<SEC-DOCUMENT>0001279569-20-000246.txt : 20200304
<SEC-HEADER>0001279569-20-000246.hdr.sgml : 20200304
<ACCEPTANCE-DATETIME>20200304083118
ACCESSION NUMBER:		0001279569-20-000246
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200304
FILED AS OF DATE:		20200304
DATE AS OF CHANGE:		20200304

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:		20685762

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of March,
2020</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>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

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<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>110-12th
Avenue S.W., Box 1900, Station &ldquo;M&rdquo;, Calgary, Alberta, Canada, T2P 2M1</B></FONT><BR>
<FONT STYLE="font-size: 10pt; font-weight: normal">(Address of principal executive offices)</FONT></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>

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    <TD STYLE="width: 50%; font: bold 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></TD></TR>
</TABLE>
<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>

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<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"></P>

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

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>TRANSALTA CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Todd Stack</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Todd Stack</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Chief Financial Officer</TD></TR>
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<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: March 4, 2020</P>

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

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        <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; font-size: 10pt">&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>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="ex991.htm">&ldquo;TransAlta Reports Fourth Quarter and Full Year 2019 Results&rdquo;</A>   </TD></TR>
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<TYPE>EX-99.1
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<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MARCH 4, 2020
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<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"></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Reports Fourth Quarter and Full
Year 2019 Results</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Fourth Quarter 2019 Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Generated $121 million or $0.43 per share of free cash
flow (&quot;FCF&quot;) in the quarter compared to $98 million or $0.34 per share of FCF for the same period in 2018, a 26 per cent
increase;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Advanced our Clean Energy Investment Plan by commissioning
119 MW of new wind generation and acquiring two gas turbines for the Sundance 5 repowered combined cycle unit project;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Entered into an agreement to construct and own a new 40
MW cogeneration facility; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Returned $41 million of capital to shareholders in the
fourth quarter through the repurchase and cancellation of&nbsp; 4,583,100 common shares at an average price of $8.95 per share
through our normal course issuer bid (&quot;NCIB&quot;) program.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Full Year 2019 Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Achieved exceptional financial results with FCF of $379
million or $1.34 per share for the full year which was five per cent above 2018 on a per share basis,&nbsp; adjusting for one-time
PPA Termination Payments in both years;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Received $56 million, plus GST and interest on our successful
arbitration related to the Sundance B and C PPA terminations;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Generated total FCF of $435 million or $1.54 per share
for full year 2019;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Achieved adjusted availability of 90.0 per cent in the
year;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced transformative strategic investment by Brookfield
Renewable Partners with receipt of the first $350 million tranche of the $750 million investment advancing our coal-to-gas conversion
strategy and accelerating our return of capital to shareholders through our NCIB;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced our&nbsp; Clean Energy Investment Plan and timing
for our conversions and repowerings;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Entered into an agreement to purchase a 49 per cent interest
in the Skookumchuck wind project;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Transported first gas through the Pioneer pipeline four
months ahead of schedule and commenced firm throughput in November;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Returned $68 million of capital to shareholders with the
repurchase and cancellation of 7,716,300 common shares at an average price of $8.80 per share through our NCIB program;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Reduced our carbon emissions by approximately 200,000 tonnes
compared to 2018, representing a one per cent reduction;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Safety results with a Total Incident Frequency (&quot;TIF&quot;)
rate of 1.12, representing over a 40 per cent reduction to 2018; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In January of 2020, increased the common share dividend
by 6.25 per cent.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Other Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced 2020 Outlook in January</LI>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Comparable EBITDA range of $925 million to $1,000 million,
up four per cent from 2019 at the mid-point;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">FCF range of $325 million to $375 million; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sustaining capital range of $170 to $200 million.</LI>

