Investor Presentaiton

Pending Merger Agreement with Avangrid Merger agreement extended to April 2023 • Retains benefits of $300 million negotiated in New Mexico Broad community and intervenor support remain in place for merger approval Strategic Rationale • • • . • Benefits of scale, regulatory diversity and improved credit profile Strong ESG focus with a global and national leader Commitment to maintaining local control of utilities, following through on clean energy commitments, support for economic development and community giving New Mexico Supreme Court Appeal and Process . Commission rejection of the stipulation agreement is not supported by the evidentiary record - Statement of Issues filed February 2 Supreme Court appeal is next step in path forward to close the merger No statutory timeframe, we expect a ~12- to 18-month process Schedule of appeal filings: • 45 days for PNM/AVANGRID to file brief - filed April 7, 2022 • 45 days for NMPRC to file answer brief - due June 13, 2022 AVANGRID PNM@Resources 20 days for PNM/AVANGRID to file response brief - due early July 2022 • Oral arguments at court's discretion PNM@Resources 11

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