Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 391

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 391
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 |         3,179 |   |     |            |  53 |   |
| Preferred shares                                                 |     |   |            942 |   |     |            |  16 |   |     |   |           942 |   |     |            |  16 |   |
| Contributed surplus, deficit and accumulated other comprehensive 
 loss                                                             |     |   |         (2,577 | ) |     |            | (45 | ) |     |   |        (2,375 | ) |     |            | (40 | ) |
| Non-controlling interests                                        |     |   |             78 |   |     |            |   1 |   |     |   |            97 |   |     |            |   2 |   |
| Total capital                                                    |     |   |          5,797 |   |     |            | 100 |   |     |   |         6,041 |   |     |            | 100 |   |

| (1) | Credit facilities, long-term debt and lease liabilities consist of current and non-current portions in the the Condensed Consolidated Statements of Financial Position. |

| (2) | Principal portion of the TransAlta OCP LP restricted cash related to the TransAlta OCP LP bonds 
 as this cash is restricted specifically to repay outstanding debt.                              |

| (3) | Represents the fair value of asset (liability) of the foreign exchange forward contracts used to 
 manage the foreign exchange exposure on foreign-currency denominated debt.                       |

| (4) | Total consolidated net debt is a non-IFRS measure, which                                                                                                                                                                                                 
 is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measure is total credit facilities, long-term debt and lease liabilities. Refer to 
 the Non-IFRS and Supplementary Financial Measures section of this MD&A for further discussion.                                                                                                                                                           |

| (5) | Tax equity financing for the Skookumchuck wind facility, an equity-accounted joint venture, is 
 not represented in these amounts.                                                              |

| (6) | Total consolidated net debt excludes the exchangeable preferred shares as they are considered 
 equity with dividend payments for credit purposes.                                            |

| TransAlta Corporation |     | M45 |

Management’s Discussion and Analysis On March 25, 2025, the Company rep