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

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 12
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 in
accordance with the disclosure requirements of Canada, which requirements are different from those of the United States. We are exempt from the rules under the U.S. Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act. Under the U.S. Exchange Act, we are not required to
publish financial statements as promptly as United States companies. Such reports and other information are available on the SEC’s EDGAR website
at www.sec.gov. Prospective investors may read and download any public document that we have filed with the securities regulatory authorities in each of the provinces of Canada on SEDAR+ atwww.sedarplus.ca.

S-5

SUMMARY

The following is a summary of certain information contained in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus. It does not purport to be complete and is qualified in its entirety by, is subject to, and should be read in conjunction with, the detailed information contained elsewhere in this Prospectus Supplement, the Prospectus and the documents incorporated by reference in the Prospectus. It does not contain all the information about our business or the offering that you should consider before investing in the Notes. Terms not defined in this summary are defined elsewhere in this Prospectus Supplement.

TransAlta Corporation

TransAlta Corporation is one of Canada’s largest publicly traded power generators, owning and operating a diverse fleet across Canada,
the United States and Western Australia. Our portfolio includes hydro, wind, solar, battery storage, natural gas and coal, complemented by our exceptional asset optimization and energy marketing capabilities. As one of Canada’s largest
producers of wind and thermal generation and Alberta’s largest producer of hydro power, TransAlta remains committed to a balanced, technology-agnostic generation mix. With strong cash flows underpinned by a high-quality portfolio, we strive to
deliver sustainable long-term value in an evolving energy landscape.

Our goal is to deliver solutions to meet our customers’ needs
for reliable, sustainable power. With over a century of experience, TransAlta is a trusted partner delivering tailored solutions. Our strategic priorities include optimizing our Alberta portfolio, executing our growth plan, realizing the value of
our legacy thermal assets, defining the next generation of power solutions and leading in ESG and market policy development. We are primarily focused on opportunities within our core markets of Canada, the United