Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 178

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 178
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 |  9,499 |     |      |  8,659 |     |         | 10,741 |
| Total long-term                                                       
 liabilities(6)                                                        |     |      |  5,087 |     |      |  5,253 |     |         |  5,864 |
| Total liabilities(7)                                                  |     |      |  7,656 |     |      |  6,995 |     |         |  8,752 |

| (1) | These items are not defined and have no standardized meaning under IFRS and may not be                                                                                                                                                              
 comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’        
 results. Refer to the Segmented Financial Performance and Operating Results section of this MD&A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS. Also, refer to 
 the Additional IFRS Measures and Non-IFRS Measures section of this MD&A.                                                                                                                                                                            |

| (2) | Funds from operations (FFO) per share and free cash flow (FCF) per share are calculated using                                                                                                          
 the weighted average number of common shares outstanding during the period. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A for the purpose of these non-IFRS ratios. |

| (3) | Refer to the table in the Financial Capital section of this MD&A for more details on the 
 composition of total consolidated net debt.                                              |

| (4) | During 2024 our adjusted EBITDA composition was amended to exclude the impact of Brazeau                                                                                                                    
 penalties and related provisions. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

| (5) | Available liquidity is calculated as a sum of total available capacity under the committed credit                                          
 and term facilities and cash and cash equivalents net of bank overdraft, less the amounts drawn under the non-committed demand facilities. |

| (6) | Total long-term liabilities correspond to total                                           
 non-current liabilities in the consolidated statements of financial position under IFRS . |

| (7) | Total liabilities correspond to a sum of current and                                     
 non-current liabilities