<SEC-DOCUMENT>0001279569-23-000227.txt : 20230223
<SEC-HEADER>0001279569-23-000227.hdr.sgml : 20230223
<ACCEPTANCE-DATETIME>20230223075626
ACCESSION NUMBER:		0001279569-23-000227
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230223
FILED AS OF DATE:		20230223
DATE AS OF CHANGE:		20230223

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:		23655992

	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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<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 February, 2023<BR>
Commission File Number 001-15214</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="font-size: 20pt"><B>TRANSALTA CORPORATION<BR>
</B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">(Translation of registrant's name into English)</FONT></P>



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

<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;<BR>
<BR>
</FONT></FONT></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: 36pt">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 216pt"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 216pt"><B>&nbsp;</B></P>

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    <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: February 23, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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>
  <TR STYLE="vertical-align: top">
    <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 Fourth Quarter and Full Year 2022 Results and Commits to Net-Zero by 2045&rdquo;</A></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: 0">&nbsp;</P>

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<TYPE>EX-99.1
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<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 23, 2023
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<P STYLE="margin: 0; text-align: right">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

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

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Reports Fourth Quarter and Full Year
2022 Results and Commits to Net-Zero by 2045</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Fourth 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 $541 million, an increase
of 123% 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 $315 million,
or $1.17 per share, an increase of 303% on a per-share basis from the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Earnings before income taxes of $7 million, an improvement of
$39 million from the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Cash flow from operating activities of $351 million, an increase
of 550% from the same period in 2021</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Full Year 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 $1.63 billion, an increase
of 27% from the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">FCF<SUP>(1) </SUP>of $961 million or $3.55 per share, an increase
of 64% on a per-share basis from the same period in 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Earnings before income taxes of $353 million, an increase of $733
million from 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Cash flow from operating activities of $877 million, a decrease
of 12% from the same period in 2021</LI>

</UL>

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

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced over 200 MW of renewable growth projects, including
the Horizon Hill wind facility and Mount Keith 132kV transmission expansion, securing 40% of our 5-year 2 GW Clean Electricity Growth
Plan target</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Completed and executed contract renewals with our customers at
the Sarnia Regional Cogeneration Plant (&quot;Sarnia&quot;), including the Ontario Independent Electricity System Operator (&quot;IESO&quot;)</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced a 10-year contract extension at the Kent Hills wind
facility with New Brunswick Power Corporation (&quot;NB Power&quot;) and advanced rehabilitation efforts, with the facility expected to
fully return to service in the second half of 2023. The parties have also agreed to evaluate the installation of a battery energy storage
system and potential repowering at the facilities end of life in 2045</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced agreement to acquire a 50% interest in a 320 MW early-stage
pumped hydro development project</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Reduced annual carbon emissions by 2.3 million tonnes, an 18%
reduction compared to 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Accelerated our business transformation to become net-zero by
2045</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Received ESG ratings of 'A-' with CDP (formerly known as the Carbon
Disclosure Project) and 'A' with MSCI (Morgan Stanley Capital International)</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Achieved a strong safety performance, including a record Total
Recordable Injury Frequency of 0.39</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Increased the common share dividend by 10% to an annualized dividend
of $0.22 per share</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Returned $54 million of capital to common shareholders during
the year through share buybacks of 4.3 million common shares</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, AB, Feb. 23, 2023 /CNW/ - TransAlta Corporation
(&quot;TransAlta&quot; or the &quot;Company&quot;) (TSX: TA) (NYSE: TAC) today reported its financial results for the fourth quarter and
full year ended Dec. 31, 2022.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;2022 was a remarkable year for TransAlta, with
results that exceeded the top end of our adjusted EBITDA and Free Cash Flow guidance. We achieved exceptional financial performance from
all our generation segments, as well as our Energy Marketing segment. On the growth front, we secured over 200 MW of renewables growth
projects bringing the total under our Clean Electricity Growth Plan to 800 MW or 40 per cent of our 2 GW target.&nbsp; During the year,
we also added 1,980 MW of&nbsp;development opportunities to our pipeline and currently have 374 MW of projects in an advanced stage of
development,&quot; said John Kousinioris, President and Chief Executive Officer. &quot;Our evolution is on track, and the cash flows from
our legacy fleet are positioning us well to transition our business towards contracted renewables,&quot; added Mr. Kousinioris.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Early-Stage Pumped Hydro Development Project</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Feb. 16, 2023, the Company announced that it had
entered into a definitive agreement to acquire a 50 per cent interest in the Tent Mountain Renewable Energy Complex (&quot;Tent Mountain&quot;),
an early-stage 320 MW pumped hydro energy storage development project, located in southwest Alberta, currently owned by Montem Resources
Limited (&quot;Montem&quot;). The acquisition includes the land rights, fixed assets and intellectual property associated with the pumped
hydro development project. The Company will pay Montem approximately $8 million upon closing the transaction with additional contingent
payments of up to $17 million (approximately $25 million total) based on the achievement of specific development and commercial milestones.
