TRANSALTA CORPORATION Management’s Discussion and Analysis First Quarter Report for 2024 This Management’s Discussion and Analysis (“MD&A”) contains forward-looking statements. These statements are based on certain estimates and assumptions and involve risks and uncertainties. Actual results may differ materially. Refer to the Forward-Looking Statements section of this MD&A for additional information. Table of Contents M2 Forward-Looking Statements M32 Cash Flows M4 Description of the Business M33 Other Con ...