Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 65

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 65
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 Note; and (viii) is not a “specified non-resident shareholder” of us within the meaning of subsection 18(5) of the Tax Act or a
person that does not deal at arm’s length with a “specified shareholder” within the meaning of subsection 18(5) (each such purchaser is referred to herein as a “Non-ResidentHolder”).

This summary is based on the current provisions of the Tax Act, the regulations thereunder (the
“Regulations”)and counsel’s understanding of the current administrative policies and assessing practices of the CRApublished in writing, publicly available and in effect as of the date hereof. This summary
also takes into account all specific proposals to amend the Tax Act and the Regulations publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date of this Prospectus Supplement (the “Proposed Amendments”) and assumes that all Proposed Amendments will be enacted in the form proposed. No assurance can be given that the Proposed Amendments will be enacted in the form proposed, or at all. Other than the Proposed Amendments, this
summary does not take into account or anticipate any changes in law or CRA administrative policies or assessing practices, whether by legislative, governmental or judicial action or interpretation, nor does it take into account provincial,
territorial or foreign tax considerations, which may differ significantly from those discussed herein.

This summary does not address the
possible application of the “hybrid mismatch arrangement” rules contained in section 18.4 of the Tax Act to a Non-Resident Holder (i) that disposes of a Note to a person or entity with which
it does not deal at arm’s length or to an entity that is a “specified entity” (as defined in subsection 18.4(1) of the Tax Act) with respect to the Non-Resident Holder or in respect of
which the Non-Resident Holder is a “specified entity”, (ii) that disposes of a Note under, or in connection with, a “structured arrangement” (as defined in subsection 18.4(1) of the Tax
Act), or (iii) in respect of which we are a “specified entity”. Such Non-Resident Holders should consult their own tax advisors.

This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular purchaser and no representations with respect to the income tax consequences to any particular purchaser are made.