Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 64

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 64
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228 million for the 12-month period ended September 30, 2025, which is 0.64 times our interest requirements for that period.                                                     |

| (4) | The Corporation would have required additional earnings of $127 million for the 12 months ended        
 September 30, 2025, in order to achieve an earnings coverage ratio of one-to-one for each such period. |

The earnings coverage ratios set forth above do not purport to be indicative of earnings coverage ratios for any future periods. The earnings coverage ratios have been calculated based on information prepared in accordance with IFRS. S-46

CERTAIN INCOME TAX CONSIDERATIONS

The following summary is of a general nature only and is not intended to be, and should not be construed to be, legal or tax advice to any
prospective investor and no representation with respect to the tax consequences to any particular investor is made. Accordingly, prospective investors should consult with their own tax advisors for advice with respect to the income tax consequences
to them having regard to their own particular circumstances, including any consequences of an investment in the Notes arising under state, provincial or local tax laws in the United States or Canada or tax laws of jurisdictions outside the United
States or Canada.

Certain Canadian Federal Income Tax Considerations

The following summary, as of the date hereof, describes the principal Canadian federal income tax considerations generally applicable to a
purchaser of Notes pursuant to this Prospectus Supplement and the Prospectus who, at all relevant times, for purposes of the Tax Act and any applicable tax treaty: (i) is neither resident nor deemed to be resident in Canada; (ii) acquires
the Notes as beneficial owner under this Prospectus Supplement; (iii) deals at arm’s length with, and is not affiliated with, us and with any transferee who is resident in Canada (or deemed to be resident in Canada) for purposes of the
Tax Act and to whom the purchaser assigns or otherwise transfers a Note; (iv) does not use or hold and is not deemed to use or hold a Note in carrying on business in Canada; (v) is not an insurer who carries on an insurance business, or is
deemed to carry on an insurance business, in Canada and elsewhere; (vi) is not an “authorized foreign bank” as defined in the Tax Act; (vii) is entitled, as beneficial owner, to receive all payments (including principal,
interest and premium, if any) in respect of a