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Investor Presentaiton

Liquidity as of July 26, 2019 PNMR PNMR PNM PNM TNMP Financing Capacity (1): ment (In millions) Develop Corporate Resources /Other Consolidated Revolving credit facilities $440.0 $75.0 $40.0 $300.0 $855.0 As of 7/26/19: Short-term debt and LOC balances $56.9 $0.1 $32.9 $72.4 $162.3 Remaining availability 383.1 74.9 7.1 227.6 692.7 Invested cash 13.8 0.9 Total Available Liquidity $383.1 $88.7 $7.1 $228.5 14.7 $707.4 (1) Excludes intercompany debt and term loans PNMResources 34

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