Company: TSLTF
Filing Date: 2025-02-20
Form Type: 40-F
Source: 0001144800-25-000006
Chunk: 4

Company: TRANSALTA CORP
Filing Date: 2025-02-20
Form: 40-F
Chunk 4
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, 2024, filed as Exhibit 99.3 and incorporated by reference herein, under the heading “Report of Independent Registered Public Accounting Firm - Public Company Accounting Oversight Board (United States) (“PCAOB”)".

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The Company has limited the scope of its evaluation of internal controls over financial reporting and disclosure controls and procedures to exclude controls, policies and procedures of the business acquired pursuant to the Company's acquisition of Heartland Generation Ltd. and Alberta Power (2000) Ltd. (collectively, "Heartland"), as allowed by the Commission and Canadian securities administrators. See page M155 of the Company's management discussion and analysis for the year ended Dec. 31, 2024, which is attached hereto as Exhibit 99.2, for a summary of the excluded controls related to Heartland.

#### LIMITATIONS AND SCOPE OF MANAGEMENT’S

### REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives due to its inherent limitations. Internal control over financial reporting are processes that involve human diligence and compliance that are subject to lapses in judgment and breakdowns resulting from human failures.

Internal control over financial reporting can also be circumvented by collusion or improper overrides. As a result of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis. These inherent limitations are known features of the financial reporting process and it is possible to design safeguards into the process to reduce, though not eliminate, this risk.

In accordance with the provisions of NI 52-109 and consistent with U.S. Securities and Exchange Commission guidance, the scope of the evaluation did not include internal control over financial reporting of Heartland Generation Ltd. and Alberta Power (2000) Ltd. (collectively Heartland), which the Company acquired on Dec. 4, 2024. Heartland was excluded from management's evaluation of the effectiveness of the Company's internal control over financial reporting as at Dec. 31, 2024, due to the proximity of the acquisition to year-end. Further details related to the acquisition are disclosed in Note 4 to the Company's Consolidated Financial Statements for the year ended Dec. 31, 2024. Included in the 2024 Consolidated Financial Statements of TransAlta for Heartland is