to discuss possible strategic investments,
financings or other transactions or events to unlock TransAlta's value. The sum and substance of this feedback was that investors
are supportive of the Company's strategy, but wanted to see more action taken to accelerate the implementation of the Company's
plan. The insight gained from this engagement is one of the factors that compelled the Board to seize the opportunity to secure
the Brookfield transaction when it did.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Circular also describes TransAlta's relationship
with Brookfield, which has been an operating partner on a BC hydro facility since 2009 and a meaningful shareholder of TransAlta
for over four years. As with all of the Company's major shareholders, TransAlta has had discussions with Brookfield throughout
this period on a variety of topics. Of particular note, Brookfield's recent investment was informed by extensive prior discussions
and due diligence over the past three years with Brookfield (and other potential investors) aimed at a wide range of strategies
for enhancing the long-term value potential of the Company's hydro and coal assets, as well as the value of the Company as a whole,
including through potential sale transactions. As a result, Brookfield was very familiar with TransAlta and its hydro assets, and
TransAlta knew Brookfield could be an outstanding partner to help fund and implement the Company's value creation strategy.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Mangrove Partners and Bluescape Energy Threaten
to Disrupt TransAlta's Progress</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta welcomes constructive shareholder
engagement and has had numerous discussions with Mangrove and Bluescape since they emerged as TransAlta shareholders in recent
months. In the course of these discussions, as detailed in the Circular, Mangrove and Bluescape supported Mr. Flexon as a candidate
for election to the Board, and rejected an offer to also have Bluescape Executive Chairman C. John Wilder join the TransAlta Board.
Mangrove and Bluescape subsequently submitted a term sheet demanding, among other things, that the Company issue to Mr. Wilder
C$150 million in common shares at a 6% discount to the market price, based on a 21-day volume weighted average. This was a demand
that no board could reasonably accept.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ambassador Giffin added, &quot;Had the dissidents
accepted our offer, Mr. Wilder would have a seat at the Board table. Instead, they notified the Company of their intention to nominate
five new directors, which suggests they are seeking the ability to terminate the Brookfield investment and implement the playbook
they have used at other companies of selling renewable energy assets and doubling down on coal-fired generation, which is a dead-end
strategy and something we will not do.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta cautions shareholders that a potential
slate of dissident nominees from Mangrove and Bluescape threatens to disrupt TransAlta's strategic direction by: (i) terminating
Brookfield's investment, and all the value and expertise that comes with it; (ii)&nbsp;abandoning TransAlta's move towards clean
energy by retrenching to coal, or to go in search of potential alternative transactions, a process that could take months or years
with no assurance of producing anything of greater &ndash; or even similar &ndash; value; and (iii) adding further risk and delay
to returning meaningful value to TransAlta shareholders who have supported the Company throughout its strategic transformation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>The Answer is &quot;Yes&quot;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In a March 29, 2019 press release, Mangrove
and Bluescape ask: &quot;Is the Brookfield Investment in the best interests of all TransAlta shareholders?&quot; The answer is
a resounding &quot;yes&quot; &ndash; and all evidence indicates that the market agrees. In the four trading days following the
announcement of the deal, TransAlta's share price increased by more than 9% and equity research analysts have published favourable
commentaries and increased their consensus 12-month price target for TransAlta's stock by 24%.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In addition to the benefits outlined above,
the investment is structured to enable TransAlta shareholders to participate in the future value of the Company's hydro assets
through both the deferred sale arrangement (i.e., post 2024) and through the retention of at least 51% of the Hydro portfolio.