The Company and Montem will form a partnership and jointly manage the project, with the Company acting as project developer. The partnership
will actively seek an offtake agreement over the development period for the energy and environmental attributes generated by the facility.
The acquisition also includes the intellectual property associated with a 100 MW offsite green hydrogen electrolyser and a 100 MW offsite
wind development project. The closing of the transaction remains subject to customary closing conditions, including receipt of shareholder
approval by Montem which is expected to occur in March 2023.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>TransAlta and Lafarge Canada Advance Low-Carbon
Fly Ash Repurposing Project</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the fourth quarter of 2022, the Company entered
into an agreement with Lafarge Canada that will advance low-carbon concrete projects in Alberta. The project will repurpose landfilled
fly ash, a waste product from the Company's Canadian coal-fired electricity facilities, which ceased operating on coal at the end of 2021.
The ash will be used to replace cement in concrete manufacturing.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Changes to the Board of Directors</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Dec. 15, 2022, the Company announced the appointment
of Ms. Manjit Sharma to the board of directors (the &quot;Board&quot; or the &quot;Board of Directors&quot;) effective Jan. 1, 2023. Ms.
Sharma brings over 30 years of experience that spans a variety of industries, most recently serving as Chief Financial Officer of WSP
Canada Inc.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Sept. 30, 2022, Ms. Beverlee Park retired from
the Board of Directors. Ms. Park served on the Board of Directors since 2015 and as Chair of the Audit, Finance and Risk Committee from
April 2018 to May 2022. The Company recognizes the many contributions made by Ms. Park to TransAlta, and thanks her for the many years
of service.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Public Offering of Senior Green Bonds and Release
of Inaugural Green Bond Framework</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Nov. 17, 2022, the Company issued US$400 million
senior notes (&quot;US$400 million Senior Green Bonds&quot;), which have a coupon rate of 7.75 per cent per annum and mature on Nov. 15,
2029. Including the effects of settled interest rate swaps, the notes have an effective yield of approximately 5.98 per cent. The notes
are an unsecured obligation, rank equally in right of payment with all of our existing and future senior indebtedness, and are senior
in right of payment to all of our future subordinated indebtedness. The interest payments on the bonds are made semi-annually, on November
15 and May 15, with the first payment commencing May 15, 2023.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company used the net proceeds from the issuance
of the notes to repay $100 million drawn on its credit facility and replaced the balance sheet cash used to fund the repayment in full
of the Company's US$400 million 4.50 per cent unsecured senior notes.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company will allocate an amount equal to the net
proceeds from this offering to finance or refinance new and/or existing eligible green projects in accordance with its Green Bond Framework
(the &quot;Framework&quot;). The Framework received a second-party opinion from Sustainalytics, which verified that it aligned with the
Green Bond Principles from the International Capital Market Association.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Announced a 10% Common Share Dividend Increase</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On Nov. 7, 2022, the Company announced that the Board
of Directors approved a 10 per cent increase in its common share dividend and declared a dividend of $0.055 per common share that was
paid on Jan. 1, 2023. The quarterly dividend of $0.055 per common share represents an annualized dividend of $0.22 per common share.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the third quarter of 2022, the Company closed
a two-year $400&nbsp;million floating-rate term facility (&quot;Term Facility&quot;) with its banking syndicate with a maturity date of
Sept. 7, 2024. As at Dec. 31, 2022, the full amount was drawn on the Term Facility.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Executed Contract Renewals with the IESO at Sarnia
and Melancthon 1 Wind Facilities</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the third quarter of 2022, TransAlta Renewables
Inc., a subsidiary of the Company, announced that it was awarded capacity contracts for Sarnia and the Melancthon 1 wind facility from
the IESO as part of the IESO's Medium-Term Capacity Procurement Request for Proposals. The new capacity contracts for these two facilities
run from May 1, 2026, to Apr. 30, 2031, and the existing contracts will be extended from Dec. 31, 2025 and March 3, 2026, respectively,
to Apr. 30, 2026.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Executed Industrial Contract Extensions at Sarnia</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the second and fourth quarters of 2022, the
Company executed contracts for the supply of electricity and steam from Sarnia with three of its legacy industrial customers, and with
three new customers, who had previously been resold utilities as part of a legacy customer's contract. Following the contracting efforts
in 2021 and 2022, Sarnia has been fully recontracted without interruption to the industrial customers' delivery terms. The contracts extend
to Apr. 30, 2031 for four customers and to Dec. 31, 2032 for the other three customers.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Kent Hills Wind Facilities Update</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On June 2, 2022, TransAlta Renewables announced the
rehabilitation plan for the Kent Hills 1 and 2 wind facilities together with the execution of amended and extended power purchase agreements
(&quot;PPAs&quot;) with NB Power. The amended agreements for the Kent Hills 1, 2 and 3 wind facilities provide for an additional 10-year
contract term to December 2045 and an effective 10 per cent reduction to the original contract prices from January 2023 through December
2033. In addition, both parties have agreed to work in good faith to evaluate the installation of a battery energy storage system at Kent
Hills and to consider a potential repowering of Kent Hills at the end of its life in 2045. A waiver for the Kent Hills non-recourse bonds
was also obtained from the project bondholders and a supplemental indenture was entered into with the bondholders that facilitates the
rehabilitation of the Kent Hills 1 and 2 wind facilities.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Mount Keith 132kV 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 Mount Keith 132kV transmission system in Western Australia which will support
the Northern Goldfields-based operations of BHP Nickel West (&quot;BHP&quot;). The project is being developed under the existing PPA with
BHP, which has a term of 15 years.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Executed Long-term PPA for the Remaining 30 MW
at Garden Plain</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the second quarter of 2022, the Company entered
into a long-term PPA for the remaining 30 MW of renewable electricity and environmental attributes for the Garden Plain wind project 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 contracted to Pembina Pipeline Corporation (&quot;Pembina&quot;), is now fully contracted with a weighted average contract
life of approximately 17 years. Construction is underway with commercial operation expected in the first half of 2023.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On May 5, 2022, the Company entered into a commitment
