Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 7

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 7
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estimate”, “would” or other words or phrases of similar import.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, many of which are beyond the
Corporation’s control, that could cause actual events, outcomes or results to differ materially from those expressed or implied in the forward-looking statement. Although the Corporation believes that the assumptions and expectations conveyed
by such forward-looking statements are reasonable based on information available on the date they are made, there can be no assurance that such assumptions and expectations will prove to be correct.

In particular, this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus contain forward-looking statements pertaining to the following: the anticipated closing of the offering of the Notes, including the timing thereof; the net proceeds from the offering and the use of such proceeds; our credit
ratings outlook; the terms of the Notes; ceasing coal-fired electricity generation by the end of 2025; our greenhouse gas (“GHG”) emissions reduction targets and our carbon net-zero goal by
2045, specifically with reductions in production including lower wind resource; opportunities available to the Corporation in the Alberta market; the continued value of our ancillary services product; the benefits of the Heartland Generation
acquisition; our intention to maintain a conservative credit profile; the expected completion of the Mount Keith West Network Upgrade by Q4 2025 and its anticipated average annual EBITDA; the benefits expected to arise through our pursuit of
accretive opportunities with existing and prospective customers at our legacy thermal sites in Alberta and Washington State; the expected continued return to shareholders; the anticipated policy developments on Alberta’s restructured energy
market by 2050, including the expected implementation timing; the transactions with Far North and PSE (each as defined herein), including expectations with respect to the timing and closing thereof, approvals required in connection therewith and the
attributes of the assets acquired thereunder; our expectations regarding our revenue, expenses and operations; our expected cash needs and needs for additional financing; the anticipated trends and challenges in our business and the markets in which
we operate; our expectation to continue maintaining adequate liquidity; and our expectation that the redemption of the 2029 Notes will be funded with the net proceeds of this offering, together with cash on hand.

The forward-looking statements contained in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the
Prospectus are based on many assumptions including, but not limited to, the following: our ability to