Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 417

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 417
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 as the “ Securities”); or (vii) any combination of Securities. Eagle Hydro II LP (“ Eagle Hydro II”) or certain other affiliates of Brookfield Asset Management Inc. (“ Brookfield” and collectively, the “ Selling Shareholder”) may also offer and sell Common Shares from time to time pursuant to this Prospectus. See “ Selling Shareholder”. The Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions and other factors. The specific terms of any offering of Securities will be set forth in one or more prospectus supplements (each, a “ Prospectus Supplement”). We reserve the right to include in a Prospectus Supplement specific terms pertaining to the Securities being offered that are not within the options and parameters set forth in this Prospectus, provided that such Securities will not be specified derivatives or asset-backed securities. You should read this Prospectus and any applicable Prospectus Supplement carefully before you invest in any Securities. All information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that, together with this Prospectus, will be delivered to purchasers of the applicable Securities, except where an exemption from such delivery requirements is available. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of the applicable Prospectus Supplement and only for the purposes of the distribution of the Securities to which the applicable Prospectus Supplement pertains. Our outstanding Common Shares are listed on the Toronto Stock Exchange (“ TSX”) under the symbol “TA” and on the New York Stock Exchange (“ NYSE”) under the symbol “TAC”. On December 8, 2025, the last completed trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSX and the NYSE was $19.56 and US$14.12, respectively. Our outstanding First Preferred Shares, other than our redeemable first preferred shares, Series I, are listed on the TSX. Our cumulative redeemable rate reset first preferred shares, Series A (“ Series A Shares”), our cumulative redeemable floating rate first preferred shares, Series B (“ Series B Shares”), our cumulative redeemable rate reset first preferred shares, Series C (“ Series C

Shares”), our cumulative redeemable floating rate first preferred shares, Series D (“Series D Shares”), our cumulative redeemable rate reset first preferred
shares, Series E (“SeriesEShares”) and our cumulative redeemable rate reset first preferred shares