Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 215

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 215
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 | 2024 Integrated Report |     | M51 |

Management’s Discussion and Analysis

We have enhanced liquidity and shareholder value through the following: 2024

| • |     | Renewed the $400 million Term Facility with the maturity extended by one year to September 
 2025;                                                                                      |

| • |     | Extended the $1.9 billion syndicated credit facility and $240 million bilateral credit 
 facilities by one year to June 2028 and June 2026, respectively;                       |

| • |     | Purchased and cancelled 13,467,400 common shares at an average price of $10.59 per share through 
 our NCIB program, for a total cost of $143 million; and                                          |

| • |     | Assumed new credit facilities and letter of credit facilities as part of the Heartland acquisition. |

2023

| • |     | Refinanced the $45 million Pingston non-recourse bond                                                                                                                               
 due in 2023 with a non-recourse bond for approximately $39 million, with a fixed interest rate of 6.145 per cent per annum, payable semi-annually, and maturing on May 8, 2043; and |

| • |     | Purchased and cancelled 7,537,500 common shares at an average price of $11.49 per share through our 
 NCIB program, for a total cost of $87 million.                                                      |

2022

| • |     | Issued US$400 million Senior Green Bonds, with a fixed coupon rate of 7.75 per cent per 
 annum (effective interest rate of 5.98 per cent), due on Nov. 15, 2029;                 |

| • |     | Repaid the US$400 million 4.50 per cent unsecured senior notes due 2022; |

| • |     | Closed a two-year floating rate Term Facility with our                                                                                                                                                         
 banking syndicate for $400 million with a maturity date of Sept. 7, 2024. The Term Facility has interest rates that vary depending on the option selected (e.g., Canadian prime and bankers’ acceptances); and |

| • |     | Purchased and cancelled 4,342,300 common shares at an average price of $12.48 per share through our 
 NCIB program, for a total cost of $54 million.                                                      |

Credit Facilities The Company’s credit facilities are summarized in the table below:

| As at