Pursuant to the terms of the 1998 Series D Offering Circular, TVA conducted the calculation on Wednesday, May 4, 2022, and determined that the coupon rate on the TVA 1998 Series D Puttable Automatic Rate Reset Securities bonds (NYSE: TVC) will remain at the current rate of 2.134%. The next reset calculation will be performed on Wednesday, May 3, 2023, to determine if the rate will be reset beginning on June 1, 2023. Please see the 1998 Series D Offering Circular and supplements to the offering circular for additional information.