Investor Presentaiton

Liquidity and Debt Maturity Outlook Maintain appropriate Long-term Debt Maturities (in millions) $658 credit metrics $35 $140 $300 $1,003 Remain a solid $350 $306 $57 2020 2021 2022 2023 and Beyond PNM TNMP Corporate investment grade rated company Target regulatory capital structures at PNM and TNMP • Extended $700M revolving credit facilities through 2023 Refinanced $172 million of 9.5% TNMP First Mortgage Bonds in February 2019 . • At-The-Market equity program of approximately $150 million and mandatory convertibles of $300 million are projected to fund 2020 2023 expenditures • New debt issuances projected at utilities through 2023 of $791 million and $361 million securitization bonds S&P Rating/Outlook PNM Resources PNM TNMP Moody's Rating/Outlook Baa3(1)/ Stable Baa2(2)/ Stable A1(3)/Stable BBB+(1) / Negative BBB+(2) Negative A(3) / Negative (1) Issuer rating (2) Senior unsecured rating (3) Senior secured rating PNM Resources FFO-to-Debt is maintained well within Moody's Baa investment grade target range of 13% to 22% PNMResourc ources® 33

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