TransAlta Updates Shareholders on Hearing Process

Press Release

Calgary, April 15, 2019 — TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) today updated shareholders regarding the private proceedings sought to be commenced by dissident shareholder Mangrove Partners before the Ontario Securities Commission (“OSC”) and Alberta Securities Commission (“ASC”).

This morning, the OSC heard submissions from the parties on whether it should remain involved in these proceedings, or whether it should defer to the ASC as TransAlta’s principal regulator.  The OSC elected to decline to assert jurisdiction and will not be involved in these proceedings any further.

The next step in the proceedings is for Mangrove to seek leave (i.e., permission) from the ASC to pursue its complaints against TransAlta. The ASC will consider Mangrove’s request for leave this week, with an oral decision scheduled to be issued by the ASC on April 18, 2019, at 3:00 pm MT in Calgary, Alberta.

TransAlta will oppose Mangrove’s efforts to obtain leave and, if leave is granted, will vigorously contest the merits of Mangrove’s complaints. It is important for shareholders to understand that these proceedings have not been commenced by staff of the ASC or OSC but are private proceedings sought to be pursued by Mangrove.

TransAlta’s annual and special shareholders’ meeting will proceed on April 26, 2019 in Calgary, Alberta.

About TransAlta Corporation

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

For more information about TransAlta, visit our web site at transalta.com.

For more information:

Investor Inquiries:
Sally Taylor
Manager, Investor Relations
Phone: 1-800-387-3598 in Canada and U.S.
Email: investor_relations@transalta.com

Media Inquiries:
Phone: 1-855-255-9184
Email: ta_media_relations@transalta.com

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