Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 334

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 334
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 from new technologies. The sensitivity of volumes to our net earnings is shown below:

| Factor                  |     | Increase or 
 decrease    
 (per cent)  |   |     | Approximate   
 impact on net 
 earnings      
 (millions)    |    |
|:------------------------|:----|:------------|--:|:----|:--------------|---:|
| Availability/production |     |             | 1 |     | $             | 17 |

Changes in interest rates can impact our borrowing costs and affect our interest rate risk. Changes in interest rates can impact our borrowing costs. Changes in our cost of capital may also affect the feasibility of new growth initiatives. At Dec. 31, 2024, approximately 18 per cent (2023 – 14 per cent) of our total long-term debt was subject to changes in floating interest rates through a combination of floating rate debt and interest rate swaps.

We manage interest rate risk by establishing and adhering to policies that include:

| • |     | Employing a combination of fixed and floating rate debt instruments; |

| • |     | Monitoring the mixture of floating and fixed rate debt and adjusting to ensure efficiency; and |

| • |     | Opportunistically hedging probable debt issuances and outstanding variable rate borrowings using 
 interest rate swaps.                                                                             |

The sensitivity of changes in interest rates upon our net earnings is shown below:

| Factor        |     | Increase or 
 decrease    
 (per cent)  |        |     | Approximate impact 
 on net earnings    
 (millions)         |   |
|:--------------|:----|:------------|:-------|:----|:-------------------|--:|
| Interest rate |     |             | 50 bps |     | $                  | 3 |

| M154 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis Disclosure Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting (ICFR) and disclosure controls and procedures (DC&P). For the year ended Dec. 31, 2024, the majority of our workforce supporting and executing our ICFR and DC&P continue to work on a hybrid basis. The Company has implemented appropriate controls and oversight for both in-officeand remote work. There has been minimal impact to the design and performance of our internal controls. ICFR is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements