<SEC-DOCUMENT>0001279569-22-000731.txt : 20220506
<SEC-HEADER>0001279569-22-000731.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220506074822
ACCESSION NUMBER:		0001279569-22-000731
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220506
FILED AS OF DATE:		20220506
DATE AS OF CHANGE:		20220506

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:		22898853

	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>
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<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<BR>
</FONT><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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of May, 2022<BR>
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<BR>
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">(Translation of registrant's name into English)</FONT></P>

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<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 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</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"><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" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid">/s/ Todd Stack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Todd Stack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>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: May 6, 2022</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: 10pt Times New Roman, Times, Serif">&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="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">&ldquo;TransAlta Reports First Quarter 2022 Results and Reaches 40% of Renewables
Growth Target&rdquo;</A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DESCRIPTION>NEWS RELEASE DATED MAY 6, 2022
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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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B></B></FONT></P>

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

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Reports First Quarter 2022 Results
and Reaches 40% of Renewables Growth Target</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First Quarter 2022 Financial Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA<SUP>(1),(2)</SUP> of $266 million, a decrease
of 14% over the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Free Cash Flow (&quot;FCF&quot;)<SUP>(1) </SUP>of $115 million,
or $0.42 per share, a decrease of 13% on a per-share basis from same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Earnings before income taxes of $242 million, an increase of $221
million from the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net earnings attributable to common shareholders of $186 million
or $0.69 per share, compared to a loss of $0.11 per share for the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Cash flow from operating activities of $451 million, an increase
of $194 million from same period in 2021</LI>

</UL>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Business Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced 200 MW Horizon Hill wind project supplying Meta with
renewable power under a long-term Power Purchase Agreement (&quot;PPA&quot;)</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Secured capacity commitment extensions for the three remaining
large industrial customers at the Sarnia cogeneration facility to 2031</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Identified Amazon as the customer at White Rock Wind Project</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Reached agreement with BHP Nickel West to expand the Mount Keith
transmission system in Western Australia</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced investment in Energy Impact Partners Deep Decarbonization
Frontier Fund 1</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Executed long-term PPA for remaining 30 MWs of capacity at Garden
Plain wind</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Executed share buybacks of $18 million and repurchased 1.4 million
common shares</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Provided updated on Kent Hills wind facilities outage</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, AB, May 6, 2022 /CNW/ - TransAlta Corporation
(&quot;TransAlta&quot; or the &quot;Company&quot;) (TSX: TA) (NYSE: TAC) today reported its financial results for the first quarter ended
March 31, 2022.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;TransAlta delivered solid first quarter results
for 2022 with contributions from our new contracted assets at Windrise and North Carolina Solar which diversified our portfolio.&nbsp;
I am also pleased to confirm that we are on track to deliver our objectives under our Clean Electricity Growth Plan,&quot; said John Kousinioris,
President and Chief Executive Officer.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We delivered growth in renewable energy to new
and existing customers in all three core geographies of our operations.&nbsp; We reached final investment decision on our 200 MW Horizon
Hill project in Oklahoma by signing a long-term PPA with Meta.&nbsp; We fully contracted our Garden Plain facility by adding another long-term
PPA for the remaining 30 MW of capacity with an investment-grade globally recognized customer.&nbsp; And in Western Australia, we reached
final investment decision on the Mount Keith transmission expansion project which will enable the connection of additional generating
capacity to our network and will support BHP's operations and increase their competitiveness as a supplier of low-carbon nickel.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Set out below are additional highlights from the quarter
on TransAlta's business activities, including the Company's progress on advancing its Clean Electricity Growth Plan as well as details
regarding the Company's financial performance and&nbsp; liquidity.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Key Business Developments</B></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>200 MW Horizon Hill Wind Project and Fully Executed Corporate PPA with
Meta</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On April 5, 2022, TransAlta executed a long-term PPA
with a subsidiary of Meta Platforms Inc., formerly known as&nbsp; Facebook, Inc. (&quot;Meta&quot;), for 100 per cent of the generation
from its 200 MW Horizon Hill wind project to be located in Logan County, Oklahoma. Under this agreement, Meta will receive both renewable
electricity and environmental attributes. The facility will consist of a total of 34 Vestas turbines with construction expected to begin
in late 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate and own the facility.
