Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 37

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 37
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 means the occurrence of a decrease in the rating of the Notes by one or more gradations (including gradations within the rating categories, as well as between categories) by each of the Rating Agencies, within 60 days of the earliest of (a) a Change of Control, (b) the date of public notice of the occurrence of a Change of Control or (c) public notice of the intention of the Corporation to effect a Change of Control (which 60-dayperiod shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by a Rating Agency); provided, however, that notwithstanding the foregoing, a Ratings Decline shall be deemed not to have occurred if any of the Rating Agencies rates the Notes with an Investment Grade Rating that is not subject to review for possible downgrade on such 60 thday. The Trustee shall not be charged with knowledge of, or be responsible for the monitoring of, the ratings of the Notes. “ Change of Control” means the occurrence of any of the following:

| (a) | the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, 
 amalgamation, arrangement or consolidation), in one or more series of related transactions, of all   |

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| or substantially all of the Corporation’s assets and the assets of its subsidiaries, taken as a whole, to any person, other than to the Corporation or one of its subsidiaries; |

| (b) | the consummation of any transaction (including, without limitation, any merger or consolidation) the result of                                                                                                                      
 which is that any person (other than a subsidiary of the Corporation) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the                                                                                 
 U.S. Exchange Act), directly or indirectly, of more than 50% of the Corporation’s outstanding Voting Shares or other Voting Shares into which the Corporation’s Voting Shares are reclassified, consolidated, exchanged or changed, 
 measured by voting power rather than number of shares;                                                                                                                                                                              |

| (c) | the Corporation consolidates with, or merges or amalgamates with or into, or enters into an arrangement with,                                                                                                                                   
 any person, or any person consolidates with, or merges or amalgamates with or into, the Corporation, in any such event pursuant to a transaction in which any of the Corporation’s outstanding Voting Shares or the Voting Shares of such other 
 person are converted into or exchanged for