Investor Presentaiton

Executing the Energy Transition Act Our Goal: Carbon-Free by 2040 (5 years earlier) Step 1: Exit coal generation • Retire San Juan Generating Station: Reduction of MW Coal Capacity 983 22% reduction Retired Units 2 and 3 in 2017 (221 MWs); Retirement of Units 1 and 4 in 2022 (562 MWs) 2021 Renewables Coal Renewables 31% 24% 2022 Coal 7% 2015 2020 762 80% reduction Coal- 200 free 2025 2031 41% Natural Nuclear Natural 13% Gas 32% Storage Nuclear 13% Gas 33% Emission Reduction Goals: 2025 2035 2040 6% MW Capacity CO2 60% 80% 100% • Exit Four Corners Coal Plant: NOX 70% 90% 100% SO2 90% 100% 100% Exit from ownership participation no later than expiration of existing agreements in 2031 (200 MWs) Step 2: Eliminate natural gas generation emissions by 2040 • Exit from Valencia gas plant in 2028 (158 MWs) • Transform existing and transitional gas plants to carbon-free capacity Step 3: Actively pursue the development of carbon-free Freshwater Reduction Goals: 2025 2035 2040 Freshwater 70% 80% 90% PNM-owned facilities, as reported to EPA, compared to 2005 levels replacement power alternatives to reach 100%, including renewable/storage combinations, transitional gas, regional market participation, next-generation battery, pumped hydro, emissions-free combustion turbines through hydrogen or other clean fuels, emerging technologies PNMResour Resources 17

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