Investor Presentaiton

Four Corners Coal Plant Ownership and Proposed Exit Unit Total MW PNM MW PNM Ownership 4 770 100 13% 5 770 100 13% Total 1,540 200 Other Participants/Ownership Arizona Public Service Company 63% (485 MW) Navajo Transitional Energy Company 7% (54 MW) Salt River Project 10% (77 MW) Tucson Electric Power 7% (54 MW) Arizona Public Service Company 63% (485 MW) Navajo Transitional Energy Company 7% (54 MW) Salt River Project 10% (77 MW) Tucson Electric Power 7% (54 MW) Abandonment and Securitization • . January 18, 2021: PNM filed for abandonment and securitization (replacement deferred based on NMPRC San Juan proceeding precedent) . $75 million shareholder payment to relieve remaining PNM obligation under coal contract (2031 expiration) March 15, 2021: Amended filing to incorporate sale of ownership and prudency of investments • December 15, 2021: NMPRC Order denying sale, abandonment and securitization • December 22, 2021: PNM files appeal at New Mexico Supreme Court Securitization reduces customer financing costs, supports impacted workers and communities $271M undepreciated investment 5M decommissioning costs 17M economic development funds 7M financing costs $300M total securitization PNM②Resources 31

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