to invest US$25 million over the next four years in Energy Impact Partners Deep Decarbonization Frontier Fund 1 (the &quot;Frontier Fund&quot;).
During 2022, the Company invested $10 million (US$8 million). The investment in the Frontier Fund provides the Company with a portfolio
approach to investing in emerging technologies and the opportunity to identify, pilot, commercialize and bring to market emerging technologies
that will facilitate the transition to net-zero emissions.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>MSCI Environmental, Social and Governance Rating
Upgrade</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">During the second quarter of 2022, TransAlta's MSCI
Environmental Social and Governance Rating was upgraded to 'A' from 'BBB'. The upgrade reflects the Company's strong renewable energy
growth compared to its peers. In 2021, the Company grew its installed renewable energy capacity by 15 per cent through the 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 also 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>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 announced a long-term
renewable energy PPA with a subsidiary of Meta Platforms Inc. (&quot;Meta&quot;), formerly known as Facebook, Inc., 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 from the Horizon Hill facility. The facility will consist of a total of 34 Vestas
turbines. Construction commenced in the fall of 2022 with a target commercial operation date in the second half of 2023. TransAlta will
construct, operate and own the facility.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 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 $1,177 million, an increase of $319&nbsp;million compared to the same period in 2021. Higher merchant margins were realized
through dispatch optimization and the increase in realized power prices which more than offset higher fuel costs from increased natural
gas prices in 2022 as compared to the prior year. Periods of strong weather-driven demand and unplanned outages resulted in opportunities
for each of our fuel types in the Alberta Electricity Portfolio throughout the year.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Alberta's annual demand for electricity expanded by
approximately 1.7% from 2021 to 2022 due to the economic recovery from the COVID-19 pandemic, higher residential cooling demand in summer
and stronger market conditions for energy commodities supporting power demand. The average pool price increased from $102 per MWh in 2021
to $162 per MWh in 2022. Pool prices were higher in the second through fourth quarters of 2022, compared to 2021 as a result of higher
demand in the province, higher natural gas and carbon prices and stronger prices in an adjacent power market. August and December, specifically,
were months with significant weather-driven demand in the province.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For the year ended Dec. 31, 2022, the Alberta Electricity
Portfolio achieved a realized merchant power price of $126 per MWh, compared to the Alberta electricity price, which averaged $162 per
MWh. The Company was able to benefit during higher-priced periods by optimizing dispatch of each of the Alberta Hydro, and Gas fleet,
ensuring high availability during peak demand, while hedged positions at Alberta Gas minimized unfavourable market pricing during lower-priced
hours in the quarter.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Hedged volume for the 2022 fiscal year was 7,228 GWh
at an average price of $86 per MWh compared to 6,992 GWh at an average price of $72 per MWh in 2021.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 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. As at Dec. 31, 2022, TransAlta had access to $2.1 billion&nbsp;in liquidity,
including $1.1 billion in cash and cash equivalents.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Fourth Quarter and Year Ended 2022 Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" 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><I>&nbsp;$ millions, unless otherwise stated </I></B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</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>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted availability (%)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>89.5</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83.8</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (GWh)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,005</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,823</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21,258</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,105</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>854</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">610</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,976</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,721</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>(1),(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>541</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,634</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,286</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO<SUP>(1),(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>459</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,346</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">994</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF<SUP>(1),(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>315</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>961</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings (loss) before income taxes</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>353</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(380)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net earnings (loss) attributable to common </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">shareholders</FONT></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(163)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(576)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>351</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>877</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,001</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net earnings (loss) per share attributable to </FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">common shareholders, basic and diluted</FONT></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.61)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.29)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.01</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.13)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FFO per share<SUP>(1),(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.71</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4.97</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FCF per share<SUP>(1),(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.17</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.55</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared per common share<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.11</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.21</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Dividends declared per preferred share<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.34</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.20</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.02</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA<SUP>(1),(2)</SUP> for the three months
ended Dec. 31, 2022 was $541 million, an increase of $298 million, or 123 per cent compared to the same period in 2021, largely due to
higher adjusted EBITDA in our Hydro and Gas segments, which was driven by higher realized prices in the Alberta market, higher adjusted
EBITDA in the Wind and Solar segment from higher wind resources in Eastern Canada and higher gross margin from our Energy Marketing segment.
