COVID-19 Update and Q1 2020 Earnings ReviewMay 1, 2020

November 1, 2019

Safe Harbor Statement

2

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995Statements made in this presentation for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”) and Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings and the information filed on the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

Non-GAAP Financial MeasuresFor an explanation of the non-GAAP financial measures that appear on certain slides in this presentation (ongoing earnings, ongoing earnings per diluted share and ongoing earnings guidance measures), as well as a reconciliation to GAAP measures, please refer to the Company’s website as follows: http://www.pnmresources.com/investors/results.cfm.

http://www.pnmresources.com/investors/results.cfm

Opening Remarks and OverviewPat Vincent-Collawn

Chairman, President and CEO

Opening Remarks

4

COVID-19 reminds us of our purpose, values and culture• We are responsible for providing an essential service• Our communities rely on us for more than electricity• Our team is our most valuable asset, supported by our values

and culture

Top priorities in COVID-19 environment:• Safety of our team• Caring for our customers and communities• Managing our essential operations

Strategy and Vision• Transformation of PNM generation portfolio• Expansion of PNM transmission grid to integrate renewable

resources and battery storage• Invest in TNMP infrastructure to support reliable service across

diverse service territory and customer base

Regulatory Strategies

5

Deferring plans to file general rate review due to COVID-19, filing instead for full decoupling for residential and small commercial customers

Filed to defer incremental COVID-19 related expenses to a regulatory asset that will be included in a future rate review for recovery

COVID-19 Electricity Relief Program designed to support entire ERCOT market: customers, Retail Electric Providers, and T&D utilities

Utilizing DCOS (filed April 6, 2020) and TCOS mechanisms (first 2020 filing approved in March, second filing expected in July) to recover capital investments without general rate review

Regulatory strategies have been modified to consider the current environment and reflect our focus on benefitting customers and communities

Executing Strategic Plans

6

San Juan abandonment, securitization and replacement power

San Juan abandonment/ securitization unanimously approved on April 1, 2020

San Juan replacement power: Hearing Examiner recommended decision and NMPRC order by October 1, 2020

Developing plans to exit Four Corners

200 MW ownership Contracts expire

2031, PNM looking to exit sooner

Evaluating decision to retain / replace Palo

Verde leased capacity 104 MW expires 2023 10 MW expires 2024

Transform the PNM generation portfolioBalance appropriate level of baseload resources to be emissions-free by 2040 and

shift towards additional low-cost renewables and flexible resources

Financial Overview and COVID-19 Updates

Chuck EldredExecutive Vice President, Corporate Development and Finance

COVID-19 Scenario Analysis

8

Stage 1 Stage 2 Stage 3

Duration / Economic Conditions

(Margin Impact)

Up to 60 day-impact (through May) with closure of non-essential businesses, restrictions lifted by end of

May

60 - 120 day-impact (through July), with closure of non-essential businesses, restrictions lifted beginning

of August

>120 day-impact, duration of 4-6 months before

recovery begins (continues through the end of 2020)

Workforce Disruption

(Capital Impact)

No significant disruption to critical workforce; remaining

workforce able to work remotely

Up to 15% disruption for a sustained period resulting

from absenteeism

Up to 40% disruption for a sustained period resulting

from absenteeism

Supply Chain(Capital Impact)

No material supply chain issues, adequate near-term supply of capital equipment

on-site or available

Disruption in supply chain for specific capital

equipment results in 1–2 month delay on certain projects; no issues with

maintenance capital necessary to maintain

reliable service

Major disruption in supply chain delays significant

capital projects; prioritization of capital

equipment to meet most essential reliability projects

• Continued scenario analysis and planning under 3 different stages:

COVID-19 Financial Considerations: Continued Transparency

9

Q4

September

August

July

June

May

April

March

Stage 2 Guidance at Risk

Stage 3Outside of Guidance

• Continue to evaluate impacts and implement mitigating plans

Stage 1Manage within

Guidance

• Developed planning scenarios• Q1 results in line with assumptions• April results evaluated, assumptions updated

• Continued transparency into our scenario analysis as we progress through stages and evaluate continued impacts:

Summer temperatures

are key

Slow recovery into 2021, potential that some

businesses do not reopen

Business Fundamentals Remain Intact Amidst COVID-19

10

Rate Base Growth

Earnings Growth

Dividend Growth

Liquidity

• 8.9% rate base growth 2019 - 2023• PNM and TNMP T&D continues to support critical

infrastructure and reliability projects• Balancing replacement power with additional

opportunities for PNM T&D

• 5% - 6% earnings growth target of 2019 - 2023• Proven history of building flexible plans that are

adaptable in response to changing conditions

• Dividend growth to mirror earnings growth• Quarterly declarations by Board of Directors• Annual dividend evaluated in December

