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Investor Presentaiton

• Financial Outlook Executing our financial plans Utility growth driven by recovery of T&D infrastructure to support economic growth, grid resilience and New Long-term EPS Growth and Ongoing Earnings Guidance • Targeted 5% EPS growth 2020 - 2025 (1) • • 2022 ongoing guidance midpoint of $2.55 per diluted share 2023 ongoing guidance midpoint of $2.68 per diluted share $2.60 - $2.75 Mexico's transition from $2.50 - $2.60 $2.45 $2.28 coal generation to renewables Growth target incorporates equity needs and maintains solid investment grade credit metrics 2020 2021 2022 Guidance 2023 Guidance PNMResources® (1) Compound annual growth rate calculated from 2020 base period of $2.28 ources 8

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