TRANSALTA CORPORATION Management's Discussion and Analysis First Quarter Report for 2022 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. See the Forward-Looking Statements section of this MD&A for additional information. | Table of Contents | | | --- | --- | | Forward-Looking Statements | M2 | | Description of the Business | M4 | | ...