Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 129

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 129
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----|:--------------|:--|:----|:---------|------:|:----|:----------|:--|:----|:------|------:|:----|:------------------------|------:|
| Loan receivable — Dec. 31, 2024                 |     |               | — |     |          |    25 |     |           | — |     |       |    25 |     |                         |    25 |
| Exchangeable securities — Dec. 31, 2023         |     |               | — |     |          |   718 |     |           | — |     |       |   718 |     |                         |   744 |
| Long-term debt — Long-term debt — Dec. 31, 2023 |     |               | — |     |          | 3,104 |     |           | — |     |       | 3,104 |     |                         | 3,323 |
| Loan receivable                                 
 — Dec. 31, 2023                                 |     |               | — |     |          |    26 |     |           | — |     |       |    26 |     |                         |    26 |

| (1) | Includes current portion. |

The fair values of the Company’s debentures, senior notes and exchangeable securities are determined using prices observed in secondary markets. Non-recourseand other long-term debt fair values are determined by calculating an implied price based on a current assessment of the yield to maturity. The carrying amount of other short-term financial assets and liabilities (cash and cash equivalents, restricted cash, trade accounts receivable, collateral provided, bank overdraft, accounts payable and accrued liabilities, collateral held and dividends payable) approximates fair value due to the liquid nature of the asset or liability. The fair values of the finance lease receivables approximate the carrying amounts as the amounts receivable represent cash flows from repayments of principal and interest.

| F53 |     | TransAlta Corporation |     | 2024 Integrated Report |

Notes to the Consolidated Financial Statements C. Inception Gains and Losses The majority of derivatives traded by the Company are based on adjusted quoted prices on an active exchange or extend beyond the time period for which exchange-based quotes are available. The fair values of these derivatives are determined using inputs that are not readily observable. Refer to section B of this Note 14 above for fair value Level III valuation techniques used.