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Investor Presentaiton

TNMP General Rate Review Settlement • Settlement approved December 20, 2018 Rates implemented January 2019 Key Components of Approved Settlement Annual revenue increase $10.0M ROE (prior authorized 10.125%) 9.65% Capital structure 45% Equity (prior authorized 45% equity) Cost of debt 6.4% Increase to rate base $73M Return of excess deferred federal income taxes $11.0M PNM②Resources 29

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