Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 8

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 8
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 complete the offering on a timely basis and on the terms expected; fulfillment by the underwriters of their obligations pursuant to the
underwriting agreement; that no event will occur which would allow the underwriters to terminate their obligations under the underwriting agreement; no significant changes to applicable laws and regulations beyond those that have already been
announced; no significant changes to fuel and purchased power costs; no material adverse impacts to long-term investment and credit markets; no significant changes to power price and hedging assumptions, including hedged volumes and prices; no
significant changes to gas commodity prices and transport costs; no significant changes to decommissioning and restoration costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no
significant changes to the integrity and reliability of our assets; planned and unplanned

S-2

outages and use of our assets; and no significant changes to the Corporation’s debt and credit ratings. Although the Corporation believes that these assumptions are reasonable based on
currently available information, there can be no assurance that such assumptions will prove to be correct.

Forward-looking statements are
subject to a number of significant risks and uncertainties that could cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely impact what is expressed or implied by
forward-looking statements contained in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus include risks relating to: fluctuations in power prices; changes in supply and demand for electricity;
our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; any difficulty raising needed capital in
the future on reasonable terms or at all; our ability to achieve our targets relating to environment, social and governance (“ESG”); long-term commitments on gas transportation capacity that may not be fully utilized over time;
changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure;
disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased
cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our
generating