 CALGARY, AB, March 18, 2021 PRNewswire - Further to TransAlta Corporations TransAlta or the Company TSX: TA NYSE: TAC press release dated March 1, 2021, the Company announced today that i 1,417,338 of its 10,175,380 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A Series A Shares will be converted on March 31, 2021, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preferred Shares, Series B Series B Shares, and ii 871,871 of its 1,824,620 currently outstanding Series B Shares will be converted on March 31, 2021, on a one-for-one basis, into Series A Shares. As a result, on March 31, 2021, the Company will have 9,629,913 Series A Shares issued and outstanding and 2,370,087 Series B Shares issued and outstanding. 