Investor Presentaiton

• PNM Retail Transmission Opportunities The integration of new renewable resources to meet growing Renewable Portfolio Standards and replacement of coal retirements will require additional T&D expansion Renewable Portfolio Standards Growth 80% 20% Coal Capacity Retirements 2020 - 2040 40% 50% 762 MW 200 MW 200 MW 0 MW 2020 2025 2030 2040 PNMResources □ Coal Capacity Renewable Portfolio Standard 18

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