• Immediate equity needs met through January 2020 forward offering

• Adequate liquidity remains available to finance business needs

Liquidity / Financings

11

projected May 1, 2020 Capacity Borrowed Available(in millions)

Revolvers $855 $179 $676Invested Cash 25 25Forward Equity 287 - 287Available Liquidity $1,167 $179 $988

Available liquidity remains adequate at $1 billion to finance business needs

April 2020 Transactions:• PNM $250 million 14-month (through June 2021) term loan effective April 15, 2020 • PNM $200 million Senior Unsecured Notes issued April 30, 2020 at a weighted

average rate of 3.3%• TNMP $185 million First Mortgage Bonds, with $110 million of bonds issued on April

24, 2020 and $75 million of bonds to be issued by July 15, 2020 at a weighted average rate of 3.0%

• $855 million capacity under multi-year revolving credit facilities

• $287 million under January 2020 forward equity offering, which has the flexibility to be drawn down earlier than December 2020 if needed

COVID-19 Financial Considerations and Updates

12

• Load impacts, mitigating impacts

Ongoing Earnings Guidance Considerations

• Updated assumptions: PNM greater impacts, TNMP lesser impacts

COVID-19 Load Impacts

• TNMP relief program in effect; PNM filed for regulatory asset treatment of COVID-19 related costs

Bad Debt Considerations

• PNM deferring planned general rate review due to COVID-19, filing instead for full decoupling in May 2020

PNM Decoupling

COVID-19 Financial Considerations and Updates

Don TarrySenior Vice President and CFO

Ongoing Earnings Guidance Affirmed Based on COVID-19 Stage 1

14

COVID-19 Load Impacts

March $0.00 April ($0.02)

May ($0.02)

June ($0.02)-($0.03)

July ($0.02)-($0.03)

August ($0.02)September ($0.02)

Q4 ($0.02) / month

$2.16 Consolidated EPS $2.26

Mitigating Impacts

Lower interest and financing costs, weather, managing O&M

Phase-in cost contingency plans, regulatory filings, weather

Reassess guidance

2020 Earnings Guidance affirmed based on Stage 1 COVID-19 Considerations

Stage 1: Manage within

Guidance

Stage 3: Outside of Guidance

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2020 Guidance Projection 2019

COVID-19 Load Impacts: Updated Assumptions

15

Stage 1 Stage 2 Stage 3

April results provide additional clarity, updated assumptionsPNM: reduced load projection as Commercial experiences greater COVID-19 impacts

• Residential COVID-19 increase remains +5%• Commercial COVID-19 reduction updated to -15% (from -10%)

TNMP: increased load projection as Demand-based experience lesser COVID-19 impacts• Demand-based COVID-19 reduction updated to -5% (from -10%)• Volumetric COVID-19 increase remains +5%

TNMPDemand-Based

TNMPVolumetric

PNM Volumes

PNM / New Mexico COVID-19 Update

16

• New Mexico’s largest employers include government and health care, with a larger number of small/medium businesses

• New Mexico Governor and Economic Recovery Council begin multi-phased plan for “gradual and safe reopening”

Customer Class Considerations• Residential: highest rate class, increased volumes

during the Stay-at-Home order• Commercial: weighted towards small businesses

that are most impacted by the Stay-at-Home order• Industrial: no significant impacts expected

PNM Sales by Customer Class % Volumes % Revenues

Residential 36% 46%Commercial 41% 42%Industrial 20% 10%Other 3% 2%

Southern ~15%

Central~85%

PNM 2019 Revenues by Region

TNMP / Texas COVID-19 Update

17

West Texas ~15%

North/Central TX ~35%

Gulf Coast ~50%

● TNMP Service Area

TNMP 2019 Revenues by Region

• TNMP EPS is less impacted by changes in load/demand:• Transmission recovery (45% of revenues), trued up twice per year• Majority of demand-based bills based on greater of peak monthly usage, or 80% of

previous 11 months peak; ERCOT set new April system peaks in 2020• ERCOT peak demands have been less impacted than other areas of the country• Governor lets stay-at-home order expire on April 30, 2020 and businesses begin to

reopen at limited capacity

TNMP Regional Breakdown

18

TNMP – West Texas

West Texas ~15%

North/Central TX ~35%

Gulf Coast ~50%

● TNMP Service Area

Region provided 15% of 2019 retail revenues• ~50% of 2019 revenues derived from retail

transmission customers with recovery trued up twice per year

• ~25% of 2019 revenues demand derived from higher-voltage customers that continue to trend above 2019 levels during COVID-19