This was partially offset by lower adjusted EBITDA in the Energy Transition segment from the retirement of Keephills Unit 1 and Sundance
Unit 4, partially offset by higher realized merchant prices and production at Centralia Unit 2.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF<SUP>(1)</SUP> for the three months ended Dec.
31, 2022 was $315 million compared to $79 million in the same period of 2021, as a result of higher adjusted EBITDA due to Alberta Electricity
Portfolio performance and favourable changes in provisions from 2021, partially offset by higher current tax expense, higher distributions
paid to subsidiaries' non-controlling interests, higher realized foreign exchange losses, and higher sustaining capital expenditures.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Net&nbsp;loss attributable to common shareholders
for the three months ended Dec. 31, 2022, was $163 million compared to a net loss of $78 million in the same period of 2021, an increase
of $85 million. The net loss in 2022 was impacted by higher depreciation and amortization expense due to the acceleration of useful lives
on certain facilities in our Gas segment, higher OM&amp;A expenses and higher income tax expense due to higher earnings before tax and
current and prior period tax adjustments in the US to mitigate cash tax. These unfavourable impacts were partially offset by lower asset
impairments, higher gains on sale of assets and other due to the timing of asset sales and higher adjusted EBITDA.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Cash&nbsp;flow from operating activities for the three
months ended Dec. 31, 2022, was $351 million, an increase of $297 million compared with the same period in 2021, mainly due to higher
revenues net of unrealized gains and losses from risk management activities and favourable changes in working capital from movements in
the collateral accounts related to high commodity prices and volatility in the markets, partially offset by higher fuel and purchased
power costs and higher current income tax expense.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Full Year 2022 Financial Results Summary</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA<SUP>(1),(2)</SUP> for the full year
ended Dec. 31, 2022, was $1.634 billion, an increase of $348 million compared to 2021. The increase in adjusted EBITDA is&nbsp;largely
due to strong performance from our Alberta Electricity Portfolio, driven primarily by the hydro, gas and wind facilities as a result of
higher merchant prices and dispatch optimization. Adjusted EBITDA was further improved by incremental production from new facilities,
higher ancillary service revenues, liquidated damages recoverable due to turbine availability being below the contractual target at the
Windrise wind facility, higher environmental attribute revenues in the Wind and Solar segment and lower carbon compliance costs in both
the Gas and Energy Transition segments. This was partially offset by lower adjusted EBITDA from the retirement of Alberta coal units in
the Energy Transition segment, higher natural gas fuel costs, lower production from the extended outage at the Kent Hills wind facilities,
higher OM&amp;A expenses related to the Company's performance-related incentive accruals and increased general operating expenses.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF<SUP>(1)</SUP> for the full year ended Dec. 31,
2022, was $961 million, an increase of $376 million compared to $585 million for 2021, driven primarily by higher adjusted EBITDA, favourable
changes in provisions from 2021 and a decrease in sustaining capital spending related to fewer planned maintenance turnarounds. This was
partially offset by higher current income tax expense, higher distributions paid to subsidiaries' non-controlling interests and higher
decommissioning and restoration costs settled.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Earnings&nbsp;before income taxes for the full year
ended Dec. 31, 2022, was $353 million, compared to a loss of $380 million for 2021, an increase of $733 million. Net earnings attributable
to common shareholders for 2022 was $4 million compared to a loss of $576 million in 2021. In 2022, the Company benefited from higher
revenues net of realized and unrealized losses from hedging and derivative positions and lower carbon compliance costs, partially offset
by higher fuel and purchased power, higher depreciation due to the acceleration of useful lives on certain facilities, higher interest
expense due to increased costs to support trading and hedging activities and higher accretion of provisions, partially offset by higher
interest income and higher income tax expense due to higher earnings before tax and current and prior period tax adjustments in the US
to mitigate cash tax. In addition, during 2022, the Company recognized liquidated damages recoverable due to turbine availability being
below the contractual target at the Windrise wind facility. Net earnings attributable to common shareholders in 2021 were significantly
impacted by higher asset impairment charges resulting from the Company's decisions to shut down the Highvale mine, suspend the Sundance
Unit 5 repowering project and retire Sundance Unit 4 and Keephills Unit 1.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Cash flow from operating activities for the full year
ended Dec. 31, 2022, was $877 million, compared to $1,001 million for 2021, a decrease of $124&nbsp;million, primarily due to unfavourable
changes in working capital and higher fuel and purchased power costs. This was partially offset by higher revenues from risk management
activities, higher net other operating (income) loss and lower carbon compliance costs.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="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">&nbsp;</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B>($ millions)</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 months ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12 months ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dec. 31, 2021</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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dec. 31, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>133</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>527</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">322</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wind and Solar</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>311</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gas</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>264</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>629</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">488</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Transition</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Marketing </FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>63</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Corporate</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(30)</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29)</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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(102)</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(85)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>Adjusted EBITDA<SUP>(1),(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>541</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,634</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,286</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>Earnings (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32)</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>353</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(380)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Hydro: </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> for the year ended Dec. 31,
2022, increased by $205 million compared to 2021, primarily due to higher merchant prices, higher production and higher ancillary service
prices and volumes in the Alberta market. This was partially offset by higher OM&amp;A costs for the year related to increased insurance
premiums for updated replacement value coverage.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Wind and Solar: </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> for the year ended Dec. 31,
2022, increased by $49 million compared to 2021, primarily due to higher production, higher realized merchant pricing in Alberta, higher
environmental attribute revenues and the recognition of liquidated damages recoverable from turbine availability being below the contractual
target at the Windrise wind facility. This was partially offset by lower production from the extended outage at Kent Hills, an increase
in transmission rates and OM&amp;A related to the addition of the Windrise wind and North Carolina Solar facilities. A one-time favourable
adjustment as a result of the AESO transmission line loss ruling was included in 2021.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Gas: </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> for the year ended Dec. 31,
2022, increased by $141 million compared to 2021, mainly due to capturing higher realized energy prices through dispatch optimization
of our Alberta assets, net of hedging, higher Ontario merchant pricing, steam generation and lower carbon compliance costs. This was partially
offset by increased natural gas consumption on recently converted units, higher natural gas prices and higher OM&amp;A due to the Company's
performance-related incentive accruals and increased general operating expenses. Carbon compliance costs were lower due to reductions
in GHG emissions and utilization of compliance credits to settle a portion of the GHG obligation, partially offset by an increase in the
carbon price per tonne and higher production. Lower GHG emissions were a direct result of operating exclusively on natural gas in Alberta
rather than coal. Adjusted EBITDA for 2021 was also impacted by the unplanned short-term steam supply outages at the Sarnia cogeneration
