At its March 12, 2021, quarterly meeting, the TVA Retirement System (TVARS) board approved an amendment to Section 3(2) of the TVARS Rules and Regulations that would restrict any individual who is or was a participant in TVA’s Supplemental Executive Retirement Plan (SERP) from being eligible to serve as a director on the TVARS board: TVA RETIREMENT SYSTEM NOTICE OF AMENDMENT TO THE RULES AND REGULATIONS OF THE TVA RETIREMENT SYSTEM (TVARS) April 12, 2021 At its March 12, 2021, quarterly meeting, the TVA Retirement System Board of Directors (TVARS Board) approved by a 4 to 3 vote an amendment to Section 3(2) of the TVARS Rules and Regulations. This amendment adds a new subsection to Section 3(2) that would restrict any individual who is or was a participant in TVA’s Supplemental Executive Retirement Plan (SERP) from being eligible to serve as a Director on the TVARS Board until it is determined by actuarial valuation that the Retirement System has reached 100% funded