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This presentation includes forward-looking statements or information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. All forward-looking statements are based on our beliefs as well as assumptions based on available information and on management’s experience and perception of historical trends, current conditions, and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “project”, “forecast”, “foresee”, “potential”, “enable”, “continue”, or other comparable terminology. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause actual results or outcomes to be materially different from those set forth in the forward-looking statements. In particular, this presentation contains, but is not limited to, forward-looking statements pertaining to: future sources of free cash flow; the conversion of 2,600 MW from coal-to-gas and the timing and benefits thereof, including the optimization of the coal portfolio, the extension of fleet life by 75 years, the extent of emission intensity reductions and the reduced fixed and sustaining costs; annual dividends from TransAlta Renewables; free cash flow in excess of $500 million post-2021; hydro upside, including energy revenue, capacity payment and ancillary revenue; construction of the Tidewater Pipeline; the benefit of co-firing, including reduced carbon and fuel costs; the implementation of the capacity market; continued relationship with TransAlta Renewables; the capital costs associated with the two U.S. wind development projects; the closing of the 29 MW New Hampshire wind project; growth opportunities and ability to realize growth, including the Bighorn expansion, Brazeau energy storage project and Dunvegan; guidance for 2018 earnings before interest, tax, depreciation and amortization (EBITDA) and cash available for distribution (CAFD); the repowering of existing wind sites between 2021 and 2030; adjusted funds from operations (FFO) targets relative to net debt; and the correct valuation for the coal and coal-to-gas assets that would increase the share price by $5 to $8 per share. Factors that may adversely impact our forward-looking statements include risks relating to: legislative or regulatory developments, including as it pertains to the Alberta capacity market and Federal environmental legislation; changes in economic and competitive conditions; inability to secure natural gas supply and the construction of a natural gas pipeline on terms satisfactory to the Company; the introduction of disruptive sources of energy or capacity; changes in the price for natural gas; decreased demand for energy or capacity; availability of financing; fluctuations in market prices; the availability of fuel supplies required to generate electricity, including the availability and cost of natural gas within Alberta; changes to the relationship with, or ownership of, TransAlta Renewables; wind and hydro resources being less than long term average; reductions to our capacity factors; our ability to contract our generation for prices that will provide expected returns; risks associated with development projects and acquisitions, including permitting, labour and engineering risk associated with the coal to gas conversions; increased costs or delays in the construction or commissioning of pipelines to the converted units. The foregoing risk factors, among others, are described in further detail in the Risk Management section of our Management Discussion and Analysis and under the heading “Risk Factors” in our Annual Information Form. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this document are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or
- therwise, except as required by applicable laws. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect the Corporation's
expectations only as of the date of this presentation. The purpose of the financial outlooks contained in this presentation is to give the reader information about management's current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. In light of these risks, uncertainties, and assumptions, the forward-looking events might occur to a different extent or at a different time than we have described, or might not occur at all. We cannot assure that projected results or events will be achieved. Certain financial information contained in this presentation, including Comparable EBITDA, FFO and CAFD, may not be standard measures defined under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other entities. These measures should not be considered in isolation
- r as a substitute for measures prepared in accordance with IFRS. For further information on non-IFRS financial measures we use, see the section entitled “Reconciliation
- f Non-IFRS Measures” contained in our most recently filed Management's Discussion and Analysis, filed with Canadian securities regulators on www.sedar.com and the
Securities and Exchange Commission on www.edgar.com. Unless otherwise specified, all dollar amounts are expressed in Canadian dollars.