Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 74

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 74
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alers and accordingly will not effect any sales within the United States
except in compliance with applicable U.S. laws and regulations, including the rules of the FINRA.

Settlement

We expect that delivery of the Notes will be made to investors on or about December 22, 2025, which will be the 7 business day following the date of this Prospectus Supplement (such settlement being referred to as “T+7”). Under Rule 15c6-1 of the U.S. Exchange Act, trades in the secondary
market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Notes prior to the business day immediately preceding the closing date may
be required, by virtue of the fact that the Notes will settle in T+7, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade their Notes prior to the closing
date should consult their own advisors.

No Sales or Similar Securities

We have agreed that we will not, for a period of 90 days after the date of this Prospectus Supplement, without first obtaining the prior
written consent of the Representative, offer, sell, or contract to sell, directly or indirectly, any debt securities issued or guaranteed by us, except for the Notes sold to the underwriters pursuant to the underwriting agreement.

Offering Restrictions

The Notes are
offered for sale pursuant to this Prospectus Supplement in those jurisdictions in the United States where it is lawful to make such offers. No action has been taken, or will be taken, which would permit a public offering of the Notes in any
jurisdiction outside the United States.

S-53

Each of the underwriters has severally represented and agreed that it has not offered, sold
or delivered and it will not offer, sell or deliver, directly or indirectly, any of the Notes, in or from any jurisdiction except under circumstances that are reasonably designed to result in compliance with the applicable laws and regulations
thereof.

This Prospectus Supplement qualifies the distribution of the Notes in each of the provinces of Canada solely for the purpose of
registering the Notes in the United States, pursuant to the multi-jurisdictional disclosure system adopted by the United States This Prospectus Supplement does not qualify the Notes for distribution to purchasers in Canada, or to residents of
Canada. Pursuant to the underwriting agreement, each underwriter has agreed that it will only