Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 9

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 9
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 units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political
developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Corporation’s income taxes and any risk of reassessments; legal,
regulatory and contractual disputes and proceedings involving the Corporation; reliance on key personnel; and labour relations matters. Additional information about material factors that could cause actual results to differ materially from
expectations and about material factors or assumptions applied in making forward-looking statements may be found in this Prospectus Supplement and the Prospectus under “Risk Factors” as well as in our management’s discussion
and analysis of financial condition and results of operations as of and for the year ended December 31, 2024 (the “Annual MD&A”) and the Annual Information Form (as defined herein), and elsewhere in TransAlta’s
filings with the Canadian and U.S. securities regulators.

Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking
statements included in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus are made only as of the date such statements and the Corporation does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information
about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to
a different extent or at a different time than we have described, or might not occur at all. We cannot assure that projected results or events will be achieved.

S-3

DOCUMENTS INCORPORATED BY REFERENCE As of the date of this Prospectus Supplement, the following documents filed with the securities commissions or similar authorities in each of the provinces of Canada and with the SEC are specifically incorporated by reference into the Prospectus:

This Prospectus Supplement is deemed to be incorporated by reference into the Prospectus solely for the purposes of the offering of Notes. Any documents of the type required to be incorporated by reference in a short form prospectus pursuant to National Instrument 44-101 —Short Form Prospectus Distributions of the Canadian