An anonymous director reports

TRANSALTA CORPORATION ANNOUNCES CONVERSION RESULTS FOR SERIES A AND B PREFERRED SHARES

Further to TransAlta Corp.'s news release dated March 2, 2026: (i) none of the company's 9,629,913 currently outstanding cumulative redeemable rate reset first preferred shares, Series A, will be converted on March 31, 2026, on a one-for-one basis, into cumulative redeemable floating rate first preferred shares, Series B; and (ii) 1,148,549 of the company's 2,370,087 currently outstanding Series B shares will be converted on March 31, 2026, on a one-for-one basis, into Series A shares. As a result, on March 31, 2026, the company will have 10,778,462 Series A shares issued and outstanding, and 1,221,538 Series B shares issued and outstanding.

The Series A shares and Series B shares are currently listed on the Toronto Stock Exchange under the symbols TA.PR.D and TA.PR.E, respectively.

About TransAlta Corp.

TransAlta is one of Canada's largest publicly traded power generators, delivering reliable electricity across Canada, the United States and Western Australia. For more than 100 years, TransAlta's people have safely operated and evolved essential energy infrastructure that powers customers and communities. TransAlta's technology-diverse portfolio and disciplined execution allow the company to deliver dependable power across evolving energy systems. TransAlta takes a practical, responsible approach to meeting today's energy needs while building for what comes next.

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