Total construction capital is estimated at approximately US$290 million to US$310 million and is expected to be financed with a combination
of existing liquidity and tax equity financing. Over 90 per cent of project costs are captured under executed turbine supply agreements
and engineering, procurement and construction agreements. The project is expected to generate average annual EBITDA of approximately US$27
million to US$30 million inclusive of production tax credits.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Customer Update at White Rock Wind Facilities</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta identified Amazon Energy LLC (&quot;Amazon&quot;)
as the customer for the 300MW White Rock Wind Projects, to be located in Caddo County, Oklahoma. On Dec. 22, 2021, Amazon and TransAlta
entered into two long-term PPAs for the supply of 100 per cent of the generation from the projects. Construction is expected to begin
in the second half of 2022 with a target commercial operation date in the second half of 2023.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Energy Impact Partners (&quot;EIP&quot;) Investment</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company entered into a commitment to invest US$25
million over the next four years in EIP's Deep Decarbonization Frontier Fund 1 (the &quot;Frontier Fund&quot;) that will invest in early-stage,
innovative technology companies that will accelerate the transition to net-zero greenhouse gas emissions. TransAlta's investment in the
Frontier Fund provides the Company with the opportunity to identify, pilot, commercialize and bring to market technologies that will support
its decarbonization goals.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Executed Long Term PPA for Remaining 30 MW at Garden Plain</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company has entered into a long-term PPA for the
remaining 30 MW of renewable electricity and environmental attributes at the Garden Plain wind farm in Alberta with a new investment-grade
globally recognized customer. The 130 MW Garden Plain wind project, which was announced in May 2021 with a 100 MW PPA with Pembina Pipeline
Corporation, is now fully contracted with a weighted average contract life of approximately 17 years. Construction is underway with a
target commercial operation date in the second half of 2022.&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Mt. Keith Transmission Expansion</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On May 3, 2022, TransAlta Renewables exercised its
option to acquire an economic interest in the expansion of the Mt. Keith 132kV transmission system in Western Australia, to support the
Northern Goldfields-based operations of BHP Nickel West (&quot;BHP&quot;). Total construction capital is estimated at approximately AU$50
million to AU$53 million. Southern Cross Energy, a subsidiary of the Company, has entered into an engineering, procurement and construction
agreement with ASX-listed GenusPlus Group Ltd&nbsp; for the expansion. The project is being developed under the existing PPA with BHP,
which has a term of 15 years. It is expected to be completed in the second half of 2023 and will generate annual EBITDA in the range of
AU$6 million to AU$7 million. In addition, the planned completion date should allow at least a portion of the project to qualify for Australia's
&quot;Temporary Full Expensing&quot; COVID-19 tax benefit. The project will facilitate the connection of additional generating capacity
to our network to support BHP's operations and increase their competitiveness as a supplier of low-carbon nickel.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Sarnia Cogeneration Facility Contract Extensions</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company recently entered into agreements with
three of its&nbsp; large industrial customers at the Sarnia cogeneration facility.&nbsp; The capacity commitments for the large industrial
customers have now been extended to 2031, at rates comparable to current contract rates, which, in each case, are subject to the satisfaction
of certain conditions, including the Company entering into a new contract with the Ontario Independent Electricity System Operator (the
&quot;IESO&quot;). The IESO is conducting a medium-term procurement process for capacity for 2026 and beyond for existing generation.
