Investor Presentaiton

Financing Plans Long-term Debt Maturities (in millions) $828 $1,000 $1,401 $80 $180 $185 $125 2022 2023 2024 2025 and Beyond PNM TNMP Corporate €$ $ Up to $200 million equity financing over 2022- 2023 to support capital investments and maintain investment-grade credit metrics Future debt issuances to fund capital investments at PNM and TNMP, including securitization bonds at PNM: • $361 million San Juan securitization bonds • $290 million Four Corners securitization bonds Corporate financing will be addressed in 2022 2023 corporate debt will be refinanced to diversify the company's maturity exposure while keeping flexibility to allow for early repayment Moody's Rating/Outlook S&P Rating/Outlook PNM Resources Baa3(1)/ Stable BBB-(1)/ Positive PNM TNMP Baa2(1) / Stable A2 (2) / Stable BBB (1) / Positive A(2) / Positive (1) Senior unsecured rating (2) Senior secured rating PNM Resources FFO-to-Debt is maintained within Moody's Baa investment grade target range of 13% to 22% PNM②Resources 9

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