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These Annual Disclosure Reports are being provided by the SFPUC in connection with our undertaking entered into in accordance with Rule 15c2-12, promulgated by the U.S. Securities Exchange Commission. The information provided in these reports speak only as of their respective dates. The delivery of these Annual Disclosure Reports may not, under any circumstances, create an implication that there has been no other change to the information provided in any final official statement. Other than as set forth in the Continuing Disclosure Agreement, SFPUC has not agreed to notify the secondary market of subsequent changes to the information in these Annual Disclosure Reports.

See the disclosure reports attached below.

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Last updated: 4/1/2014 2:55:50 PM