facility in 2021.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Energy Transition: </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> for the year ended Dec. 31,
2022, decreased by $47 million compared to 2021, primarily due to the retirement of the Alberta coal assets and higher purchased power
costs during outages at Centralia in 2022, partially offset by higher merchant and contract prices and higher production at Centralia,
lower carbon costs in Alberta related to utilization of our compliance credits to settle the 2021 GHG obligation and lower OM&amp;A as
a result of the retirements on the coal fleet in 2021.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Energy Marketing: </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> for the year ended Dec. 31,
2022, increased by $17 million compared to 2021. Results exceeded segment expectations due to short-term trading of both physical and
financial power and gas products across all North American deregulated markets. The Company was able to capitalize on short-term volatility
in the trading markets 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"><B>Corporate: </B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Our Corporate costs for the year ended Dec. 31, 2022, increased
by $17 million compared to 2021, primarily due to higher incentive accruals reflecting the Company's performance. The 2021 adjusted EBITDA
was positively impacted by the receipt of CEWS proceeds and gains on the total return swap.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 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, February 23, 2023, to discuss our fourth quarter and full year 2022 results. The call will begin
with a short address by John Kousinioris, President and Chief Executive Officer, 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: 15pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Dial-in numbers - Fourth Quarter
and Full Year 2022 Results:<BR>
Toll-free North American participants call: 1-888-664-6392</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A link to the live webcast will be available on the
Investor Centre section of TransAlta's website at <U>https://transalta.com/investors/presentations-and-events/.</U> 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 499174
followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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 (loss) trends more readily in comparison with prior periods' results. Please refer to the Non-IFRS Measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) During 2022, our adjusted EBITDA composition was amended to include the impact of closed exchange positions that are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing segment in the period in which the transactions occur. Therefore, the Company has applied this composition to all previously reported periods.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) Weighted average of the Series A, B, C, D, E, and G preferred share dividends declared. Dividends declared vary year over year due to timing of dividend declarations and quarterly floating rates.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4) Funds from operations per share and free cash flow 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 Dec. 31, 2022 was 271 million shares (2021 - 271 million shares). Please refer to the Non-IFRS Measures section in this earnings release for the purpose of these non-IFRS ratios.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 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. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial
statements prepared in accordance with IFRS. 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.</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. They are unlikely to be comparable to similar measures presented by other companies and should not be
viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Each business segment assumes responsibility for its
operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core business
profitability. In the second quarter of 2022, our adjusted EBITDA composition was adjusted to include the impact of closed positions that
are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing
segment in the period in which the transactions occur. Accordingly, the Company has applied this composition to all previously reported
periods. 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. This presentation may facilitate the readers' analysis of trends.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Average annual EBITDA is a non-IFRS financial measure
that is forward-looking, used to show the average annual 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"><B>Funds From Operations (&quot;FFO&quot;)</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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. FFO is a non-IFRS measure.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Free Cash Flow (&quot;FCF&quot;)</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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
is a non-IFRS measure.</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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. Refer to the Reconciliation of Cash Flow from Operations to
FFO and FCF and Key Non-IFRS Financial Ratios sections of&nbsp;the MD&amp;A for additional information.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>FFO per share and FCF per share </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FFO per share and FCF per share are calculated using
the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.</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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Reconciliation of Non-IFRS Measures on a Consolidated
Basis</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 year ended Dec. 31, 2022 and Dec. 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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><I>Year ended Dec. 31, 2022</I></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><I>$ millions</I></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Hydro</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gas</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="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; text-align: right"><B>Energy</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt; text-align: right"><B>Marketing</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corporate</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">606</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">303</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,209</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">714</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,990</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,976</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">Unrealized mark-to-market</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">&nbsp; loss</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">378</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(378)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">Realized (gain) loss on</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">&nbsp; closed exchange positions</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">Decrease in finance lease</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">&nbsp; receivable</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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 8.05pt">Unrealized foreign exchange</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.05pt">&nbsp; gain on commodity</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">607</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">407</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,521</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">724</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,475</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(485)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,976</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">641</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,263</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,263</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian interest income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">Adjusted fuel and purchased</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; power</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">637</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,259</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,263</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>78</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">375</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">801</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,138</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(489)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,635</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">523</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>521</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">Taxes, other than income</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; taxes</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">Net other operating (income)</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; loss</P></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(58)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Insurance recovery</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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">Adjusted net other operating</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; (income) loss</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(58)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>Adjusted EBITDA<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>527</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>311</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>629</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(102)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,634</B></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 COLSPAN="2" 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 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 COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(599)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment charges</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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(262)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange gain</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 COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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">Gain on sale of assets and</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; other</P></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>