The Company has bid into the process, and is seeking to secure a contract extension for the Sarnia cogeneration facility following the
end of the current IESO contract expiring on Dec. 31, 2025. The Company expects the IESO to announce the successful bids in the third
quarter of 2022.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MSCI ESG Rating Upgrade</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta's MSCI ESG Rating was upgraded to 'A' from
'BBB'. The upgrade reflects the Company's strong renewable energy growth compared to peers. In 2021, the Company grew its installed renewable
energy capacity by 15 per cent through acquisition and construction of solar and wind facilities, and secured 600 MW in additional renewable
energy projects. In line with its goal to reduce carbon emissions by 75 per cent from 2015 emissions levels by 2026, TransAlta completed
coal-to-gas conversions of its Canadian coal-fired facilities in 2021, nine years ahead of Alberta's coal phase-out plan.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Kent Hills Wind Facilities Rehabilitation Progress</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the first quarter of 2022, the extended outage
at Kent Hills 1 and 2 wind facilities continued. Rehabilitation efforts for the foundations are expected to commence during the second
quarter of 2022 with the aim of fully returning the wind facility to service during the second half of 2023.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Kent Hills foundation rehabilitation capital expenditures
were originally estimated to range from $75 million to $100 million. The current estimate of the capital expenditures is approximately
$120 million, including the cost of replacing the turbine and tower destroyed during the collapse experienced in 2021 and contingency.&nbsp;
The cost increase is a result of the adoption of a more robust foundation design, inflationary cost pressures and an accelerated timeline
to return the turbines to service ahead of December 2023. We are currently in advanced stages of discussions with New Brunswick Power
Corporation and expect to enter into definitive agreements in the second quarter of 2022. In connection with the potential events of default
that may have occurred under the trust indenture governing the terms of the bonds secured by, among other things, the Kent Hills project,
Kent Hills Wind LP is in active negotiations with the trustee and the holders of the bonds to obtain a waiver and expects that it will
enter into a supplemental indenture during the second quarter of 2022</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company is actively evaluating any options that
may be available to recover the rehabilitation costs from third parties and insurance.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Normal Course Issuer Bid</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On May 25, 2021, the Toronto Stock Exchange (&quot;TSX&quot;)
accepted the notice filed by the Company to implement a normal course issuer bid (&quot;NCIB&quot;) for a portion of our common shares.
During the three months ended March 31, 2022, the Company purchased and cancelled a total of 1.4 million common shares at an average price
of $12.50 per common share, for a total capital return of $18 million.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Alberta Electricity Portfolio</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Alberta electricity portfolio generated gross
margin of $161 million, a decrease of $19 million compared to the same period in 2021. Gross margin was impacted mainly as a result of
weaker market conditions in February as compared to the same period in 2021. Ancillary services revenue from the Hydro segment was also
lower in February as a result of these&nbsp; market conditions. In addition, the Gas and Energy Transition segment results were impacted
by lower production due to higher dispatch optimization in response to market conditions, and higher gas costs, which was partially offset
by our gas hedge positions, lower carbon costs, and higher realized prices in Alberta. The decrease in gross margins were partially offset
by higher gross margins in the Wind and Solar segment mainly due to higher production and higher realized prices.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The average pool price decreased from $95/MWh for
the three months ending March 31, 2021 to $90/MWh for the same period in 2022. Pool prices were lower on average for the quarter compared
to 2021, mainly as a result of fewer heating degree days as well as fewer planned and unplanned outages across the provincial gas assets.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Hedged production for the balance of 2022 is 4,890
GWh at an average price of $73 per MWh.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Liquidity and Financial Position</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company continues to maintain a strong financial
position in part due to long-term contracts and hedged positions. At the end of the first quarter, TransAlta had access to $2.4 billion
in liquidity, including $1.2 billion in cash and cash equivalents.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Accelerated Clean Electricity Growth Plan</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Sept 28, 2021, the Company announced the strategic
targets associated with its Clean Electricity Growth Plan.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As of May 5, 2022, we have made significant progress
in achieving our growth goals. Refer to the Strategy and Capability to Deliver Results in the MD&amp;A for further details.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Clean Electricity Growth Plan Targets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Target</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>% of Target Achieved</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Renewable Energy Capacity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2 GW</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital Investment</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3 Billion</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Incremental EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$250 Million</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First Quarter 2022 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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>&nbsp;$ millions, unless otherwise stated </I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted availability (%)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>89.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88.6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (GWh)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,359</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,541</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>735</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">642</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>266</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings before income taxes</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>242</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net earnings (loss) attributable to common shareholders</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>186</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>451</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>186</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net earnings (loss) per share attributable to common shareholders, basic and diluted</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.69</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.11)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO per share<SUP>(1),(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.69</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF per share<SUP>(1),(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.42</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.48</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First Quarter Financial Results Summary</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA<SUP>(1) </SUP>for the three months
