TVA - Investment Opportunities

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The offering circulars provided on this Web site relate to certain TVA securities that have been (and, in the case of electronotes® and Discount Notes, may in the future be) offered and sold by TVA. TVA securities are not available for purchase from TVA (except for Discount Notes, which are initially available only to certain selling group members). TVA securities (including electronotes® and Discount Notes) are not obligations of or guaranteed by the United States of America.

Although TVA files annual, quarterly, and current reports with the U.S. Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, TVA is not required to file registration statements with the SEC under the Securities Act of 1933. Because TVA does not file registration statements with the SEC, TVA is voluntarily providing the offering circulars for certain of its securities on this Web site for public information purposes only. The offering circulars do not contain all the information that TVA would be required to file with the SEC if it were subject to the registration requirements of the Securities Act of 1933. In addition, TVA does not post offering circulars relating to all of its securities on this Web site and may discontinue posting any offering circular(s) without notice at any time. The posting of any offering circular should not be considered an offer to sell or a solicitation of an offer to buy the securities described therein or any other securities of TVA in the United States or in any foreign jurisdiction (including, for avoidance of doubt, the United Kingdom). Additionally, the viewing or distribution of offering circulars may be restricted by law in some jurisdictions. Persons who view offering circulars are required to inform themselves about and to observe all such applicable restrictions. Moreover, TVA may supplement or amend its offering circulars from time to time, and TVA undertakes no obligation to include such supplements or amendments on this Web site.

By accessing any offering circular through this Web site, you acknowledge that (1) TVA is not now by its posted offering circulars offering the securities named therein or any other securities of TVA nor soliciting an offer to buy such securities in the United States or in any foreign jurisdiction (including, for avoidance of doubt, the United Kingdom); (2) no offering circular will be construed by you as a description of TVA or its programs at any time subsequent to its date, nor will you assume from its availability here that the affairs of TVA (or its programs) have not changed since the date of such document; (3) no representation is made to you as to the propriety or legality of any secondary market trading of such securities in any jurisdiction within or outside of the United States; (4) you are a resident of the United States; and (5) you have read and accept the information provided in the document entitled "Important Information Regarding the Use of This TVA Web Site."

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Issue	Description	Coupon Rate	Issue Amount	CUSIP
2024 Series A Global Offering Circular Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on February 1 and August 1 Not callable prior to maturity Matures at par on August 1, 2034 NYSE symbol TVA34	4.375%	$1,000,000,000	880591FB3
2023 Series A Global Offering Circular Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on March 15, 2028 NYSE symbol TVA28	3.875%	$1,000,000,000	880591EZ1
2022 Series A Global Offering Circular Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on September 15, 2052 NYSE symbol TVA52	4.25%	$500,000,000	880591EY4
2021 Series A Green Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on September 15 and March 15 Not callable prior to maturity Matures at par on September 15, 2031 NYSE symbol TVA31	1.50%	$500,000,000	880591EX6
2020 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on May 15 and November 15 Not callable prior to maturity Matures at par on May 15, 2025 NYSE symbol TVA25A	0.75%	$1,000,000,000	880591EW8
2017 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on August 1 and February 1 Not callable prior to maturity Matures at par on February 1, 2027 NYSE symbol TVA27	2.875%	$1,000,000,000	880591EU2
2015 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on September 15, 2065 NYSE symbol TVA65	4.25%	$1,000,000,000	880591ES7
2014 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on September 15, 2024 NYSE symbol TVA24	2.875%	$1,000,000,000	880591ER9
2012 Series B Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on December 15 and June 15 Not callable prior to maturity Matures at par on December 15, 2042 NYSE symbol TVA42	3.50%	$1,000,000,000	880591EP3
2010 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on September 15, 2060	4.625%	$1,000,000,000	880591EJ7
2009 Series C Global Offering Circular Reopened Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on March 15 and September 15 Not callable prior to maturity Matures at par on September 15, 2039 Reopened in May 2010 for an additional $500 million NYSE symbol TVA39	5.25%	$2,000,000,000	880591EH1
2009 Series B Offering Circular	Issued in denominations of $1,000 Semiannual interest payments each June 15 and December 15 Amortizing through June 15, 2034	3.77%	$469,454,000	880591EF5
2008 Series C Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on December 15 and June 15 Not callable prior to maturity Matures at par on June 15, 2038 NYSE symbol TVA38A	5.50%	$500,000,000	880591ED0
2008 Series A Global Offering Circular	Notice regarding 2008 Series A Issued in minimum denominations of $2,000 Semiannual interest payments on July 15 and January 15 Not callable prior to maturity Matures at par on January 15, 2048 NYSE symbol TVA48	4.875%	$500,000,000	880591EB4
2006 Series A Global Offering Circular	Issued in minimum denominations of $2,000 Semiannual interest payments on October 1 and April 1 Not callable prior to maturity Matures at par on April 1, 2056 NYSE symbol TVA56	5.375%	$1,000,000,000	880591DZ2
2005 Series A Global Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on June 15 and December 15 Not callable prior to maturity Matures at par on June 15, 2035 NYSE symbol TVA35	4.650%	$500,000,000	880591DX7
2003 Series B Global Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on January 15 and July 15 Not callable prior to maturity Matures at par on July 15, 2033 NYSE symbol TVA33	4.700%	$500,000,000	880591DV1
2003 Series A Global Offering Circular	Issued in denominations of £1,000 Annual interest payments on June 7 Not callable prior to maturity Matures at par on June 7, 2043 NYSE symbol TVA43BP	4.625%	£150,000,000	880591DU3
2001 Series B Global Offering Circular	Issued in denominations of £1,000 Annual interest payments on June 7 Not callable prior to maturity Matures at par on June 7, 2032 NYSE symbol TVA328P	5.625%	£250,000,000	880591DP4
2000 Series G Global Offering Circular	Issued in denominations of £1,000 Semiannual interest payments on May 1 and November 1 Not callable prior to maturity Matures at par on May 1, 2030 NYSE symbol TVA328P	7.125%	£1,000,000,000	880591DM1
1998 Series B Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on January 15 and July 15 Not callable prior to maturity Matures at par on January 15, 2038 NYSE symbol TVA38	6.150%	$1,000,000,000	880591CP5
1997 Series C Exchange Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on April 1 and October 1 Not callable prior to maturity Matures at par on April 1, 2036 NYSE symbol TVA36C	5.880%	$1,500,000,000	880591CS9
1996 Series A Double Put Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on April 1 and October 1 Not callable prior to maturity Matures at par on April 1, 2036 NYSE symbol TVA36A	5.980%	$1,350,000,000	880591CK6
1995 Series E Global Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on May 1 and November 1 Not callable prior to maturity Matures at par on November 1, 2025 NYSE symbol TVA25	6.750%	$1,350,000,000	880591CJ9
1995 Series B Put Offering Circular	Issued in denominations of $1,000 Semiannual interest payments on January 15 and July 15 Callable at par plus accrued interest at any time on or after July 15, 2020, with 15 business days' advance notice given by TVA prior to call Matures at par on July 15, 2045 NYSE symbol TVA45	6.235%	$500,000,000	880591CF7

Notice: Issue amounts for securities listed in this table reflect original principal amounts and original offer amounts, where applicable, and may not reflect the amount(s) of any series of securities currently outstanding, or the actual amounts issued. Additionally, the issue amounts do not reflect whether any of the interest or principal components of the securities have been separated ("stripped") or the amounts that maybe eligible to be stripped from the securities by any holders.

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