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| Osler, Hoskin & Harcourt LLP Suite 2700, Brookfield Place 406.260.7024 FACSIMILE |
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| Calgary | June 4, 2026 | |
| Toronto | TO: TransAlta Corporation
TransAlta Place
Suite 1400, 1100 1 St SE
Calgary, Alberta T2G 1B1 | |
| Montréal | ||
| Ottawa | ||
| Vancouver | Dear Sirs/Mesdames: | |
| New York | TransAlta Corporation (the “Issuer”) | |
We refer you to the prospectus supplement of the Issuer dated June 4, 2026 (the “Prospectus Supplement”) relating to the offering of common shares of the Issuer under a short form base shelf prospectus of the Issuer dated December 9, 2025, forming part of the Registration Statement on Form F-10 (Registration No. 333-292019) filed by the Issuer with the U.S. Securities and Exchange Commission.
We hereby consent to the references to this firm on the cover page of the Prospectus Supplement and under the headings “Legal Matters”, “Interests of Experts” and “Documents Filed as Part of the Registration Statement” and to the references to and use of our opinions under the headings “Certain Canadian Federal Income Tax Considerations” and “Eligibility for Investment” in the Prospectus Supplement.
In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under the U.S. Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder.
Yours very truly,
/s/ Osler, Hoskin & Harcourt LLP