• Diversification of customers within the oil & gas industry between upstream (production, separation and water handling activities) and downstream (processing and transportation of oil and gas prior to market) activities

• Delaware Basin has one of the lowest break-even price for oil and gas production in the Permian Basin and the entire US, area is only partially served by utility power

• Largest city: Pecos ~10,000 residents

TNMP 2019 Revenues by Region

Permian Basin

Delaware Basin

TNMP Regional Breakdown

19

TNMP – North/Central TX

West Texas ~15%

North/Central TX ~35%

Gulf Coast ~50%

● TNMP Service Area

TNMP 2019 Revenues by RegionRegion provided 35% of 2019 retail revenues• Dallas region is home to 250 corporate

headquarters that each employ more than 1,000 people globally, 22 Fortune 500 companies and 8 of Forbes’ largest privately held companies

• The sprawl from Dallas-Ft Worth into the TNMP service territory has resulted in a load profile that is evenly split between residential customers and the commercial businesses supporting these communities (retail, restaurants, entertainment, schools, health care facilities)

• COVID-19 Trends: Increases in residential customer usage are offset by reduced demand-based business usage

• Largest city: Lewisville ~100,000 residents

TNMP Regional Breakdown

20

TNMP – Gulf Coast

West Texas ~15%

North/Central TX ~35%

Gulf Coast ~50%

● TNMP Service Area

TNMP 2019 Revenues by RegionRegion provided 50% of 2019 retail revenues• Regional economy driven largely by oil refining

and petrochemical industries, supplemented by the aerospace and medical industries

• Sprawl from Houston has led to TNMP’s greatest portion of residential customers in this region, combined with supporting commercial businesses (retail, restaurants, entertainment, schools health care facilities) and the marine and tourism industry native to the coast

• ~60% of 2019 revenues from residential customers, who have increased usage during COVID-19

• Petrochemical companies boosting production of chemicals used in medical personal protective equipment and hand sanitizer during COVID-19

• Largest cities: League City ~100,000 residents and Texas City ~50,000 residents

Bad Debt Considerations

21

• PNM joint filing on April 27, 2020 with NMPRC to request deferral of utility’s uncollectible payments and incremental costs in response to COVID-19 to regulatory asset, with recovery determined in next rate review

• Proactive outreach to customers with outstanding balances to offer information regarding payment assistance options and programs, including payment plans specifically designed to offer COVID-19 assistance

• In the absence of approval to defer costs, COVID-19 assumptions related to bad debt:• Historically ~0.35% of revenues • Stage 1: 10% write-off of payment deferrals increases expense by

PNM Decoupling Filing

22

Stand-alone full decoupling filing

To be filed May 2020

Request order by year-end

Customer bills more accurately reflect the fixed, non-fuel costs of the service provided

Residential

Small Commercial

Disassociates utility profits from sales volumes

Removes utility disincentives to promote

energy efficiency or conservation programs

Eliminates the upside/ downside risks of

weather for the non-fuel portion of customer bills

PNM filing decoupling in lieu of its planned general rate review due to challenges created for customers by COVID-19

Questions and Answers

Appendix

PNM and TNMP Regulatory Agenda

25

Filing Action Timing Docket No.PNM:Deferral of Incremental costs related to COVID-19 PNM and other utilities filed joint motion April 27, 2020 Pending 20-00069-UT

Consolidated Application for San Juan GeneratingStation (Abandonment, Securitization and Replacement)

PNM filed July 1, 2019; NMPRC bifurcated case; New Mexico Supreme Court ruled January 29, 2020 that Energy Transition Act applies to both dockets.

