Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 3

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 3
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 Standards as issued by the International Accounting Standards Board (“IFRS”). As a result, such financial statements may not be comparable to financial statements of United States companies. Prospective investors should be aware that the acquisition of the Notes may have tax consequences both in the United States and Canada. Such tax consequences may not be described fully in this Prospectus Supplement or the Prospectus. You should read the tax discussion under “ Certain Income Tax Considerations ” in this Prospectus Supplement and consult with your own tax advisor with respect to your own particular circumstances. The enforcement by investors of civil liabilities under United States federal securities laws may be affected adversely by the fact that we are incorporated and organized under the laws of Canada, that most of our officers and directors are residents of Canada, that some of the underwriters or experts named in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus are residents of Canada, and that a substantial portion of our assets and the assets of said persons are located outside the United States. RBC Capital Markets, LLC, on behalf of the underwriters, has advised us that the underwriters propose to offer the Notes to the public initially at the public offering price specified above. After the underwriters have made a reasonable effort to sell all of the Notes offered by this Prospectus Supplement at the price specified above, the offering price of the Notes may be decreased and may be further changed from time to time to an amount not greater than the price specified above. Any such reduction will not affect the proceeds we receive pursuant to the offering. In connection with this offering, RBC Capital Markets, LLC may purchase and sell Notes in the open market. As a result of these activities, the market price of the Notes offered under this Prospectus Supplement may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by RBC Capital Markets, LLC at any time without notice. See “ Underwriting ” in this Prospectus Supplement. Our earnings coverage ratio on long-term debt for the twelve-month period ended September 30, 2025 is less than one to one. See “ Earnings Coverage ” in this Prospectus Supplement.

We expect to deliver the Notes to investors through the book-entrydelivery system of The Depository Trust Company and its direct and indirect participants, including Euroclear Bank SA/NV and Clearstream Banking, S.A, against payment in New York, New York on or about December 22, 2025. Our head and registered office is