Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 66

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 66
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 This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective purchasers of Notes should consult their own tax advisors with respect to their own particular circumstances.

S-47

Under the Tax Act, interest, principal, discount or premium, if any, paid or credited, or
deemed to be paid or credited, by the Company to a Non-Resident Holder on the Notes, and any proceeds of disposition received by a Non-Resident Holder on the disposition
of a Note including on redemption, payment on maturity or repurchase, will be exempt from Canadian withholding tax. No other taxes on income (including taxable capital gains) will be payable under the Tax Act by a
Non-Resident Holder on interest, principal, discount or premium, or on the proceeds received by a Non-Resident Holder on the disposition of a Note including on
redemption, payment on maturity or repurchase, solely as a consequence of the acquisition, holding or disposition (including on redemption, payment on maturity or repurchase) of the Notes.

Certain U.S. Federal Income Tax Considerations

The following is a summary of the certain U.S. federal income tax considerations relevant to the acquisition, ownership and disposition
of a Note by an initial purchaser thereof who is a U.S. Holder (as hereinafter defined) who purchases the Note for cash at its “issue price” (the first price at which a substantial amount of the Notes is sold for cash, excluding
sales to bond houses, brokers, or similar persons acting in the capacity of underwriters, placement agents or wholesalers) and who will hold the Note as a “capital asset” within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the “Code”). This summary is intended for general information only and does not address all potentially relevant U.S. federal income tax matters.

This summary does not address the tax consequences to U.S. Holders subject to special provisions of the Code including, without
limitation: banks and other financial institutions; thrifts; tax-exempt entities or organizations; insurance companies; regulated investment companies or real estate investment trusts; holders subject to the
alternative minimum tax; certain former citizens or residents of the United States; dealers in securities or foreign currencies that elect to use a mark-to-market method
of accounting; traders that mark-to-market their securities; qualified retirement plans; individual retirement accounts or other
tax-deferred accounts; holders holding Notes as part of a “hedge”,