</UL>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, March 4, 2020 /CNW/ -&nbsp;TransAlta
Corporation (&quot;TransAlta&quot; or the &quot;Company&quot;) (TSX: TA) (NYSE: TAC) today reported its fourth quarter and full
year 2019 financial results, with comparable EBITDA<SUP>(1,2) </SUP>of $928 million for the full year. Funds from operations (&quot;FFO&quot;)<SUP>(1,2)</SUP>
decreased nine per cent to $701 million for the full year compared to $770 million in 2018.&nbsp; FCF<SUP>(1,2)</SUP> for the full
year was $379 million, representing a three per cent increase over 2018.&nbsp; These financial results exclude the one-time payments
in both periods for the early termination of the Sundance B and C Power Purchase Arrangements (the &quot;PPA Termination Payments&quot;).
The strong financial results for the year highlight the exceptional performance of the business when considering the expected free
cash flow decline as a result of the expiry of the Mississauga contract and lower scheduled payments on the Poplar Creek contract.
With the inclusion of the PPA Termination Payments, we earned $435 million of FCF or $1.54 per share.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Comparable EBITDA decreased by $177 million
compared to 2018. After adjusting for the PPA Termination Payments in 2019 and 2018, comparable EBITDA decreased by $76 million
for the year ended December 31, 2019, compared to 2018. This decrease was expected as a result of the expiry of the Mississauga
contract and lower scheduled payments on the Poplar Creek contract. Strong performance at the Canadian Coal and Energy Marketing
segments as well as lower Corporate costs have significantly offset this expected decrease. Comparable EBITDA for the year ended
December 31, 2019 was negatively impacted by the unplanned outage at US Coal during the first quarter of 2019.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">OM&amp;A expense for the year ended December
31, 2019 decreased by $40&nbsp;million compared to 2018. This decline in OM&amp;A is largely due to lower costs in our Canadian
Coal and Corporate segments and ongoing streamlining of our workforce. Lower salary, contractor and materials expenses were partially
offset by higher legal fees.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF increased by $12&nbsp;million in 2019 compared
to 2018, primarily as a result of stronger year-over-year cash flow from operating activities and lower sustaining and productivity
capital expenditures after adjusting for the&nbsp; PPA Termination Payments.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Our performance for the year was very
strong from a financial, operational and strategic perspective,&quot; said Dawn Farrell, President and Chief Executive Officer.
&quot;We successfully navigated key milestones throughout the year and entered into a transformational transaction that benefited
all shareholders as we were able to accelerate our strategy and return capital to shareholders. All of the hard work by the TransAlta
employees throughout the year has allowed us to progress on our main goal which is to be 100 per cent clean electricity by 2025.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2020 Objectives </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In addition to meeting the financial targets
defined in the outlook, everything we do in 2020 will move us closer to 100 per cent clean power by 2025. Our teams are focused
on the following:</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Delivering a full year of cash flow from Big Level and
Antrim, which reached commercial operation in December 2019;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Significantly progressing the construction of the SemCAMS
cogeneration project and Windrise wind facilities for commercial operation in 2021;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Completing the Sundance Unit 6 gas conversion in 2020;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Advancing the Sundance Unit 5 repowering project for commercial
operation in 2023;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Preparing Keephills Units 2 and 3 for gas conversions in
2021;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Repaying the $400 million bond maturing in November 2020;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Continuing the share buyback program in an additional amount
up to $80 million in 2020;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Achieving commercial operation for the WindCharger 10 MW
battery project in 2020; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Progressing on our Environment, Social and Governance (&quot;ESG&quot;)
targets which are outlined below.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>ESG Targets</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A continued focus on safe operations and environmentally
sustainable practices, including by minimizing environmental incidents and undertaking significant reclamation work;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">By 2030, achieving a 95% reduction of SO<SUB>2 </SUB>emissions
and a 50% reduction of NOx emissions over 2005 levels from TransAlta's coal facilities, and a Company-wide reduction of greenhouse
gases emissions of 60% below 2015 levels;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Undertaking initiatives that will enhance the environmental
performance of the Company, including converting coal facilities to gas and developing new renewable projects that support customer
sustainability goals to achieve both long-term power price affordability and carbon reductions;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Supporting equal access to all levels of education for
youth and Indigenous peoples through financial assistance and employment opportunities;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Enhancing our commitment to workplace diversity and adopting
a target of 50 per cent female membership on the Board by 2030 and achieving gender diversity of at least 40 per cent of female
employment for all employees by 2030; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Maintaining our commitment to leading ESG disclosure.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Fourth Quarter Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Entered into an agreement with Kineticor Holdings Limited
#2 to indirectly acquire two 230 MW Siemens F class gas turbines and related equipment for $84 million, which will be redeployed
to our Sundance site as part of the strategy to repower Sundance Unit 5 to a highly efficient combined cycle unit. The Company
is assuming long-term power purchase agreements for capacity plus energy, including the pass-through of GHG costs, starting in
late 2023 with Shell Energy North America (Canada).&nbsp;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">TransAlta and SemCAMS announced that they entered into
definitive agreements to develop, construct and operate a cogeneration facility at the Kaybob South No. 3 sour gas processing plant.
The Kaybob facility is strategically located in the Western Canadian Sedimentary Basin and accepts natural gas production out of
the Montney and Duvernay formations. TransAlta will construct the cogeneration plant which is expected to be jointly owned, operated
and maintained with SemCAMS. The capital cost of the new cogeneration facility is expected to be approximately $105 million to
