Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 73

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 73
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RBC Capital
Markets, LLC, together with its affiliates, RBC Global Asset Management Inc., RBC Phillips Hager & North Investment Counsel Inc., RBC Private Counsel (USA) Inc., Royal Trust Corporation of Canada, GFC Partnership and RT Partnership,
collectively own approximately 9.5% of the issued and outstanding common shares of the Corporation. Accordingly, the Corporation may be considered a “related issuer” or a “connected issuer” to RBC Capital Markets, LLC for
purposes of applicable Canadian securities laws.

S-52

Certain of the underwriters and their respective affiliates have in the past performed, and
may in the future perform, various financial advisory, investment banking and commercial lending service for us and our affiliates in the ordinary course of business, for which they have received and will receive customary fees and commissions.

In the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and
actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve
securities and/or instruments of ours or our affiliates. Certain of the underwriters or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies.
Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default

swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such credit default swaps or short positions
could adversely affect future trading prices of the Notes offered hereby. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

As a
consequence of their participation in the offering of Notes, the underwriters will be entitled to share in the underwriting commissions relating to the offering.

The decision to distribute the Notes hereunder and the determination of the terms of the offering were made through negotiations between us
and the underwriters. None of the Lenders has been or will be involved in the decision to offer the Notes and none has been or will be involved in the determination of the terms of any distribution of the Notes.

Certain of the underwriters may not be U.S. registered broker-de