Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 404

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 404
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 ) |
| Principal payments on lease liabilities             |     |                         |   — |   |     |      |  (1 | ) |     |                         |   (1 | ) |     |      |   (3 | ) |
| Other                                               |     |                         |   1 |   |     |      |  (1 | ) |     |                         |   (5 | ) |     |      |   (1 | ) |
| FCF(4)(5)                                           |     |                         | 105 |   |     |      | 131 |   |     |                         |  421 |   |     |      |  529 |   |

| (1) | Adjusted EBITDA is defined in the Non-IFRS and                                                                                                                                                                                                    
 Supplementary Financial Measures section of this MD&A and reconciled to (loss) earnings before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on 
 closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.                                                                                                 |

| (2) | Net interest expense is a non-IFRS measure, is not                                                                                                                              
 defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation. |

| (3) | Supplementary financial measure. Refer to the Non-IFRS                      
 and Supplementary Financial Measures section of this MD&A for more details. |

| (4) | These items are non-IFRS measures, are not defined and                                                                                                                                                         
 have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS and Supplementary Financial Measures section of this 
 MD&A and reconciled to cash flow from operating activities above.                                                                                                                                              |

| (5) | Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint 
 venture.                                                                                    |

Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:

|                         |     | 3 months ended Sept. 30 |     |   |     |      |     |   |     | 9 months ended Sept. 30 |     |   |     |      |     |   |
|                         |     |