Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 42

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 42
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 be necessary so that the amount received by such holder on any payment made under or with respect to such Notes, after deduction or withholding by TransAlta or any of its paying agents for or on account of any present or future tax, duty, levy, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the government of Canada or any province or territory thereof or by any authority or agency therein or thereof having power to tax (collectively, “ Canadian Taxes”) upon or as a result of such payment, will not be less than the amount that the holder would have received if such Canadian Taxes had not been withheld or deducted. However, TransAlta will not be required to make any payment of additional amounts:

| (a) | to any person in respect of whom such Canadian Taxes are required to be withheld or deducted as a result of 
 such person not dealing at arm’s length with TransAlta (within the meaning of the Tax Act);                 |

| (b) | to any person by reason of such person being connected with Canada (otherwise than merely by holding or                                                                                                          
 ownership of any Notes or receiving any payments or exercising any rights thereunder), including without limitation a non-resident insurer who carries on an insurance business in Canada and in a country other 
 than Canada;                                                                                                                                                                                                     |

| (c) | for or on account of any Canadian Taxes which would not have been so imposed but for: (i) the presentation 
 by the holder of such Notes for payment on a date more than 30 days after the date                         |

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| on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or (ii) the holder’s failure to comply with any                                                                           
 certification, identification, information, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from or a reduction in the rate of 
 deduction or withholding of any such taxes, assessment or charge (provided that TransAlta advises the trustee and the holders of such Notes then outstanding of any change in such requirements);                                                         |

| (d) | for or on account of any estate, inheritance, gift, sales, transfer, personal property tax or any similar tax, 
 assessment or other governmental charge;                                                                       |

| (e) | for or on account of any Canadian Taxes required to be withheld by any paying agent from any payment to a