The structure is significantly more accretive than potential alternatives, such as issuing equity at the current share price (which
would dilute existing shareholders at sub-optimal value), selling an interest in the Company's coal-to-gas assets which are central
to the Company's long-term strategy, or weakening the balance sheet through excess borrowing, which would inhibit the execution
of TransAlta's value-creation strategy and not be in the best long-term interests of the Company or its shareholders. Furthermore,
Brookfield is aligned with shareholder interests through its position as a long-standing significant investor in the Company, as
well as through Board nominations and the associated fiduciary duties of its nominees to TransAlta and its shareholders.&nbsp;
Brookfield has committed to purchase TransAlta common shares in the open market to increase its share ownership in TransAlta to
9% subject to certain conditions, and TransAlta and Brookfield will form a joint operating committee to focus on optimizing the
operations and maximizing the value of the Company's hydro assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As it relates to the value of TransAlta's Hydro
assets, the 13x EBITDA multiple used in the transaction to value the future cash flows from TransAlta's Hydro assets is in line
with analyst estimates and is consistent with the 10x &ndash; 16.3x multiples for precedent merchant hydro transactions that involve
selling 100% of the assets (whereas Brookfield will only have rights to acquire a minority interest). Higher multiples may be observed
in control transactions in markets that are more liquid, more contracted based on higher capacity or power prices or more interconnected
with neighbouring markets than Alberta, but that is not where TransAlta's hydro assets are located. In addition, Brookfield is
paying 13x the future EBITDA in the future, after the PPA expires, when TransAlta expects the assets to generate significantly
more EBITDA than they do currently. All other precedent transactions are based on current EBITDA.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Finally, the Brookfield investment will be
highly accretive for TransAlta shareholders as it will permit TransAlta to repurchase up to $250 million of shares through a substantial
issuer bid and its normal course issuer bid program.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Major Shareholder Support </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta's single largest shareholder, RBC
Global Asset Management, is supportive of our strategic partnership with, and the investment by, Brookfield. RBC has committed
to vote all of the common shares under its direction or control, representing 12.4% of TransAlta's outstanding common shares, FOR
the election of all of TransAlta's director nominees at the Meeting, as well as in favour of the other items of annual and special
business that shareholders are being asked to consider at the upcoming Meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Brookfield, which currently owns approximately
4.9%&nbsp;of TransAlta's outstanding common shares, also plans to vote FOR the election of all of TransAlta's director nominees
at the Meeting, as well as in favour of the other items of annual and special business that shareholders are being asked to consider
at the Meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Vote the BLUE Proxy to Protect TransAlta's
Future </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta asks shareholders to read the Circular
carefully and to vote the BLUE proxy FOR all 12 TransAlta director nominees at our upcoming Meeting on April 26, 2019. Shareholder
support is critical as we work to build a foundation for long-term, sustainable value creation as a leading clean energy company.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A vote FOR TransAlta's director nominees will
be a vote to realize the value of TransAlta's diverse and quality assets for decades to come, a vote for an experienced and engaged
Board and a vote to share in the upside of TransAlta.&nbsp; Becoming a voter is fast and easy. To support TransAlta's Board, vote
only your <B>BLUE</B> proxy or voting instruction form today.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>If you have any questions about the Meeting,
please contact Kingsdale Advisors, TransAlta's strategic shareholder advisor and proxy solicitation agent, by telephone at 1-877-659-1820
(toll-free in North America) or 1-416-867-2272 (collect outside North America) or by email at&nbsp;contactus@kingsdaleadvisors.com.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About TransAlta Corporation</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta owns, operates and develops a diverse
fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value.
