Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 78

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 78
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 the financial information is obtained from Skookumchuck, it falls within the scope of TransAlta’s internal controls framework. Management’s conclusion regarding the effectiveness of internal controls does not extend to the internal controls at the transactional level of this associate. Included in the 2024 Consolidated Financial Statements of TransAlta for equity-accounted investments are one per cent and six per cent of the Company’s total and net assets, respectively, as at 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.

| TransAlta Corporation |     | 2024 Integrated Report |     | F2 |

Consolidated Financial Statements Changes in Internal Control over Financial Reporting The Company’s internal controls over financial reporting commencing Dec. 4, 2024, include controls designed to result in the complete and accurate consolidation of results attributable to Heartland. There has been no change in the Company’s internal control over financial reporting that occurred during the year covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. Management has assessed the effectiveness of TransAlta’s internal control over financial reporting as at Dec. 31, 2024, and has concluded that such internal control over financial reporting was effective. Ernst & Young LLP, who has audited the Consolidated Financial Statements of TransAlta for the year ended Dec. 31, 2024, has also issued a report on internal control over financial reporting under the standards of the Public Company Accounting Oversight Board. This report is located on the following page of this Annual Report.

| John Kousinioris                      |     | Joel Hunter                           |
| President and Chief Executive Officer |     | Executive Vice President, Finance and |
|                                       |     | Chief Financial Officer               |
| February 19, 2025                     |     |                                       |

| F3 |     | TransAlta Corporation |     | 2024 Integrated Report |

Consolidated Financial Statements Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of TransAlta Corporation Opinion on Internal Control Over Financial Reporting We have audited TransAlta Corporation’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (