Investor Presentaiton

TNMP Overview • • Transmission and Distribution Utility (TDU) within Deregulated ERCOT Market Transmission and Distribution service to consumers regulated by the Public Utility Commission of Texas Recovery of investments through rates set through general rate reviews (historical test year), semi- annual recovery of transmission investments and annual recovery of distribution investments; current authorized ROE of 9.65% and 45% equity ratio Consistent growth in TNMP service territory டுப் ■ Volumetric load growth consistent with customer growth in 2022 and 2023 Demand-based growth in 2022 and 2023 incorporates new service requests 2023E 2022E Volumetric Load (1) Demand-Based Load (2) TNMP Avg. End Users 1% - 2% 1% - 2% 2.5% - 3.5% 2.5% - 3.5% ~1.5% ~1.5% Low-risk revenue profile $ ■ Transmission investment and expense recovery (~50% of revenues) trued up twice per year Distribution investment recovery trued up annually Majority of demand-based bills based on greater of peak monthly usage, or 80% of previous 11 months peak, increasing revenue stability (1) Primarily Residential per-kwh billings, weather-normalized (2) Commercial and Industrial per-kw monthly peak billings, weather-normalized; excludes retail Transmission customers PNM②Resources 22

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