$115 million and the project is expected to deliver approximately $18 million in annual EBITDA.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Important Subsequent Events</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On January 16, 2020, we announced our financial outlook
and ESG targets for 2020, highlighted by the addition of recently commissioned projects and productivity improvements, which are
expected to drive strong comparable EBITDA and FCF performance in 2020. The Company also announced that the Board of Directors
determined that following the retirement of Ambassador Gordon D. Giffin at the upcoming annual shareholder meeting, John P. Dielwart
will be appointed Chair of the Board, pending his re-election to the Board.&nbsp; Lastly, TransAlta declared an increase in the
annualized dividend to $0.17 per common share, representing a 6.25 per cent increase.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Fourth Quarter and Full Year Segmented </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Year Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Review Comparable EBITDA <I>(in CAD$ millions)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dec. 31, 2018</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dec. 31, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian Coal</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>55</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>263</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">232</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Coal</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canadian Gas</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>120</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian Gas</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>118</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wind and Solar</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>80</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>231</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">233</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>110</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Marketing </FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22)</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(76)</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(87)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right-style: inset; border-bottom-style: inset; border-left-style: inset; border-right-width: 1pt; border-bottom-width: 1pt; border-left-width: 1pt; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Comparable EBITDA<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>928</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,004</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Canadian Coal:</U>&nbsp;Excluding the PPA Termination
Payments, comparable EBITDA for the year ended Dec. 31, 2019, increased $31&nbsp;million compared to 2018. This largely reflects&nbsp;
lower fuel, carbon compliance, and purchased power costs, as well as lower OM&amp;A costs.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>U.S. Coal:</U>&nbsp;Comparable EBITDA decreased by $18
million compared to 2018, primarily due to an isolated and extreme pricing event in March. Centralia was unable to commit one of
its units to physical production for day-ahead supply due to an unplanned forced outage repair.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Canadian Gas:</U>&nbsp;Comparable EBITDA for 2019 decreased
by $139 million compared to 2018, mainly due to the Mississauga contract ending Dec. 31, 2018 and lower scheduled payments from
the Poplar Creek finance lease. Comparable EBITDA for the year ended December 31, 2019, includes nil (2018 - $105 million) and
$20&nbsp;million (2018 - $57&nbsp;million) from the Mississauga and Poplar Creek contracts, respectively. Additionally, comparable
EBITDA benefited from lower OM&amp;A compared to the prior year as a result of reduced overhead and operating costs.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Australian Gas:</U>&nbsp;Comparable EBITDA for the year
ended Dec. 31, 2019, decreased by $6 million compared to 2018, due to the weakening of the Australian dollar and ongoing legal
costs associated with our disputes with FMG .</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Wind and Solar:</U>&nbsp;Comparable EBITDA for 2019
was consistent with 2018. Higher insurance proceeds from tower fires at Wyoming Wind and Summerview were partially offset by a
reduction in revenues due to the scheduled expiration of production-based incentives for three wind facilities.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Hydro:</U>&nbsp;Comparable EBITDA for 2019 increased
by $1 million compared to 2018, as we were able to reduce OM&amp;A due to cost- saving initiatives, while absorbing the $1.5 million
Brookfield Hydro Fee.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Energy Marketing:</U>&nbsp;Comparable EBITDA for 2019
increased by $46 million compared to 2018 results, due to strong results from all Marketing segments, with particularly strong
performance from US Western and Eastern markets due to continued high levels of volatility. OM&amp;A increased due to higher incentives
related to stronger performance. The Energy Marketing team was able to capitalize on short-term arbitrage opportunities in the
markets in which we trade without materially changing the risk profile of the business unit.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Corporate:</U>&nbsp;Our Corporate overhead costs in
2019 were $76 million, a decrease of $11 million compared to $87 million in 2018, primarily due to cost-efficiency initiatives
and payments on lease obligations. In addition, we realized a net gain of $13 million from the total return swap on our share-based
payment plans, which was mostly offset by higher legal fees. A portion of the settlement cost of our share-based payment plans
is fixed by entering into total return swaps, which are cash settled every quarter. Corporate cash flow also benefited from lower
sustaining and productivity capital spend due to higher spend in 2018 on automation and new information technology solutions implemented
in prior years, which helped contribute to the cost efficiencies realized in 2019.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Financial Highlights<BR>
</B>Net earnings attributable to common shareholders for the year ended December 31, 2019, were $52 million, compared to a loss
of $248 million in the prior year. Increased earnings were partially driven by the Keephills 3 and Genesee 3 swap with Capital
Power Corporation that closed in the fourth quarter of 2019, where we recognized a gain on termination of the coal rights contract
of $88 million and a gain on the sale of Genesee 3 of $77&nbsp;million, in addition to the $56 million PPA Termination Payments
received during the third quarter of 2019. Excluding the PPA Termination Payments and impairment charges in both years, as well
as the gains related to Keephills 3 and Genesee 3 in 2019, we have a net loss of $20&nbsp;million in 2019 compared to a net loss
of $174&nbsp;million in 2018. Stronger earnings are attributable to stronger performance at Canadian Coal and Energy Marketing,
strong Alberta pricing, the Alberta tax rate reduction, lower OM&amp;A costs and lower interest expense, partially offset by other
losses on sale of property, plant and equipment.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Total sustaining capital expenditures of $141
