Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 331

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 331
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 and legislation that are continually changing. In addition, our tax filings are subject to audit by taxation authorities. While we believe that our tax filings have been made in material compliance with all applicable tax interpretations, regulations and legislation, we cannot guarantee that we will not have disagreements with taxation authorities with respect to our tax filings that could have a material adverse effect on our business. The Company and its subsidiaries are subject to changing laws, treaties and regulations in and between countries. Various tax proposals in the countries we operate in could result in changes to the basis on which deferred taxes are calculated or could result in changes to income or non-income tax expense. There has recently been an increased focus on issues related to the taxation of multinational corporations. A change in tax laws, treaties or regulations, or in the interpretation thereof, could result in a materially higher income or non-incometax expense that could have a material adverse impact on us. The sensitivity of changes in income tax rates upon our net earnings is shown below:

| Factor   |     | Increase or 
 decrease    
 (per cent)  |   |     | Approximate impact 
 on net earnings    
 (millions)         |   |
|:---------|:----|:------------|--:|:----|:-------------------|--:|
| Tax rate |     |             | 1 |     | $                  | 3 |

If we fail to attract and retain key personnel, we could be materially adversely affected. The loss of any of our key personnel or our inability to attract, train, retain and motivate additional qualified management and other personnel could have a material adverse effect on our business. Competition for these personnel is intense and there can be no assurance that we will be successful in this regard. If we are unable to successfully negotiate new collective bargaining agreements with our unionized workforce, as required, we will be adversely affected. While we believe we have a satisfactory relationship with our unionized employees, we cannot guarantee that we will be able to successfully negotiate or renegotiate our collective bargaining agreements on terms agreeable to TransAlta. In

| M152 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis

2024 we successfully renegotiated one collective bargaining agreement. We expect to renegotiate four collective bargaining agreements in 2025. Any hurdles in negotiating these collective bargaining agreements could lead to higher employee costs and a work stoppage or strike, which could have a material adverse effect on us. We manage this risk by:

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