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Investor Presentaiton

Palo Verde Nuclear Generating Station Ownership and Leases MW Owned vs. Leased Unit 1 Unit 2 Unit 3 Owned Leased 2.3% 30 MW Owned 9.5% 124 MW Owned 10.2% 134 MW 7.9% 104 MW Leased 0.7% 10 MW Leased 0% 0 MW Total 10.2% 134 MW Total 10.2% 134 MW Total 10.2% 134 MW Lease Expiration • Unit 1: January 15, 2015; exercised option to extend leases to 2023 • Unit 2: January 15, 2016; exercised right to purchase 3 leases in 2016 and option to extend one lease to 2024 Yearly Payment Amounts ■ Total PV Unit 1 - $16.5M ■ Total PV Unit 2 - $1.6M PNM@Resources 36

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