ended March 31, 2022 was $266 million, a decrease of $44 million, or 14% per cent compared to the same period in 2021, largely due to
lower adjusted EBITDA at our Gas, Energy Transition, Hydro, and Energy Marketing segments and higher corporate costs. This was partially
offset by higher adjusted EBITDA at our Wind and Solar segment.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Earnings before income taxes for the three months
ended March 31, 2022 increased by $221 million compared to the same period in 2021. Net earnings attributable to common shareholders for
the three months ended March 31, 2022 was $186 million compared to a net loss of $30 million in the same period of 2021, an improvement
of $216 million. The increase in earnings before income taxes and net earnings attributable to common shareholders in 2022 was largely
driven by higher revenues from the Alberta Electricity Portfolio, lower carbon compliance costs and lower depreciation, mainly as a result
of the completion of our coal-to-gas conversions and retirement of our coal assets compared to the same period in 2021. In addition, an
asset impairment reversal driven by discount rate changes was recognized in 2022 compared to impairment charges in 2021. The higher net
earnings attributable to common shareholders was also impacted by higher income tax recoveries in 2022.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Cash flow from operating activities for the three
months ended March 31, 2022 was $451 million, an increase of $194 million compared with the same period of 2021, primarily due to favourable
changes in non-cash working capital and higher revenue attributable to the North American Gas assets, converted gas units and higher revenues
in the Wind and Solar segment as well as lower fuel and purchased power and carbon compliance costs as the Company transitioned its units
to natural gas.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF<SUP>(1)</SUP> for the three months ended March
31, 2022, was $115 million, a decrease of $14 million compared with the same period of 2021, driven primarily by lower adjusted EBITDA,
higher distributions paid to subsidiaries' non-controlling interests, partially offset by a decrease in sustaining capital spending related
to lower planned maintenance turnarounds.</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; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B>Segmented Results</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B>For the three months&nbsp; ended March 31</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B><I>($ millions)</I></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;<B>2022</B></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wind and Solar</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gas</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>102</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Transition</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Marketing </FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(18)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>266</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310</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"><U>Hydro:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA for the three months ended March 31, 2022 decreased
by $16 million compared to the same period in 2021, primarily due to lower ancillary service pricing in the Alberta market as well as
higher operations, maintenance and administration costs due to increased insurance and additional costs related to asset optimization
of the Alberta Hydro Assets in the merchant market.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Wind and Solar:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA for the three months ended March 31, 2022, increased
by $13 million compared to the same period in 2021, primarily due to incremental revenue from the North Carolina Solar facility and the
Windrise wind facility, partially offset by lower production due to the extended site outage at the Kent Hills 1 and 2 wind facilities
and higher transmission costs experienced in the period. The prior period recognized a reimbursement as a result of the AESO transmission
line loss ruling.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Gas:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA for the three months ended March 31, 2022 decreased
by $4 million compared to the same period in 2021, mainly due to higher gas prices and natural gas consumption by our converted units
in 2022 and increased provisions. This was partially offset by higher realized merchant pricing in the Alberta market, lower carbon costs
associated with the change in fuel ratios as we increased our natural gas combustion and eliminated production with coal, and lower legal
fees related to the South Hedland PPA contract settlement.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Energy Transition:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA for the three months ended March 31, 2022, decreased
by $11 million compared to 2021, primarily due to lower production with the retirement of Keephills Unit 1 and higher cost of coal at
Centralia, partially offset by lower carbon compliance costs and lower operating costs with the retirement of the Alberta coal units.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Energy Marketing:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA for the three months ended March 31, 2022 decreased
by $16 million compared to the same period in 2021. Results for the quarter were in line with expectations from favourable short-term
trading of both physical and financial power and gas products across all North American markets. The higher gross margin for the three
months ended March 31, 2021, was due to exceptional short-term volatility in the market. The Energy Marketing team was able to capitalize
on short-term volatility in the markets in which we trade without materially changing the risk profile of the business unit.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><U>Corporate:</U>&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Our Corporate overhead costs for the three months ended March
31, 2022 increased by $10 million compared to the same period in 2021. These changes were primarily due to the receipt of the Canada Emergency
