Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 26

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 26
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 unpaid interest, if any, to, but not including, the date of repurchase upon the occurrence of a Change of Control Triggering Event. See “Description of Notes – Repurchase Upon Change of Control                                       
 Triggering Event” in this Prospectus Supplement.                                                                                                                                                                                                    |

S-20

| Certain Covenants |     | •our and our                                                                                                                                                                    
 subsidiaries’ ability to create liens;                                                                                                                                          
 •our ability to enter                                                                                                                                                           
 into sale and leaseback transactions; and                                                                                                                                       
 •our ability to merge,                                                                                                                                                          
 amalgamate or consolidate with, or sell all or substantially all of our assets to, any other person.                                                                            |
|                   |     | See “Description of Notes – Covenants” in this Prospectus Supplement. These covenants are subject to important exceptions                                                       
 and qualifications that are described under the caption “Description of Notes – Covenants” in this Prospectus Supplement.                                                       |
| Form              |     | The Notes will be represented by one or more fully registered global notes deposited in book-entry form with, or on behalf of, DTC, and registered in the name of its           
 nominee. See “Description of Notes – Book-Entry System” in this Prospectus Supplement. Except as described under “Description of Notes” in this Prospectus Supplement, Notes in 
 certificated form will not be issued.                                                                                                                                           |
| Governing Law     |     | The Notes and the Indenture governing the Notes will be governed by the laws of the State of New York.                                                                          |
| Risk Factors      |     | Investing in the Notes involves risks. See “Risk Factors” in this Prospectus Supplement                                                                                         
 beginning on page S-22 and under the heading “Risk Factors” beginning on page 15 of the Prospectus.                                                                             |

S-21

RISK FACTORS

An investment in the Notes is subject to a number of risks. In addition to the other information contained in this Prospectus Supplement, the
Prospectus and the documents incorporated by reference in the Prospectus, you should consider carefully the risk factors set forth below, as well as those set forth under the heading “Risk Factors” in the Prospectus and under the
headings “Risk Factors” and “Governance and Risk Management” in the Annual MD&A.The risks and uncertainties described below, in the Prospectus and in the documents incorporated by reference in the
Prospectus are not the only ones applicable to an investment in the Notes. Additional risks and uncertainties that we are