Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 153

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 153
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 multiple of the Alberta Hydro Assets’ future-adjusted EBITDA (Option to Exchange). A. $750 Million Exchangeable Securities

|                                      |     |          | Dec. 31, 2024 |     |       |     |     |          |   |   |     |          | Dec. 31, 2023 |     |       |     |     |          |   |   |
|:-------------------------------------|:----|:---------|--------------:|:----|:------|----:|:----|:---------|--:|:--|:----|:---------|--------------:|:----|:------|----:|:----|:---------|--:|:--|
| As at                                |     | Carrying 
 value    |               |     | Face  
 value |     |     | Interest |   |   |     | Carrying 
 value    |               |     | Face  
 value |     |     | Interest |   |   |
| Exchangeable debentures – due May 1, 
 2039(1)                              |     |          |           350 |     |       | 350 |     |          | 7 | % |     |          |           344 |     |       | 350 |     |          | 7 | % |
| Exchangeable                         
 preferred shares(2)                  |     |          |           400 |     |       | 400 |     |          | 7 | % |     |          |           400 |     |       | 400 |     |          | 7 | % |
| Total                                
 exchangeable securities              |     |          |           750 |     |       | 750 |     |          |   |   |     |          |           744 |     |       | 750 |     |          |   |   |

| (1) | Seven per cent unsecured subordinated debentures due May 1, 2039. |

| (2) | Redeemable, retractable first preferred shares (Series I). Exchangeable preferred share dividends 
 are reported as interest expense.                                                                 |

On Dec. 9, 2024, the Company declared a dividend of $7 million, in aggregate, for the Exchangeable Preferred Shares at the fixed rate of 1.760 per cent, per share, payable on Feb. 28, 2025. The Exchangeable Preferred Shares are considered debt for accounting purposes and, as