Investor Presentaiton

PNM Overview Retail Operations • Generation, Transmission and Distribution service to retail customers regulated by the New Mexico Public Regulation Commission Recovery of investments through retail rates set through general rate reviews (future test year); current authorized ROE of 9.575% and 50% equity ratio Investment plans focused on T&D infrastructure to support clean energy transition and meet growing customer needs Forecasted retail load growth driven by economic expansion ■ Retail load growth driven by expansion of 2022E 2023E existing Industrial customers in 2022 and 2023 ■ Residential and Commercial load largely returns to pre-COVID levels in 2022 Total Retail Load (1) 2% -3% 2% -3% PNM Avg. Customers ~1% ~1% Wholesale Transmission Operations • • Transmission service across PNM's system, long-term contracts or short-term network demand, regulated by FERC Formula rate recovery with annual true-up provides more timely recovery of system investments utilizing authorized 10% authorized return on equity and ~50% equity structure Western Spirit acquisition adds $0.17-$0.18 EPS in 2022 $285M acquisition of transmission line and related facilities recovered through long-term contract beginning December 2021 (1) Weather normalized, excludes Economy customers PNM②Resources 13

View entire presentation