Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 329

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 329
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| Risk management assets(1)           |     |            |  58 |     |                |  42 |     |            | 100 |     |        |   411 |
| Loan receivable(2)                  |     |            |   — |     |                | 100 |     |            | 100 |     |        |    25 |
| Total                               |     |            |     |     |                |     |     |            |     |     |        | 1,508 |

| (1) | Letters of credit and cash and cash equivalents are the primary types of collateral held as 
 security related to these amounts.                                                          |

| (2) | Includes $25 million loan receivable included within other assets with a counterparty that 
 has no external credit rating.                                                             |

The maximum credit exposure to any one customer for commodity trading operations, including the fair value of open trading positions net of any collateral held, is $77 million (2023 – $23 million). Because of our multinational operations, we are subject to currency rate risk, tax, regulatory and political risk. We have exposure to various currencies as a result of our investments and operations in foreign jurisdictions, the earnings from those operations, the acquisition of equipment and services and foreign-denominated commodities from foreign suppliers, and our U.S. and Australian dollar-denominated debt. Our exposures are primarily to the U.S. and Australian currencies, and changes in the values of these currencies relative to the Canadian dollar could negatively impact our operating cash flows or the value of our foreign investments. While we attempt to manage this risk by using hedging instruments, including cross-currency interest rate swaps, forward exchange contracts and matching revenues and expenses by currency at the corporate level, there can be no assurance that these risk management efforts will be effective, and fluctuations in these exchange rates may have a material adverse effect on our business.

In addition to currency rate risk, our foreign operations may be subject to tax, regulatory and political risk. Any change to the regulations governing power generation or the political climate in the countries where we have operations could impose additional costs and have a material adverse effect on us. We manage our currency rate risk by establishing and adhering to policies that include:

| • |     | Hedging our net investments in U.S. operations using U.S. dollar denominated debt; |

| • |     | Entering into forward foreign exchange contracts to hedge future foreign-denominated expenditures   
 including our U.S. dollar denominated senior debt that