Company: TSLTF
Filing Date: 2025-12-09
Form Type: F-10EF
Source: 0001193125-25-312047
Chunk: 16

Company: TRANSALTA CORP
Filing Date: 2025-12-09
Form: F-10EF
Chunk 16
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 in part, at the redemption price applicable to each series and has the right to acquire any of the First Preferred Shares of one or more series by purchase for cancellation in the open market or by invitation for tenders at a price not to exceed the redemption price applicable to the series. The Prospectus Supplement will set forth the following terms relating to the First Preferred Shares being offered:

| • |     | the maximum number of First Preferred Shares; |

| • |     | the designation of the series; |

| • |     | the offering price; |

| • |     | the annual dividend rate and whether the dividend rate is fixed or variable, the date from which dividends will 
 accrue, and the dividend payment dates;                                                                         |

| • |     | the price and the terms and conditions for redemption, if any, including redemption at TransAlta’s option           
 or at the option of the holder, including the time period for redemption, and payment of any accumulated dividends; |

| • |     | the terms and conditions, if any, for conversion or exchange for shares of any other class of TransAlta or any                                                              
 other series of First Preferred Shares, or any other securities or assets, including the price or the rate of conversion or exchange and the method, if any, of adjustment; |

| • |     | whether such First Preferred Shares will be listed on any securities exchange; |

| • |     | the voting rights, if any; and |

| • |     | any other rights, privileges, restrictions, or conditions. |

Related Party Articles Provisions The following is a summary of the material attributes and characteristics of the related party provisions of the articles of the Corporation. Prospective investors are encouraged to review the full text of the articles of the Corporation, a copy of which can be found on SEDAR+ under our profile at www.sedarplus.ca. The articles of the Corporation contain provisions restricting the ability of the Corporation to enter into a “Specified Transaction” with a “Major Shareholder”. A Specified Transaction requires the approval of a majority of the votes cast by holders of voting shares of the Corporation, as well as the approval of a majority of the votes cast by holders of such voting shares, excluding any Major Shareholder. A Major Shareholder generally means the beneficial owner of more than 20% of the outstanding voting shares of the Corporation. The articles contain a broad definition of beneficial ownership, and in particular, a person is considered to beneficially own shares owned by its associates and affiliates,