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TransAlta Corporation
TransAlta Declares Dividends



April 20, 2017

The Board of Directors of TransAlta Corporation (TSX: TA; NYSE: TAC) declared a quarterly dividend of $0.04 per common share payable on July 1, 2017 to shareholders of record at the close of business on June 1, 2017.

The Board of Directors of TransAlta Corporation also declared a quarterly dividend of $0.16931 per share on TransAlta's issued and outstanding 2.709% Cumulative Redeemable Rate Reset First Preferred Shares, Series A, payable on June 30, 2017 to shareholders of record at the close of business on June 1, 2017 for the period from and including March 31, 2017 to but excluding June 30, 2017.

The Board of Directors of TransAlta Corporation also declared a quarterly dividend of $0.15645 per share at the Quarterly Floating Dividend Rate of 2.510% on TransAlta's issued and outstanding Cumulative Redeemable Floating Rate First Preferred Shares, Series B, payable on June 30, 2017 to shareholders of record at the close of business on June 1, 2017 for the period from and including March 31, 2017 to but excluding June 30, 2017. Please note the Quarterly Floating Rate will be reset every quarter.

The Board of Directors of TransAlta Corporation also declared a quarterly dividend of $0.2875 per share on TransAlta's issued and outstanding 4.60% Cumulative Redeemable Rate Reset First Preferred Shares, Series C, payable on June 30, 2017 to shareholders of record at the close of business on June 1, 2017 for the period from and including March 31, 2017 to but excluding June 30, 2017.

The Board of Directors of TransAlta Corporation also declared a quarterly dividend of $0.3125 per share on TransAlta's issued and outstanding 5.00% Cumulative Redeemable Rate Reset First Preferred Shares, Series E, payable on June 30, 2017 to shareholders of record at the close of business on June 1, 2017 for the period from and including March 31, 2017 to but excluding June 30, 2017.

The Board of Directors of TransAlta Corporation also declared a quarterly dividend of $0.33125 per share on TransAlta's issued and outstanding 5.30% Cumulative Redeemable Rate Reset First Preferred Shares, Series G, payable on June 30, 2017 to shareholders of record at the close of business on June 1, 2017 for the period from and including March 31, 2017 to but excluding June 30, 2017.

All currency is expressed in Canadian dollars except where noted.

About TransAlta Corporation:

TransAlta Corporation ("TransAlta") is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta maintains a low-to-moderate risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia. TransAlta's focus is to efficiently operate wind, hydro, solar, natural gas and coal facilities in order to provide customers with a reliable, low-cost source of power. For over 100 years, TransAlta has been a responsible operator and a proud contributor to the communities in which it works and lives. TransAlta has been recognized on CDP's Canadian Climate Disclosure Leadership Index (CDLI), which includes Canada's top 20 leading companies reporting on climate change, and has been selected by Corporate Knights as one of Canada's Top 50 Best Corporate Citizens and is recognized globally for its leadership on sustainability and corporate responsibility standards by FTSE4Good.

For more information:

Organization:
TransAlta Corporation

Address:
110 Twelfth Ave SW
Calgary, Alberta
Canada, T2P 2M1
www.transalta.com
Tel: 403-267-7110

Contact:
Stacey Hatcher
Manager, Communications
Tel: 1-855-255-9184
E-mail: ta_media_relations@transalta.com

Contact:
Jaeson Jaman
Manager, Investor Relations
Tel: 1 800-387-3598 in Canada and U.S
E-mail: investor_relations@transalta.com


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