Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 75

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 75
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, directly or indirectly, offer, sell or deliver Notes in Canada or to residents of Canada pursuant to an available exemption from Canadian prospectus
requirements.

The Notes may not be acquired or held by any person who is an employee benefit plan or other plan or arrangement subject to
Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code, or who is acting on behalf of or investing the assets of any such plan or arrangement, unless the
acquisition and holding of the Notes by such person will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

S-54

LEGAL MATTERS

Certain legal matters relating to Canadian law in connection with the offering of the Notes will be passed upon on behalf of the Corporation
by Blake, Cassels & Graydon LLP and on behalf of the underwriters by Osler, Hoskin & Harcourt LLP. Certain legal matters relating to United States law in connection with the offering of the Notes will be passed upon on behalf of
the Corporation by Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York and on behalf of the underwriters by Latham & Watkins LLP, Austin, Texas.

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EXPERTS

The annual consolidated financial statements of the Corporation included in this Prospectus Supplement, and the effectiveness of the
Corporation’s internal control over financial reporting, have been audited by Ernst & Young LLP, an independent registered public accounting firm, as set forth in their reports thereon, included therein, and included herein. Such
consolidated financial statements have been included herein in reliance upon the reports of such firm given on their authority as experts in accounting and auditing.

In connection with the audit of our annual consolidated financial statements, Ernst & Young LLP is independent with respect to
TransAlta Corporation in accordance with the Rules of Professional Conduct of the Chartered Professional Accountants of Alberta and in compliance with Rule 3520 of the Public Company Accounting Oversight Board (United States).

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EXHIBIT “A”

ANNUAL AUDITED FINANCIAL STATEMENTS AS AT AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

See attached.

SA-1

Consolidated Financial Statements Management’s Report To the Shareholders of TransAlta Corporation The Consolidated Financial Statements and other financial information included in this annual report have been prepared