Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 348

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 348
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 evidenced by a quoted market price in an active market, observable current market transactions that are substantially the same, or a valuation technique that uses observable market inputs. Where these criteria are not met, the difference is deferred on the condensed consolidated statements of financial position in risk management assets or liabilities and is recognized in net (loss) earnings over the term of the related contract. Effective Jan. 1, 2025, the difference is calibrated at initial recognition and no inception gains or losses are recognized. The difference between the transaction price and the fair value determined using a valuation model, yet to be recognized in net (loss) earnings and a reconciliation of changes is as follows:

| 9 months ended Sept. 30                      |     | 2025 |     |     | 2024 |     |
| Unamortized net gain at beginning of period  |     |      |  11 |     |      |   3 |
| New inception gains                          |     |      |   — |     |      |  18 |
| Change resulting from amended contract       |     |      |   — |     |      |   2 |
| Change in foreign exchange rates             |     |      |   1 |     |      |  -1 |
| Amortization recorded in net (loss) earnings 
 during the period                            |     |      | -25 |     |      | -13 |
| Unamortized net (loss) gain at end of        
 period                                       |     |      | -13 |     |      |   9 |

| F22 |     | TransAlta Corporation |

12. Risk Management Activities A. Risk Management Strategy The Company is exposed to market risk from changes in commodity prices, foreign exchange rates, interest rates, credit risk and liquidity risk. These risks affect the Company’s earnings and the value of associated financial instruments that the Company holds. In certain cases, the Company seeks to minimize the effects of these risks by using derivatives to hedge its risk exposures. The Company’s risk management strategy, policies and controls are designed to ensure that the risks it assumes comply with the Company’s internal objectives and risk tolerance. Refer to Note 15 of the 2024 audited annual consolidated financial statements for further details of the Company’s risk management activities. B. Net Risk Management Assets and Liabilities Aggregate net risk management assets (liabilities) are as follows:

| As at Sept. 30, 2025                 |     |           |    |     |                             |