    <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>
    <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>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>52</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Earnings before income taxes</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>
    <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>
    <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>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>353</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS Measures section of this earnings release.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&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: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&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: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <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">Year ended Dec. 31, 2021</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ millions</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gas</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="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; text-align: right">Energy</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt; text-align: right">Marketing</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">323</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,109</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">709</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,739</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,721</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized mark-to-market (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized (gain) loss on closed exchange positions<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized foreign exchange gain on commodity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">348</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,126</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">728</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,791</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,721</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,054</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,054</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian interest income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mine depreciation</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coal inventory write-down</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted fuel and purchased power</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">432</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">843</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,054</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">178</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">178</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">367</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">331</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">634</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,770</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(263)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,489</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">513</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">511</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Parts and materials writedown</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Curtailment gain</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">173</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">491</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">511</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net other operating loss (income)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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 STYLE="vertical-align: bottom">
    <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">Royalty onerous contract and contract termination penalties</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Adjusted net other operating loss (income)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Adjusted EBITDA<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">488</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,286</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 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(529)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment charges</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(648)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(245)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange gain</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gain on sale of assets and other</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>
    <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>
    <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>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Loss before income taxes</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>
    <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>
    <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>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(380)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) In 2022, our adjusted EBITDA composition was adjusted to include the impact of closed positions that are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing segment in the period in which the transactions occur. </I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS Measures section of this earnings release.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Hydro</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="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>Gas</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="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; text-align: right"><B>Energy</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt; text-align: right"><B>Marketing</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corporate</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">276</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">281</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">858</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>854</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized mark-to-market (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">267</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(267)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized loss on closed exchange positions</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized foreign exchange gain on commodity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">537</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">274</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,167</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(309)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>854</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">446</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>446</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian interest income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted fuel and purchased power</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">445</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>446</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">315</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">695</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(310)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>381</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>157</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Net other operating (income) loss</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; 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: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>Adjusted EBITDA<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>133</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>264</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>63</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(30)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>541</B></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 COLSPAN="2" 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 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 COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(188)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment charges</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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(67)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange loss</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 COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gain on sale of assets and other</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>
    <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>
    <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>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Earnings before income taxes</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>
    <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>
