Company: TSLTF
Filing Date: 2025-12-09
Form Type: F-10EF
Source: 0001193125-25-312047
Chunk: 20

Company: TRANSALTA CORP
Filing Date: 2025-12-09
Form: F-10EF
Chunk 20
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 to modification, amendment or variation of the subscription receipt agreement or any rights or 
 terms attaching to the Subscription Receipts;                                                                |

| • |     | any terms, procedures and limitations relating to the transferability, exchange or conversion of the Subscription 
 Receipts; and                                                                                                     |

| • |     | any other material terms and conditions of the Subscription Receipts. |

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DESCRIPTION OF DEBT SECURITIES In this section, the terms “Corporation” and “TransAlta” refer only to TransAlta Corporation without the subsidiaries through which it operates. The Corporation may issue debt securities, independently or together with other Securities, and debt securities sold with other Securities may be attached to or separate from the other Securities. Debt securities will be issued under one or more indentures (each, a “ Debt Indenture”), in each case between the Corporation and an appropriately qualified financial institution authorized to carry on business as a trustee (each, a “ Trustee”). The relevant Debt Indenture will establish the terms of the debt securities. Debt securities may be issued from time to time in one or more series. The Corporation may specify a maximum aggregate principal amount for the debt securities of any series and, unless otherwise provided in the applicable Prospectus Supplement, a series of debt securities may be reopened for issuance of additional debt securities of that series. The Corporation may also, from time to time, issue debt securities and incur additional indebtedness other than pursuant to debt securities issued under this Prospectus. A description of the material terms of any debt securities that we offer, and the extent to which the general terms and provisions described in this section apply to those debt securities, will be set out in the applicable Prospectus Supplement. The Prospectus Supplement will describe some or all of the following terms relating to the debt securities being offered:

| • |     | the specific designation and any limit on the aggregate principal amount of the debt securities; |

| • |     | the currency or currency units for which the debt securities may be purchased and in which the principal and any 
 premium or interest is payable (in either case, if other than Canadian dollars);                                 |

| • |     | the offering price (at par, at a discount or at a premium) of the debt securities; |

| • |     | the date(s) on which the debt securities will be issued and delivered; |

| • |     | the date(s) on which the debt securities will mature, including any provision for the extension of a maturity 
 date