We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and
reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric
power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and
live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly
Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level
PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For more information about TransAlta, visit
our web site at transalta.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Forward-Looking Statements</I></B><BR>
<I>This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities
laws. The use of any of the words &quot;expect&quot;, &quot;anticipate&quot;, &quot;continue&quot;, &quot;estimate&quot;, &quot;may&quot;,
&quot;will&quot;, &quot;project&quot;, &quot;should&quot;, &quot;propose&quot;, &quot;plans&quot;, &quot;intends&quot; and similar
expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this
news release contains forward-looking statements and information relating to: the Meeting; the investment by Brookfield; ability
of the investment to enhance the Company's financial position and ability to execute the strategy; the transition to 100% clean
energy by 2025; Brookfield increasing its share ownership in TransAlta to 9% and other commitments; the Company's future ownership
levels in or control over the Alberta hydro assets; the anticipated timing, costs and benefits of TransAlta's coal-to-gas conversion
strategy; the timing, terms and probability of returning capital to shareholders; the appointment of three new nominees to the
Board; the expected higher cash flow and anticipated adjusted EBITDA in respect of the hydro assets in the Brookfield investment;
the Company's relationship with Brookfield Renewable Partners or its affiliates and other shareholders; the expected timing, costs
and benefits of the strategic investment by and partnership with Brookfield Renewable or its affiliates;&nbsp;the formation of
a joint operating committee; continued operational improvements; and advancements in the Company's strategy relating to clean energy
and growth.&nbsp;These statements are based on TransAlta's belief and assumptions based on information available at the time the
assumptions were made, including assumptions pertaining to: the election of the Company's proposed director nominees at the Meeting,
the closing of the Brookfield investment; no significant changes to regulatory, securities, credit or market environments</I>;
<I>the anticipated Alberta capacity market framework in the future; our ownership of or relationship with TransAlta Renewables
Inc. not materially changing; the Alberta hydro assets achieving their anticipated value, cash flows and adjusted EBITDA; the expected
life extension of the coal fleet and anticipated benefits and financial results generated on the coal-to-gas conversion and the
Company's other strategies; the Company's and Mangrove's/Bluescape's strategies and plans; the ability to successfully compete
in the expected Alberta capacity market; and no significant changes in laws.&nbsp;The forward-looking statements are subject to
a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated
by the forward-looking statements. Some of the factors that could cause such differences include: the failure of the Company's
nominees to be elected at the Meeting; the failure of the Brookfield investment to close; legal actions or proceedings, including
those pertaining to the Brookfield investment; the appointment of any slate of directors proposed by Mangrove/Bluescape and the
subsequent termination of the Brookfield investment by the Company; our Alberta hydro assets not achieving their anticipated value,
cash flows or adjusted EBITDA once the applicable power purchase arrangement has expired; changes to the expected life extension
of our coal fleet and anticipated financial results generated on conversion; and other risks and uncertainties contained in the
Company's Circular dated March 26, 2019 and its annual information form and management's discussion and analysis for the year ended
December 31, 2018. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information,
which reflect TransAlta's expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions,
the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur
at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by law.&nbsp;Certain financial information contained in this
news release, including adjusted EBITDA in respect of the Brookfield investment, may not be standard measures defined under International
Financial Reporting Standards (&quot;IFRS&quot;) 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 the calculation of adjusted EBITDA in respect of the Brookfield investment and how it is calculated with regard to the exchangeable
securities to be issued, see the Company's material change report dated March 26, 2019 and a complete copy of the investment agreement
with Brookfield, filed under the Company's profile with the Canadian securities regulators on www.sedar.com&nbsp;and the Securities
and Exchange Commission on www.sec.gov.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="image_001.jpg" ALT="Cision" STYLE="height: 12px; width: 12px">View
original content:http://www.prnewswire.com/news-releases/transalta-files-management-information-circular-highlights-plan-to-advance-clean-energy-strategy-300822265.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE TransAlta Corporation</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/April2019/01/c6730.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001144800</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Investor Inquiries: Sally Taylor,
Manager, Investor Relations, Phone: 1-800-387-3598 in Canada and U.S., Email: investor_relations@transalta.com; Media Inquiries:
Phone: 1-855-255-9184, Email: ta_media_relations@transalta.com</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: TransAlta Corporation</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 17:28e 01-APR-19</P>



<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ,  P# 2(  A$! Q$!_\0
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?L94\=#@5IJH50HZ 8%8TXM3DWU.BK.+I02Z>7ZG_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
