Investor Presentaiton

Palo Verde Nuclear Generating Station Ownership and Leases MW Owned vs Leased Unit 1 Unit 2 Unit 3 Owned Leased 2.3% 7.9% 30 MW Owned 9.5% 124 MW Owned 10.2% 134 MW 104 MW Leased Total 10.2% 134 MW Total 0.7% 10.2% 10 MW 134 MW Leased 0% 0 MW Total 10.2% 134 MW Yearly Payment Amounts ■ Total PV Unit 1 - $16.5M ■ Total PV Unit 2 - $1.6M Lease Expiration and Replacement ⚫ June 11, 2020: PNM gave irrevocable notice to return leased assets upon expiration of the extended leases on January 15, 2023 (Unit 1) and January 15, 2021 (Unit 2) • April 2, 2021: PNM filed for abandonment and replacement of leased capacity • 450 MW solar PPA, 290 MW storage ESA ⚫ August 25, 2021: NMPRC deemed abandonment previously approved • February 16, 2022: NMPRC approved proposed replacement power PNMResources 32

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