Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 40

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 40
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 may be given earlier than 60 days prior to the earliest date on which the Corporation would be obligated to
pay such additional amounts were a payment in respect of the Notes then due, and (ii) at the time such notice of redemption is given, such obligation to pay such additional amounts remains in effect; and provided, further, that any such notice
of redemption shall be given no later than 30 days prior to such redemption.

In the event that the Corporation elects to redeem the
Notes pursuant to the provisions set forth in the preceding paragraph, the Corporation shall deliver to the Trustee a certificate, signed by an authorized officer, stating that the Corporation is entitled to redeem the Notes pursuant to their terms.

Prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to the foregoing, the Corporation
will deliver the Trustee an opinion of counsel to the effect that there has been such change or amendment which would entitle the Corporation to redeem the Notes hereunder. In addition, before the Corporation publishes or mails notice of redemption
of the Notes as described above, it will deliver to the Trustee a certificate, signed by an authorized officer, stating that the Corporation cannot avoid its obligation to pay additional amounts by taking reasonable measures available to it and all
other conditions for such redemption have been met.

The Trustee shall be entitled to rely on such officer’s certificate and opinion
of counsel as sufficient evidence of the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and binding on the holders of the Notes. The Trustee shall not be responsible for the
determination of any redemption price.

Selection and Notice

Notice of any redemption will be mailed by first class mail (or sent electronically if DTC is the recipient) at least 10 days but not
more than 60 days before the redemption date to each holder of Notes to be redeemed at its registered address. No Notes of US$2,000 or less can be redeemed in part.

Notes called for redemption will become due on the date fixed for redemption, subject to the Corporation’s right to delay or rescind an
optional redemption date as provided below. Unless the Corporation

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defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If fewer than all of the Notes of the applicable series are to be redeemed, the particular Notes or portions thereof to be redeemed will be selected, not