    <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>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS Measures section of this earnings release.</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: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</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 following table reflects adjusted EBITDA by segment
and provides reconciliation to earnings (loss) before income taxes for the three months ended Dec. 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gas</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="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; text-align: right">Energy</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt; text-align: right">Marketing</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">172</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">616</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">610</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized mark-to-market (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized gain on closed exchange positions<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance lease income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted revenues</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">264</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">671</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">610</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel and purchased power<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian interest income</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mine depreciation</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coal inventory write-down</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted fuel and purchased power</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Carbon compliance</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Gross margin</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">379</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">305</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OM&amp;A<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reclassifications and 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Parts and materials write-down</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Curtailment gain</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted OM&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes, other than income taxes</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royalty onerous contract and contract termination penalties</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Adjusted net other operating (income) loss</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Adjusted EBITDA<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; 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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243</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 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(134)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset impairment charges</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(59)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange loss</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Loss on sale of assets and other</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>
    <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>
    <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>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Loss before income taxes</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>
    <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>
    <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>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><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 COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) In 2022, our adjusted EBITDA composition was adjusted to include the impact of closed positions that are effectively settled by offsetting positions with the same counterparty to reflect the performance of the assets and the Energy Marketing segment in the period in which the transactions occur. </I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) In 2021, $6 million was reclassified from OM&amp;A to fuel and purchased power for station service costs in the Hydro segment.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4) Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS Measures section of this earnings release.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Reconciliation of Cash flow from operations to
FFO and FCF</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: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Year Ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>$ millions unless otherwise stated</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></FONT></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 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>351</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>877</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,001</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Change in non-cash operating working capital balances</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">148</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>316</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(174)</FONT></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 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>415</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,193</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">827</FONT></TD>
    <TD STYLE="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 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share of adjusted FFO from joint venture<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease in finance lease receivable</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clean energy transition provisions and adjustments<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized (gain) loss on closed exchanged positions</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></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: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20</B></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: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>FFO<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>459</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,346</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">994</FONT></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 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sustaining capital<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(67)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(142)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(199)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Productivity capital</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends paid on preferred shares</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(43)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions paid to subsidiaries' non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(187)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(159)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal payments on lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3)</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9)</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></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="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>FCF<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>315</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>961</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585</FONT></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="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>269</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">271</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: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">271</FONT></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="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>FFO per share<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.71</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.69</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4.97</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.67</FONT></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="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>FCF per share<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.17</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.55</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) Includes our share of amounts for Skookumchuck wind facility, an equity accounted joint venture.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) 2022 includes amounts related to onerous contracts recognized in 2021. 2021 includes a write-down on parts and material inventory and coal inventory for our coal operations and amounts related to onerous contracts and contract termination penalties. </I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) During the third quarter of 2022, to support the employees affected by the closure of the Highvale mine and our transition off coal to cleaner sources, the Company made a voluntary special contribution of $35 million to the Highvale mine pension plan. 2022 also includes amounts related to onerous contracts recognized in 2021.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(4) Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from equity accounted joint venture.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(5) These items are not defined and have no standardized meaning under IFRS. Refer to the Non-IFRS Measures section of this earnings release.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The table below bridges our adjusted EBITDA to our
