Lazard Report Information

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.

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