NMPRC order approving abandonment/securitization issued April 1, 2020

Replacement hearings held January 2020Replacement power: pending recommended decision and NMPRC Order by October 1, 2020

19-00018-UT

19-00195-UT

Solar Direct ProgramPNM filed May 31, 2019 for approval of voluntary renewable program expected to begin March 31, 2021; Hearings completed January 2020

Approved March 25, 2020 19-00158-UT

TNMP:

TCOS Filing TNMP filed January 24, 2020; Approved March 27, 2020 Rates implemented March 27, 2020 50481

DCOS Filing TNMP filed April 6, 2020 Rates expected to be implemented September 1, 2020 50731

Upcoming activities:• PNM Decoupling• PNM annual FERC formula rate and PNM annual Renewable plan filings• TNMP second 2020 TCOS filing anticipated for July 2020

COVID-19 Load: Assumptions and EPS Rules of Thumb

26

Updated Assumption• +5% Residential impact• -15% Commercial impact• No significant Industrial impacts

TNMP

PNM

TNMP EPS is less impacted by changes in load/demand:• T&D rate (no generation) • Transmission investment/expense recovery (45% of revenues), trued up twice per year• Majority of demand-based bills based on greater of peak monthly usage, or 80% of

previous 11 months peak usage

RULE OF THUMB10% change in load =

Monthly EPS Impact

April – May +/- $0.02June – September +/- $0.03 - $0.04August – December +/- $0.02

RULE OF THUMB10% change in load =

Monthly EPS ImpactVolumetric Demand-Based

April – May +/- $0.01 +/- $0.01June – September +/- $0.02 +/- $0.01August – December +/- $0.01 +/- $0.01

Updated Assumptions• +5% Volumetric impact• -5% Demand-based impact

TNMP Low-Risk Revenue Profile

27

30%Gulf Coast

3% West Texas

19%North/Central

16%North/Central

12%WestTexas

20%Gulf Coast

• 52% Volumetric Revenues: billed on kWh usage• Residential customers (97%)• Primarily in the Gulf Coast, North/Central regions

• 48% Demand-Based Revenues: billed on the peak hour of kW demand during the month

• Majority of customers subject to billing ratchet, meaning billing is the greater of the current month peak or 80% of prior 11 months peak

2019 Retail Revenues 50% Gulf Coast 35% North/Central Texas 15% West Texas

2019 TNMP Revenues$295M Retail Revenues

Includes $94M of pass-through transmission expense recovery, trued up twice annually

$67M Wholesale RevenuesFixed transmission investment recovery; can

be adjusted twice annually through TCOS filings, $81M approved March 2020

2020 Consolidated Ongoing Earnings Guidance

28

$2.16 Consolidated EPS $2.26

8%22%

55%

15%

Q1 Q2 Q3 Q4

2020 Annual EPS Distribution by Quarter

AppendixQ1 Earnings Review

Q1 2020 Ongoing EPS Financial Summary

30Note: Segment drivers included in appendix

$0.04

$0.04 ($0.01)

$0.11

$0.18

Q1 2019 Q1 2020

PNM

TNMPCorporate

Q1 2020 vs Q1 2019 EPS (Ongoing): PNM

$0.12$0.16

Q1 2019 Q1 2020

31

PNM

Q1 2020 Key Performance Drivers ∆ EPSO&M decreases $0.03Outage cost decreases $0.02Renewable rider $0.01Retail load $0.01Leap year $0.01FERC transmission margin $0.01

Weather ($0.02)Decommissioning/reclamation trust income, net of fees ($0.02)Depreciation and property tax ($0.01)

Q1 2020 vs Q1 2019 EPS (Ongoing): TNMP and Corporate

32

$0.05 $0.09

Q1 2019 Q1 2020

TNMP

($0.06) ($0.07)

Q1 2019 Q1 2020

Corporate

Q1 2020 Key Performance Drivers ∆ EPSEffective tax rate ($0.01)

Q1 2020 Key Performance Drivers ∆ EPSRate relief (TCOS) $0.03Interest rate savings $0.02Load $0.01Other $0.01

Depreciation and property tax ($0.02)Weather ($0.01)

Weather Impact

33

PNM Q1 2020 Q1 2019 2020 Normal(1)

Heating Degree Days 1,089 1,222 1,119

Cooling Degree Days 0 1 0

Net EPS Impact compared to normal

$0.00 $0.02

TNMP Q1 2020 Q1 2019 2020 Normal(1)

Heating Degree Days 711 927 907

Cooling Degree Days 196 75 97

Net EPS Impact compared to normal

($0.01) $0.00(1) 2020 normal weather assumption reflects the 20-year average for the period 2000 - 2019

