Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 67

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 67
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 “straddle”, “conversion transaction,” “wash sale” or other integrated transaction; entities or
arrangements that are treated as partnerships or other pass-through entities for U.S. federal income tax purposes (and investors therein); persons required for U.S. federal income tax purposes to conform the timing of income accruals with
respect to their Notes to their financial statements under Section 451 of the Code; persons holding Notes that are attributable to an office or other fixed place of business maintained outside of the United States; persons holding 2029 Notes
whose 2029 Notes are redeemed; and holders with a “functional currency” other than the U.S. dollar. This summary also does not cover any state, local or non-U.S. tax consequences. This
summary is based upon existing provisions of the Code, final and temporary Treasury regulations promulgated thereunder (“U.S.Treasury Regulations”), and rulings and judicial decisions in effect on the date
hereof, all of which are subject to change or differing interpretation (possibly with retroactive effect), so as to result in U.S. federal income tax consequences different from those described herein. This discussion is not binding on the
U.S. Internal Revenue Service (the “IRS”) and we have not sought and will not seek any ruling from the IRS regarding the matters discussed below. There can be no assurance that the IRS will not take positions that are
different from those discussed below or that a U.S. court will not sustain such a challenge.

As used herein, the term
“U.S.Holder” means a beneficial owner of a Note that, for U.S. federal income tax purposes, is (i) an individual who is a citizen or resident of the United States, (ii) a corporation created or
organized under the laws of the United States, any state thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax without regard to its source, or (iv) a trust if a court within
the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust or if the trust has a valid election in effect
to be treated as a United States person.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes
holds Notes, the U.S. federal income tax treatment of a partner in the partnership will depend on the status of the partner and