FFO and FCF for the three months and year ended Dec. 31, 2022 and 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Year Ended</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2022</B></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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dec. 31, 2021</B></FONT></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 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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>541</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,634</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,286</FONT></TD>
    <TD STYLE="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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest expense</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(49)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(200)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current income tax (expense) recovery</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(29)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(65)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Realized foreign exchange loss</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decommissioning and restoration costs settled</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(35)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">Other non-cash items</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</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: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13)</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></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="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>FFO<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>459</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186</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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,346</B></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: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">994</FONT></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 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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sustaining capital<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(67)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(142)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(199)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Productivity capital</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends paid on preferred shares</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(43)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions paid to subsidiaries' non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(187)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(159)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal payments on lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; 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">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt inset; border-bottom: Black 1pt inset; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;FCF<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>315</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>961</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(1) Adjusted EBITDA is defined in the Non-IFRS Measures section and reconciled to earnings (loss) before income taxes above.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2) These items are not defined and have no standardized meaning under IFRS. FFO and FCF are defined in the Additional IFRS Measures and Non-IFRS Measures section of this earnings release and reconciled to cash flow from operating activities above.</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(3) Includes our share of amounts for Skookumchuck wind facility, an equity accounted joint venture.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta owns, operates and develops a diverse fleet
of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta
provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable
power. Today, TransAlta is one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For
over 111 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees
work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and its climate change strategy with CDP
(formerly Climate Disclosure Project) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has
achieved a 68 per cent reduction in GHG emissions or 22 million tonnes since 2015 and has received scores of A- from CDP and A from MSCI.</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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Cautionary Statement Regarding Forward-Looking
Information </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 rehabilitation of the Kent Hills 1 and 2 wind facilities, including the expected date that the facilities
will fully return to service; the evaluation of a battery energy storage system at the Kent Hills site and the potential repowering at
the end of life of the Kent Hills wind facilities;&nbsp; achieving net-zero by 2045; the Tent Mountain pumped hydro development project;
the Mount Keith transmission project; the Garden Plain wind project, including the expected timing of commercial operation; the ability
to leverage our investment in EIP to identify, pilot and commercialize emerging technologies; and the Horizon Hill wind farm, including
the expected timing of commercial operation.&nbsp;&nbsp; </I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>The forward-looking statements contained in this
news release are based on many assumptions including, but not limited to, the following material assumptions: merchant power prices in
Alberta and the Pacific Northwest; our proportionate ownership of TransAlta Renewables not changing materially; and no material decline
in the dividends expected to be received from TransAlta Renewables. Forward-looking statements are subject to a number of significant
risks, uncertainties and assumptions that could cause actual plans, performance, results or outcomes to differ materially from current
expectations. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release
include, but are not limited to: fluctuations in merchant power prices, including lower pricing in Alberta, Ontario and Mid-Columbia;
changes in demand for electricity and capacity; our ability to contract our electricity generation for prices that will provide expected
returns; risks relating to our growth projects, including the Tent Mountain pumped hydro project and risks relating to interconnection,
offtake contracts and geotechnical and environmental conditions of such project; our ability to replace or renew contracts as they expire;
risks associated with our projects under construction and projects in development, namely as it pertains to capital costs, permitting,
land rights, engineering risks, and delays in the construction or commissioning of such projects; any difficulty raising needed capital
in the future, including debt, equity and tax equity, as applicable, on reasonable terms or at all; changes to the legislative, regulatory
and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under,
these requirements; operational risks involving our facilities, including unplanned outages; disruptions in the transmission and distribution
of electricity, including congestion and basis risk; restricted access to capital and increased borrowing costs; changes in short-term
and/or long-term electricity supply and demand; reductions in production; increased costs; a higher rate of losses on our accounts receivables
due to credit defaults; impairments and/or write-downs of assets; adverse impacts on our information technology systems and our internal
control systems, including increased cybersecurity threats; commodity risk management and energy trading risks, including the effectiveness
of the Company's risk management tools associated with hedging and trading procedures to protect against significant losses; reduced labour
availability and ability to continue to staff our operations and facilities; disruptions to our supply chains, including our ability to
secure necessary equipment on the expected timelines or at all; the effects of weather, including man made or natural disasters, as well
as climate-change related risks; unexpected increases in cost structure; reductions to our generating units' relative efficiency or capacity
factors; disruptions in the source of fuels, including natural gas and coal, as well as the extent of water, solar or wind resources required
to operate our facilities; general economic risks, including deterioration of equity markets, increasing interest rates or rising inflation;
failure to meet financial expectations; general domestic and international economic and political developments, including armed hostilities,
the threat of terrorism, diplomatic developments or other similar events; equipment failure and our ability to carry out or have completed
the repairs in a cost-effective manner timely manner or at all, including if the rehabilitation at the Kent Hills wind facilities is more
costly than expected; industry risk and competition; public health crises and the impacts of any restrictive directives of government
and public health authorities; fluctuations in the value of foreign currencies; structural subordination of securities; counterparty credit
risk; changes to our relationship with, or ownership of, TransAlta Renewables; changes in the payment or receipt of future dividends,
including from TransAlta Renewables; inadequacy or unavailability of insurance coverage; our provision for income taxes; legal, regulatory
and contractual disputes and proceedings involving the Company; reliance on key personnel; labour relations matters 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, 2022. 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. TransAlta
disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.&nbsp; </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-fourth-quarter-and-full-year-2022-results-and-commits-to-net-zero-by-2045-301754375.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/February2023/23/c4822.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 07:19e 23-FEB-23</P>

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