MANAGEMENT'S DISCUSSION AND ANALYSIS TRANSALTA CORPORATION Management’s Discussion and Analysis Third Quarter Report for 2023 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 M2Forward-Looking Statements M30Financial Instrument ...