Company: TSLTF
Filing Date: 2025-02-20
Form Type: 40-F
Source: 0001144800-25-000006
Chunk: 5

Company: TRANSALTA CORP
Filing Date: 2025-02-20
Form: 40-F
Chunk 5
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 eight per cent and 20 per cent of the Company's total and net assets, respectively, as at Dec. 31, 2024 and one per cent and (5) per cent of the Company's revenues and net earnings, respectively, for the year ended Dec. 31, 2024.

Included in the 2024 Consolidated Financial Statements of TransAlta for equity accounted investments are one and six per cent of the Company's total and net assets, respectively, as of Dec. 31, 2024, and zero per cent and three per cent of the Company's revenues and net earnings, respectively, for the year ended Dec. 31, 2024.

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### AUDIT COMMITTEE FINANCIAL EXPERT
TransAlta’s board of directors has determined that each member of the Audit, Finance and Risk Committee (the “AFRC”) is an audit committee financial expert. Mr. Alan J. Fohrer, Ms. Candace J. MacGibbon, Mr. Thomas M. O'Flynn, Mr. Bryan D. Pinney and Ms. Manjit K. Sharma have each been determined to be an audit committee financial expert, within the meaning of Section 407 of the United States Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), and are independent, as that term is defined by the New York Stock Exchange’s (“NYSE”) listing standards applicable to TransAlta. For further information regarding the experience and qualification of Mr. Fohrer, Ms. MacGibbon, Mr. O'Flynn, Mr. Pinney and Ms. Sharma, see the section titled “Audit, Finance and Risk Committee” in our Annual Information Form for the year ended Dec. 31, 2024, filed as Exhibit 99.1 and incorporated by reference herein. Under the Commission rules, the designation of persons as audit committee financial experts does not make them “experts” for any other purpose, impose any duties, obligations or liability on them that are greater than those imposed on members of their committee and the board of directors who do not carry this designation or affect the duties, obligations or liability of any other member of their committee.

### CODE OF ETHICS
TransAlta has adopted a code of ethics as part of its “Corporate Code of Conduct” that applies to all employees and officers which has been filed with the Commission. In addition, TransAlta has adopted a code