Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 413

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 413
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 include controls over financial reporting of the assets acquired through the Heartland acquisition on Dec. 4, 2024. Heartland’s total and net assets represented approximately seven and 20 per cent of the Company’s total and net assets, respectively, as at Sept. 30, 2025 and 14 and 35 per cent of the Company’s revenues and net loss, respectively, for the nine months ended Sept. 30, 2025. Management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our ICFR and DC&P as of the end of the period covered by this MD&A. Based on the foregoing evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as at Sept. 30, 2025, the end of the period covered by this MD&A, our ICFR and DC&P were effective.

| TransAlta Corporation |     | M71 |

Management’s Discussion and Analysis Glossary of Key Terms Alberta Electric System Operator (AESO) The independent system operator and regulatory authority for the Alberta Interconnected Electric System. authority for the Alberta Interconnected Electric System. Alberta Hydro Assets The Company’s hydroelectric assets, owned through a wholly owned subsidiary, TransAlta Renewables Inc. These assets are located in Alberta and consist of the Barrier, Bearspaw, Cascade, Ghost, Horseshoe, Interlakes, Kananaskis, Pocaterra, Rundle, Spray, Three Sisters, Bighorn and Brazeau hydro facilities. Ancillary Services As defined by the Electric Utilities Act (Alberta), Ancillary Services are those services required to ensure that the interconnected electric system is operated in a manner that provides a satisfactory level of service with acceptable levels of voltage and frequency. Availability A measure of time, expressed as a percentage of continuous operation 24 hours a day, 365 days a year, that a generating unit is capable of generating electricity, regardless of whether or not it is actually generating electricity. Capacity The rated continuous load-carrying ability, expressed in megawatts, of generation equipment. Cogeneration A generating facility that produces electricity and another form of useful thermal energy (such as heat or steam) used for industrial, commercial, heating or cooling purposes. Derate To lower the rated electrical capability of a power generating facility or unit. Disclosure Controls and Procedures (DC&P) Refers to controls and other procedures designed to ensure that information required to be disclosed in the reports filed by the Company