Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 322

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 322
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 Rating agencies regularly evaluate us, basing their ratings of our long and short-term debt, along with our issuer rating, on a number of factors. There can be no assurance that one or more of our credit ratings and the corresponding outlooks will not be changed. Our borrowing costs and ability to raise funds are directly impacted by our credit ratings. Credit ratings may be important to suppliers or counterparties when they seek to engage in certain transactions with us. A credit rating downgrade could potentially impair our ability to enter into arrangements with suppliers or counterparties, to engage in certain transactions, and could limit our access to private and public credit markets and increase the costs of borrowing under our existing credit facilities. See Note 15 of our audited consolidated financial statements for the year ended Dec. 31, 2024, which financial statements are incorporated by reference herein. Changes to our reputation may have a material adverse effect on us. Reputation risk relates to the risk associated with our business because of changes in opinion from the general public, private stakeholders, governments, financiers and other entities. Our reputation is one of our most valued assets. The potential for harming our reputation exists in every business decision and all risks can have an impact on reputation, which in turn can negatively impact our business and securities. Reputational risk cannot be managed in isolation from other forms of risk. Negative impacts from a compromised reputation could include revenue loss, reduction in our customer base and the decreased value of our securities. We manage reputation risk by:

| • |     | Striving as a neighbour and business partner, in the regions where we operate, to build viable                                  
 relationships based on mutual understanding leading to workable solutions with our neighbours and other community stakeholders; |

| • |     | Clearly communicating our business objectives and priorities to a variety of stakeholders on a 
 routine and transparent basis;                                                                 |

| • |     | Applying innovative technologies to improve our operations, work environment and environmental 
 footprint;                                                                                     |

| • |     | Maintaining positive relationships with various levels of government; |

| • |     | Pursuing sustainable development as a longer-term corporate strategy; |

| TransAlta Corporation |     | 2024 Integrated Report |     | M147 |

Management’s Discussion and Analysis

| • |     | Ensuring that each business decision is made with integrity and in line with our corporate values; |

| • |     | Communicating the impact and rationale of business decisions to stakeholders in a timely manner; 
 and                                                                                              |

| • |     | Maintaining