Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 269

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 269
---
 gradual ecosystem degradation, climate change and shifting customer and shareholder expectations. This analysis excluded projections of physical risks related to climate change.

| M114 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Given the large number of TransAlta’s assets, a subset of facilities was selected and included over 3,100 MW of nameplate capacity from hydro, wind, solar, natural gas and coal facilities in Canada, the U.S. and Western Australia. The following sections highlight TransAlta’s top dependencies, impacts, risks, opportunities and mitigation measures related to nature. Material Dependencies We identified where and how the Company’s operations may interface with nature and determined whether those interfaces are material. This means that our goal was not to understand or evaluate every potential issue, but rather focus on ecosystem services considered material to the operation of our selected facilities. Our most material dependencies are associated with the regulation of the climate and climatic events, the use of water in production cycles, mainly in gas-and coal-fired power generation and the regulation of the water cycle, which enables the operation of hydroelectric facilities. For further information on climate change, refer to the section Managing Climate Change Risks and Opportunities. of this MD&A. TransAlta’s nature-related dependencies found to be material are summarized in the table below. Material Dependencies by Generation Type

| Ecosystem service(1)                   |     | Hydro |     | Wind |     | Solar |     | Gas and coal |
| Groundwater                            |     | M     |     | NA   |     | VL    |     | M            |
| Surface water                          |     | VH    |     | NA   |     | VL    |     | VH           |
| Water supply                           |     | VH    |     | VL   |     | M     |     | H            |
| Water flow regulation                  |     | VH    |     | NA   |     | NA    |     | M            |
| Climate regulation(2)                  |     | VH    |     | VH   |     | VH    |     | VL           |
| Flood and storm protection             |     | H     |     | M    |     | M     |     | M            |
| Soil stabilization and erosion control |     | H     |     | M    |     | M     |     | L            |

Legend: (VL) Very Low, (L) Low, (M) Medium, (H) High, (VH