Investor Presentaiton

● Exit from Coal Generation, Emission Reductions The shutdown of Units 2 and 3 at PNM San Juan Generating Station in December 2017 reduced CO2 emissions at this plant by 54% below 2005 levels The 2017 Integrated Resource Plan called for a complete exit from coal generation by the end of 2031 New Mexico's Energy Transaction Act, effective June 14, 2019, calls for 100% carbon-free energy by 2045 PNM has stated a goal to be 100% emissions-free by 2040 Reduction of MW Coal Capacity 22% reduction 983 80% reduction 762 100% 200 coal free 2005 2018 2023 2031 Emissions-Free PNM Generation* 2018 34% Emissions-Free 100% 2032 70% Emissions-Free Emissions-Free by 2040 *Includes PNM generation resources that are owned, leased or under purchase power agreements. Read more in our Climate Change Report at http://www.pnmresources.com/about-us/sustainability-portal.aspx PNMResources 13

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