Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 123

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 123
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 — |     |             |   — |     |           |   744 |     |           |  — |     |                           | — |     |       |   744 |

| (1) | Includes cash equivalents of nil. |

| (2) | Excludes income taxes receivable. |

| (3) | Included in other assets. Refer to Note 23. |

| (4) | Included in investments. Refer to Note 9. |

| (5) | Excludes the current portion of contract liabilities, current income taxes payable and liabilities 
 held for sale.                                                                                     |

| (6) | Includes current portion. |

B. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received when selling the asset or paid to transfer the associated liability in an orderly transaction between market participants at the measurement date. Fair values can be determined by observing quoted prices for the instrument in active markets to which the Company has access. In the absence of an active market, the Company determines fair values based on valuation models or by reference to other similar products in active markets. Fair values determined using valuation models require the use of assumptions. In determining those assumptions, the Company looks primarily to external readily observable market inputs. However, if these are not available, the Company uses inputs that are not based on observable market data.

| TransAlta Corporation |     | 2024 Integrated Report |     | F48 |

Notes to the Consolidated Financial Statements I. Level I, II and III Fair Value Measurements The Level I, II and III classifications in the fair value hierarchy used by the Company are defined below. The fair value measurement of a financial instrument is included in only one of the three levels, the determination of which is based on the lowest level input that is significant to the derivation of the fair value. The Level III classification is the lowest level classification in the fair value hierarchy. a. Level I Fair values are determined using inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. In determining Level I fair values, the Company uses quoted prices for identically traded commodities obtained from active exchanges such as the New York Mercantile Exchange. b. Level II Fair values are determined, directly or indirectly, using inputs that are observable for the asset or liability. Fair values falling within the Level II category are determined through the use of quoted prices in active markets, which in some cases are adjusted for factors