million were $9 million lower compared to 2018 primarily due to lower planned major maintenance in our coal segments. Total capital
expenditures of $150 million, which includes productivity capital expenditures, was in line with our expectations for the year.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Fourth Quarter and Year Ended 2019 Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>In $CAD millions, unless otherwise stated </I></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Year Ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2018</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2019</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted availability (%)<SUP>(4,5)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>91.6%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91.5%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>90.0%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (GWh) <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,153</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,276</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29,071</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,409</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>609</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">622</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,347</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,249</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel, carbon compliance and purchased power </FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>286</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">336</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,086</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operations, maintenance and administration</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>127</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>475</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Net earnings (loss) attributable to common</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">shareholders</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>66</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(122)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(248)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>181</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>849</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">820</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Comparable EBITDA<SUP>(1,2,3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>984</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,161</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO<SUP>(1,3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>189</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">217</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>757</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">927</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF<SUP>(1,3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>121</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>435</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">524</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net earnings (loss) per share attributable to common </FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.24</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.43)</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.18</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.86)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">shareholders, basic and diluted</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO per share<SUP>(1,3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.67</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.76</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.67</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF per share<SUP>(1,3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.43</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.34</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.54</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.83</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared per common share</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.04</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.08</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.12</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared per preferred share<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.26</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.52</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.78</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.29</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta is in the process of filing its Annual
Information Form, Audited Consolidated Financial Statements and accompanying notes, as well as the associated Management's Discussion
&amp; Analysis (&quot;MD&amp;A&quot;). These documents will be available today on the Investors section of TransAlta's website
at <U>www.transalta.com</U>&nbsp;or through SEDAR at <U>www.sedar.com</U>.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta will also be filing its Form 40-F
with the U.S. Securities and Exchange Commission. The form will be available through their website at www.sec.gov. Paper copies
of all documents are available to shareholders free of charge upon request.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Notes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) These items are not defined under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods' results. Refer to the Comparable EBITDA,&nbsp; Funds from Operations and Free Cash Flow and Earnings and Other Measures on a Comparable Basis sections of the Company's MD&amp;A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) During the first quarter of 2019, we revised our approach to reporting adjustments to arrive at Comparable EBITDA, mainly to be more comparable with other companies in the industry. Comparable EBITDA is now adjusted to exclude the impact of unrealized mark-to-market gains or losses. The current and prior period amounts have been adjusted to reflect this change.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) Includes the PPA Termination Payment of $157 million received from the Balancing Pool for the early termination of Sundance B and C PPAs in the first quarter of 2018 and $56 million received following the successful outcome of the dispute with the Balancing Pool in the third quarter of 2019. </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4) Availability and production includes all generating assets under generation operations that we operate and finance leases and excludes hydro assets and equity investments. Production includes all generating assets, irrespective of investment vehicle and fuel type. </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(5) Adjusted for economic dispatching at U.S. Coal.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(6) Weighted average of the Series A, B, C, E, and G preferred share dividends declared. Dividends declared vary year over year due to timing of dividend declarations.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference call<BR>
</B>TransAlta will hold a conference call and webcast at 8:00 a.m. MST (10:00 a.m. EST) today, March 4, 2020, to discuss our fourth
quarter and full year 2019 results. The call will begin with a short address by Dawn Farrell, President and CEO, and Todd Stack,
