Investor Presentaiton

TNMP Load and Economic Conditions Regulated Retail Energy Sales and Customers (weather-normalized) Q2 2019 YTD 2019 • VS. YTD 2018 2019 Guidance VS. Q2 2018 Total Volumetric Load (1) 2% -3% (0.9%) Demand-Based Load (2) 6% - 8% 4.1% 3.7% Avg. End Users • 1.5% -2.0% 1.5% 1.5% TNMP Capital Spend by Region (committed projects) (1.3%) Oil and gas customer requests for new service trending ~33% higher than prior year levels; residential and small commercial requests also trending higher In Q2, TNMP revenues are lower partially due to a change in timing of load additions that are still expected in West Texas West Texas ~40% El Paso Amarillo North/Central TX ~25% • TNMP Service Area Dallas Austin Houston 50 San Antonio Gulf Coast ~35% (1) Primarily Residential usage; represents per-kWh billings TNMP Demand Texas ranks #1 in the US for total electricity production and wind energy production (1) ERCOT summer peak demand projected to grow by 17% over next 10 years (2) (1) Source: Energy Information Administration (EIA) (2) Source: ERCOT (2) Commercial and Industrial demand excluding Transmission customers; represents per-kW monthly peak billings PNM@Resources 27

View entire presentation