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Dividend Growth Consistent Delivery of Dividend Growth At or Above Industry Average 9% CAGR 2013-2018 9% 9% 10% 10% 8% $0.80 Dec '14 $0.88 Dec' 15 $0.97 Dec '16 $1.06 Dec '17 $1.16 Dec '18 $0.74 Dec '13 Expect future dividend growth to mirror earnings growth (approximately 5-6%) Indicative annual dividend rate Expect dividend growth at or above industry average (~5%) in the future while targeting the middle of a 50% - 60% payout ratio range Next dividend review in December 2019 PNM@Resources 8

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