Chief Financial Officer,<B>&nbsp;</B>followed by a question and answer period for investment analysts and investors. A question
and answer period for the media will immediately follow.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>Dial-in numbers -
Fourth Quarter and Full Year 2019 Results:<BR>
</U>Toll-free North American participants call: 1-888-231-8191</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A link to the live webcast will be available
on the Investor Centre section of TransAlta's website at <U>http://www.transalta.com/investors/events-and-presentations</U>. If
you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with&nbsp;TransAlta
pass code 6481289 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>About TransAlta Corporation: </I></B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>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. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable,
energy efficient and reliable power. Today, TransAlta is 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 <U>UN Sustainable Development Goals</U> and has been
recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud
to have achieved the <U>Silver level PAR (Progressive Aboriginal Relations)</U> designation by the Canadian Council for Aboriginal
Business.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>For more information about TransAlta, visit
our web site at <U>transalta.com</U>.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Cautionary Statement Regarding Forward
Looking Information </I></B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>This news release contains forward looking
statements, including statements regarding the business and anticipated financial performance of the Company that are based on
the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical
trends. In some cases, forward-looking statements can be identified by terminology such as &quot;plans&quot;, &quot;expects&quot;,
&quot;proposed&quot;, &quot;will&quot;, &quot;anticipates&quot;, &quot;develop&quot;, &quot;continue&quot;, and similar expressions
suggesting future events or future performance. In particular, this news release contains, without limitation, statements pertaining
to: our 2020 outlook, including EBITDA, FCF and sustaining capital; our 2020 objectives, including significantly progressing the
construction of the Kaybob cogeneration project and Windrise wind facilities to achieve commercial operation in 2021, completing
the Sundance Unit 6 gas conversion in 2020, advancing the Sundance Unit 5 repowering project and achieving commercial operation
in 2023, converting Keephills Units 2 and 3 to gas in 2021, repaying the $400 million bond maturity, continuing the share buyback
program in an additional amount of up to $80 million,&nbsp; achieving commercial operation for the WindCharger battery project;
achieving a 95% reduction of </I>SO<SUB>2</SUB> <I>emissions and a 50% reduction of NOx emissions over 2005 levels from TransAlta's
coal facilities, and a Company-wide reduction of greenhouse gases emissions of 60% below 2015 levels; enhancing the environmental
performance of the Company; achieving 50 per cent female membership on the Board by 2030 and achieving gender diversity of at least
40 per cent of female employment for all employees by 2030; the construction and expected capital cost of the new Kaybob cogeneration
facility and this project's expected annual EBITDA; and the appointment of John P. Dielwart as Chair of the Board. The forward-looking
statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard
to the Corporation's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates,
projections and assumptions relating to: foreign exchange rates; global economic growth; electricity load growth; electricity prices
and carbon tax;&nbsp; interest rates; sufficiency of our budgeted capital expenditures in carrying out our business plan; applicable
laws, regulations and government policies; the availability and cost of labour, services and infrastructure; and the satisfaction
by third parties of their obligations, including under power purchase agreements.&nbsp; These forward-looking statements are not
historical facts but are based on TransAlta's belief and assumptions based on information available at the time the assumptions
were made, including, but not limited to, the current political and regulatory environment, the price of power in Alberta and the
condition of the financial markets. These statements are subject to a number of risks and uncertainties that may cause actual results
to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences
include: operational risks involving our facilities; changes in market prices where we operate; unplanned outages at generating
facilities and the capital investments required; equipment failure and our ability to carry out repairs in a cost effective and
timely manner; the effects of weather, catastrophes and public health crises; disruptions in the source of thermal fuels, water,
solar or wind required to operate our facilities, including the necessary natural gas supply to support the conversion of the coal
units; energy trading risks; failure to obtain necessary regulatory approvals in a timely fashion, or at all; negative impact to
our credit ratings; legislative or regulatory developments and their impacts; increasingly stringent environmental requirements
and their impacts; increased competition; global capital markets activity (including our ability to access financing at a reasonable
cost); changes in prevailing interest rates; currency exchange rates; inflation levels and commodity prices; general economic conditions
in the geographic areas where TransAlta operates; disputes or claims involving TransAlta or TransAlta Renewables, including those
pertaining to the Brookfield investment and the commissioning of South Hedland; and other risks and uncertainties discussed in
the Company's materials filed with the securities regulatory authorities from time to time and as also set forth in the Company's
MD&amp;A and Annual Information Form for the year ended December 31, 2019. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect TransAlta's expectations only as of the date of this news release. The purpose
of the financial outlooks contained in this news release are to give the reader information about management's current expectations
and plans and readers are cautioned that such information may not be appropriate for other purposes and is given as of the date
of this news release. 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.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Note: All financial figures are in Canadian
dollars unless otherwise indicated.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content:http://www.prnewswire.com/news-releases/transalta-reports-fourth-quarter-and-full-year-2019-results-301016267.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE TransAlta Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/March2020/04/c2419.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001144800</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Investor Inquiries: 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: TransAlta Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 07:00e 04-MAR-20</P>



<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

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