Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 28

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 28
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 equally and pari passu, except as to sinking fund or analogous provisions,
with all of our other unsecured and unsubordinated indebtedness. The Notes will be structurally subordinated to all indebtedness and other liabilities of our subsidiaries and will be effectively subordinated to all of our existing and future secured
indebtedness, to the extent of the value of the assets securing such secured indebtedness. If we are involved in any bankruptcy, dissolution, liquidation or reorganization, the holders of indebtedness and liabilities of our subsidiaries would be
paid before the holders of Notes receive any amounts due under the Notes and the holders of our secured indebtedness would be paid

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before the holders of Notes receive any amounts due under the Notes, to the extent of the value of the assets securing such secured indebtedness. In that event, a holder of Notes may not be able
to recover any principal or interest due under the Notes.

We may not be able to fulfill our repurchase obligations with respect to the Notes upon a change of control.

If we experience a Change of Control Triggering Event, we will be required to make an offer to repurchase all
outstanding Notes at a repurchase price equal to 101% of the principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, to, but not including, the applicable repurchase date. Failure to repurchase, or to make an offer to
repurchase, the Notes would constitute a default under the Indenture governing the Notes, which would also constitute a default under certain instruments governing our existing indebtedness. See “Description of Notes– Repurchase Upon Change of Control Triggering Event” in this Prospectus Supplement.

If a Change
of Control Triggering Event were to occur, we cannot assure you that we would have sufficient funds to repay any Notes that we would be required to offer to repurchase, or to satisfy any other obligations that would become immediately due and
payable under the other instruments governing our indebtedness, as a result of such Change of Control Triggering Event. In order to satisfy our obligations, we may attempt to refinance our indebtedness or obtain consents from our other lenders or
from the holders of the Notes. We cannot assure you that we would be able to refinance our indebtedness or obtain such consents on satisfactory terms or at all.

Because the Indenture governing the Notes will not contain limits on the amount of additional debt that we may incur, our ability to make timely payments on