Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 72

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 72
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 certain bids or purchases of the Notes made for the purpose of preventing or retarding a decline in the market price of the Notes while this offering is
in progress. The underwriters may also impose a penalty bid. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the Representative, in covering syndicate short positions or making stabilizing
purchases, repurchases Notes originally sold by that syndicate member.

As a result of these activities, the market price of the Notes
offered under this Prospectus Supplement may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the Representative at any time without notice. The Representative may
carry out these transactions in the over-the-counter market or otherwise. Neither we nor any of the underwriters make any representation or prediction as to the
direction or magnitude of any effect that the transactions described above may have on the price of the Notes.

We estimate that our total
expenses for this offering will be approximately US$1.5 million (not including underwriting commissions).

Relationship Between TransAlta and the Underwriters

Certain of the underwriters are, directly or indirectly, subsidiaries or affiliates of lenders (collectively, the
“Lenders”) that have extended credit facilities (collectively, the “Facilities”) to us or our subsidiaries and to which we or our subsidiaries are currently indebted. In addition, certain of the underwriters, or
their subsidiaries or affiliates, may be holders of the 2029 Notes. As described in “Use of Proceeds”, we intend to use the net proceeds from this offering, together with cash on hand, to redeem the 2029 Notes. To the extent that
the underwriters (or their respective subsidiaries or affiliates) are holders of 2029 Notes, they may receive a portion of the net proceeds from this offering of Notes. Accordingly, we may be considered to be a “connected issuer” of such
underwriters under applicable Canadian securities legislation. As of December 10, 2025, we and our subsidiaries were indebted to the Lenders under the Facilities in the aggregate amount of approximately $204 million. As of the date hereof,
we and our subsidiaries are in compliance with all material terms of the agreements governing the Facilities and none of the Lenders has waived any breach by us or our subsidiaries of those agreements since the Facilities were established. Our
financial position has not changed substantially and adversely since the indebtedness under the Facilities was incurred