From time-to-time TVA may enter into lease-purchase transactions with third parties as an alternative form of financing. The lease-purchase transactions are funded in part by the issuance of secured notes The secured notes are not direct obligations of TVA, but are secured by rent payments made by TVA under facility lease-purchase agreements. TVA is providing these offering documents related to the secured notes for various lease-purchase transactions for informational purposes only. Providing this information is not an offer to sell any securities. Please refer to TVA annual reports on Form 10-K (available here), and Quarterly Reports on Form 10-Q for disclosures related to TVA’s participation in these transactions and related obligations.