Wage Subsidy funding in 2021 and realized gains in 2021 from the total return swap on our share-based payment plans.</LI>

</UL>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conference call </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta will hold a conference call and webcast
at 9:00 a.m. MST (11:00 a.m. EST) today, May 6, 2022, to discuss our first quarter 2022 results. The call will begin with a short address
by John Kousinioris, President and CEO, and Todd Stack, EVP Finance and Chief Financial Officer,&nbsp;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: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>Dial-in numbers - First Quarter 2022 Results:<BR>
</U>Toll-free North American participants call: 1-888-664-6392<BR></B></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</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 http://www.transalta.com/investors/events-and-presentations. If you are unable to participate
in the call, the instant replay is accessible at 1-888-390-0541 (Canada and USA toll free) with TransAlta pass code 261631 followed by
the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Notes</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
</FONT></B><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(1) These items are not defined and have no standardized meaning 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. Please refer to the Segmented Financial Performance and Operating Results section of the MD&amp;A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS. See also the Additional IFRS Measures and Non-IFRS Measures section of this earnings release.</I></FONT><I><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2) Funds from operations (&quot;FFO&quot;) per share and free cash flow (&quot;FCF&quot;) per share are calculated using the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding at March 31, 2022 was 271 million shares (March 31, 2021- 270&nbsp; million shares). Please refer to the Additional IFRS Measures and Non-IFRS Measures section in this earnings release for the purpose of these non-IFRS ratios.</FONT></I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-IFRS financial measures and other specified financial measures</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We use a number of financial measures to evaluate
our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as
described below.&nbsp; Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated
financial statements prepared in accordance with IFRS.&nbsp; We believe that these non-IFRS amounts, measures and ratios, read together
with our IFRS amounts, provide readers with a better understanding of how management assesses results.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Non-IFRS amounts, measures and ratios do not have
standardized meanings under IFRS.&nbsp; They are unlikely to be comparable to similar measures presented by other companies and should
not be viewed in isolation from, or as an alternative for, or more meaningful than our IFRS results.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA<BR>
In the fourth quarter of 2021, comparable EBITDA was relabelled as adjusted EBITDA to align with industry standard terminology. Each business
segment assumes responsibility for its operating results measured to adjusted EBITDA. Adjusted EBITDA is an important metric for management
that represents our core business profitability. Interest, taxes, depreciation and amortization are not included, as differences in accounting
treatments may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results
excluding those items that may not be reflective of ongoing business performance.&nbsp; This presentation may facilitate the readers analysis
of trends.&nbsp; Adjusted EBITDA is a non-IFRS measure.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Average Annual EBITDA<BR>
Average annual EBITDA is a non-IFRS financial measure that is forward-looking, used to show the average annual<BR>
EBITDA that the project currently under construction is expected to generate upon completion.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Funds From Operations (&quot;FFO&quot;)<BR>
FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital and provides
the ability to evaluate cash flow trends in comparison with results from prior periods.<BR>
FFO&nbsp; is a non-IFRS measure.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Free Cash Flow (&quot;FCF&quot;)<BR>
FCF is an important metric as it represents the amount of cash that is available to invest in growth initiatives, make scheduled principal
repayments on debt, repay maturing debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded
so FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal
factors and timing of receipts and payments. FCF&nbsp; is a non-IFRS measure.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Non-IFRS Ratios<BR>
FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&amp;A. See the
Reconciliation of Cash Flow from Operations to FFO and FCF and Key Financial Non-IFRS Ratios sections of the MD&amp;A for additional information.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FFO per share and FCF per share<BR>
FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period.&nbsp;
FFO per share and FCF per share is a non-IFRS ratio.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Reconciliation of these non-IFRS financial measures
to the most comparable IFRS measure are provided below.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Reconciliation of Non-IFRS Measures on a Consolidated Basis&nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The following table reflects adjusted EBITDA and provides
reconciliation to earnings (loss) before income taxes for the three months ended March 31, 2022 and March 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 months ended<BR>
 March 31, 2022</B></FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to common shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>$ millions</I></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Hydro</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Wind &amp;</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solar<SUP>(1)</SUP></FONT></FONT></B></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gas</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Energy </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transition</FONT></FONT></B></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Energy</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marketing</FONT></FONT></B></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corporate</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Equity </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">accounted </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">investments<SUP>(1)</SUP></FONT></FONT></B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Reclass </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjustments</FONT></FONT></B></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IFRS </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financials</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>95</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>434</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>739</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>735</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Reclassifications