TransAlta Corporation
TransAlta Announces Conversion Results for Series C Preferred Shares

June 19, 2017

TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) announced that after having taken into account all election notices received by the June 15, 2017 deadline for the conversion of the Cumulative Redeemable Rate Reset Preferred Shares, Series C (the "Series C Shares") into Cumulative Redeemable Floating Rate Preferred Shares, Series D (the "Series D Shares"), there were 827,628 Series C Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series D Shares. As a result, none of the Series C Shares will be converted into Series D Shares on June 30, 2017.

About 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.

Investor Inquiries
Sally Taylor
Manager, Investor Relations
Phone: 1-800-387-3598 in Canada and U.S.
Email: investor_relations@transalta.com
Media Inquiries
Stacey Hatcher
Manager, Communications
Toll-free media number: 1-855-255-9184
Email: ta_media_relations@transalta.com

For more information:

TransAlta Corporation

110 Twelfth Ave SW
Calgary, Alberta
Canada, T2P 2M1
Tel: 403-267-7110

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