Investor Presentaiton

2022 Dividend Increase and Payout Ratio • Board of Directors increased the common dividend by $0.08 to $0.3475 per quarter ● Annual dividend targets middle of a 50%-60% payout ratio range $2.55 $2.45 $2.28 $2.16 Indicated annual rate of $1.39 per share represents 6.1% $2.00 increase $1.06 $1.16 Dec '18 $1.23 Dec '19 $1.31 Dec '20 $1.39 Feb '22 . Board to address dividend again in December 2022 Dec '17 53% 54% 54% payout payout payout 54% payout 55% payout Dividends continue until close of merger 2018 2019 2020 2021 2022E transaction I Actual Ongoing EPS I Indicated Annual Dividend Midpoint Earnings Guidance PNM@Resources 10

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