and adjustments:</I></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Unrealized mark-to-market (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(162)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(128)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Unrealized foreign exchange gain on commodity</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted Revenues</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>108</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>288</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>117</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>625</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>114</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>735</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel and purchased power</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>131</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>94</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>238</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>238</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&nbsp; &nbsp; &nbsp;Reclassifications and adjustments:</I></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian interest income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted fuel and purchased power</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>130</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>94</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>237</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>238</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>140</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>369</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>113</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>478</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>112</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>112</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes, other than&nbsp; income taxes</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net other operating income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>102</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(18)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>266</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(117)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment reversal</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(67)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange gain and other gains</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings before income taxes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>242</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="10" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3 months ended March 31, 2021</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Attributable to common shareholders</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>$ millions</I></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wind &amp; </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solar<SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gas</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transition</FONT></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marketing</FONT></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">accounted </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">investments<SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclass </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjustments</FONT></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IFRS </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financials</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">647</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">642</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Reclassifications and adjustments:</I></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Unrealized mark-to-market (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted Revenues</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">260</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">145</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">644</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">642</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel and purchased power<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Reclassifications and adjustments:</I></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Australian interest income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Mine Depreciation</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Coal Inventory write-down</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted fuel and purchased power</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">413</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">347</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes, other than&nbsp; income taxes</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net other operating&nbsp; income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(149)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment charge</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net interest expense</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange gain and other gains</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings before income taxes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.</I></FONT><I><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2) $2 million related to station service costs for the Hydro segment in the three months ended March 31, 2021 was reclassified from operations, maintenance and administration to fuel and purchased power for comparative purposes. This did not impact previously reported net earnings.</FONT></FONT></I></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Reconciliation of Cash flow from operations to FFO and FCF &nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The table below reconciles our cash flow from operating
activities to our FFO and FCF:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>$ millions unless otherwise stated</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31,</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2021</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>451</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Change in non-cash operating working capital balances</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(284)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(72)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from operations before changes in working capital</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>167</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Share of adjusted FFO from joint venture<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Clean energy transition provisions and adjustments<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FFO<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>186</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deduct:</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Sustaining capital<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Productivity capital</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Dividends paid on preferred shares</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Distributions paid to subsidiaries' non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(42)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Principal payments on lease liabilities<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FCF<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted average number of common shares outstanding in the period</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>271</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FFO per share<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.69</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FCF per share<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.42</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.48</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) Includes our share of amounts for Skookumchuck, an equity accounted joint venture.