The 2014 and 2021 reports of Lazard Frères & Co. LLC (“Lazard”) contain the independent
analyses and opinions of Lazard; accordingly, TVA does not guarantee the accuracy of
such analyses and opinions, nor does TVA undertake any obligation to modify, supplement,
or update Lazard’s reports at any time. Moreover, the future forecasts and assumptions
reflected in Lazard’s reports do not represent decisions made by the TVA Board or
predict what specific actions the TVA Board or TVA might take in the future, and actual
events and results might differ materially.