</I></FONT><I><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2) Includes write-down on parts and material inventory for our coal operations in 2021 to net realizable value. </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)&nbsp; Other consists of production tax credits which is a reduction to tax equity debt.</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4) These items are not defined and have no standardized meaning under IFRS. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this earnings release.</FONT></FONT></I></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">The table below bridges our adjusted EBITDA to our
FFO and FCF for the three months ended March 31, 2022 and 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31,</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2021</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>266</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest expense<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(54)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current income tax expense<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized foreign exchange gain (loss)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decommissioning and restoration costs settled<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other non-cash items<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(19)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FFO<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>186</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deduct:</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Sustaining capital<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Productivity capital</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Dividends paid on preferred shares</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Distributions paid to subsidiaries' non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(42)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Principal payments on lease liabilities<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;FCF<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures section and reconciled&nbsp; to earnings (loss) before income taxes above.</I></FONT><I><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2) Includes our share of amounts for Skookumchuck, an equity accounted joint venture.</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)&nbsp; Other consists of production tax credits which is a reduction to tax equity debt.</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4) FFO and FCF are defined in the Additional IFRS Measures and Non-IFRS Measures section and reconciled to cash flow from operating activities above.</FONT></FONT></I></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 unaudited
interim 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 May 6, 2022 on the Investor Centre of TransAlta's website at www.transalta.com or through SEDAR at www.sedar.com
and EDGAR at www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 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 hydroelectric 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>.</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 transalta.com.</I></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 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 &quot;forward-looking
information&quot;, within the meaning of applicable Canadian securities laws, and &quot;forward-looking statements&quot;, within the meaning
of applicable United States securities laws, including the United States Private Securities Litigation Reform Act of 1995 (collectively
referred to herein as &quot;forward-looking statements). 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: the Company's growth projects, including the Horizon Hill wind project, its commercial operation date, estimated
construction capital, average annual EBITDA and ability to raise tax equity financing; the White Rock wind projects, including expected
commercial operation; the benefits of the EIP investment; the Garden Plain wind project currently under construction; the satisfaction
of conditions to the Sarnia cogeneration facility capacity supply commitments with the large industrial customers; the Mount Keith transmission
project; including that the project will qualify for a tax benefit, the timing of commercial operation and the annual expected EBITDA;
the Kent Hills rehabilitation, including total costs, the timeline to return the turbines to service and ability to enter into commercial
arrangements with New Brunswick Power and the terms thereof; the Clean Electricity Growth Plan, including the addition of 2 GW of new
renewable capacity with $3 Billion of capital investment and the incremental EBITDA.&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; inability to satisfy conditions precedent to the capacity supply commitments with the large industrial customers at Sarnia;
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; global supply chain disruptions impacting major maintenance and growth projects; disruptions in the source of thermal fuels, water,
solar or wind required to operate our facilities, including the necessary natural gas supply; energy trading risks; failure to obtain
necessary regulatory approvals in a timely fashion, or at all; inability to satisfy all conditions and requirements associated with announced
growth projects; 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;
armed hostilities, including an escalation of the war in Ukraine; general economic conditions in the geographic areas where TransAlta
operates; disputes or claims involving TransAlta or TransAlta Renewables; 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, 2021. 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:https://www.prnewswire.com/news-releases/transalta-reports-first-quarter-2022-results-and-reaches-40-of-renewables-growth-target-301541541.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: 0">&nbsp;</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/May2022/06/c8918.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 06-MAY-22</P>

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