PNM Scheduled Plant Outages

34

San Juan

Unit Duration in DaysTime

PeriodNo planned outages in 2020

Palo Verde

Unit Duration in DaysTime

Period2 30 Q2 2020

1 44 Q4 2020

Four Corners

Unit Duration in DaysTime

Period5 75 Q1-Q2 2020

4 23 Q2 2020

4,5 13 Q4 2020

$3.3B investment plan results in 8.9% rate base growth$15M added to PNM T&D in 2020 to support customer growth, incremental to $20M added in February

$275 $306$322 $345$337 $270 $342

$348

$211 $174

$182 $202

$128 $94

$82 $77

$68 $109 $268

$48

$177

$72

$27 $27

$21

$21

$25

2020 2021 2022 2023

(in m

illio

ns)

TNMP PNM T&D PV Lease Purchases/Other Replacement Power

PNM Existing Generation PNM Transmission Expansion SJGS Replacement Power

50% NMRD Renewable Additions Business Technology Services/General Services Depreciation

$771

$993

$853

$695

35

2020 – 2023 Investment Plan

(1) Western Spirit acquisition of $285M reflects assumed purchase price of $360M, net of $75M customer funding(2) For Palo Verde leases that expire in 2023, capex assumes either the purchase of the leases or replacement of the power through new resources(3) Depreciation does not include amounts associated with NMRD

(3)

(1)

Targeted 2019-2023 Rate Base CAGR (2019 base): Total 8.9% / PNM 6.0% / TNMP 15.9%

(2)

Chart1

2020

2021

322

345

Depreciation

[VALUE]

[VALUE]

275

306

Sheet1

2020202120222023

PNM Generation

PNM T&D

PNM Renewables

TNMP

Other

Total

Depreciation275306322345

Check

2020 - 2023 Potential Earnings Power

36

Note: 5-6% targeted earnings growth CAGR measured from 2019 Ongoing EPS of $2.16(1) Average rate base has been reduced by approximately $130M to represent ($0.05) of Earnings Potential for the lost equity return on Four Corners investment determined in the 2018 general

rate review. 2022 and 2023 rate base also reflects the removal of $283M undepreciated SJGS investment upon its retirement in mid-2022 to be recovered through securitization.(2) Replacement Power includes $298M investment implemented mid-2022; $278M of generation investment and $20M of transmission investment.(3) PNM Renewables reflect assets collected through the Renewable Rate Rider. (4) PNM FERC in 2021-2023 reflects a return of 8%-9% to account for Western Spirit investment recovered through incremental rates.(5) Consists primarily of decommissioning/reclamation trust income (net of fees/taxes), AFUDC, certain incentive compensation, and the 65MW ownership of San Juan Unit 4 (prior to retirement).(6) TNMP earnings include additional recovery for Energy Efficiency, along with items excluded from rates (primarily AFUDC) and interest savings from the refinancing of existing debt. (7) Corporate/Other includes the earnings impacts associated with short and intermediate term bank debt and the 50% equity interest in NMRD.(8) Equity Financing Plans reflect $250M - $300M of mandatory convertibles issued in the second half of 2021 that would convert in 2024.

This table is not intended to represent a forward-looking projection of 2021 - 2023 earnings guidance.

Allowed Return / Equity Ratio

2020 Ongoing Earnings Guidance Midpoint

2021 Earnings Potential

2022 Earnings Potential

2023 Earnings Potential

Avg Rate Base Return EPS

Avg Rate Base EPS

Avg Rate Base EPS

Avg Rate Base EPS

PNM Retail(1) 9.575% / 50% $2.5 B 9.5% $1.47 $2.5 B $1.41 $2.4 B $1.37 $2.4 B $1.38

San JuanReplacement(2)

9.575% / 50% $150 M $0.08 $280 M $0.16

PNM Renewables(3) 9.575% / 50% $150 M 9.575% $0.09 $145 M $0.08 $140 M $0.08 $130 M $0.06

PNM FERC(4) 10% / ~50% $340 M 7.5% $0.15 $530 M $0.25-$0.28 $740 M $0.35-$0.39 $780 M $0.36-$0.41Items not in Rates(5) ($0.01) ($0.03)-($0.01) ($0.03)-($0.01) ($0.03)-($0.01)

Total PNM $3.0 B $1.70 $3.2 B $1.71-$1.76 $3.5 B $1.85-$1.91 $3.6 B $1.93-$2.00

TNMP(6) 9.65% / 45% $1.3 B 9.65% $0.73 $1.5 B $0.79 $1.6 B $0.83 $1.9 B $0.95

Corporate/Other(7) ($0.22) ($0.13)-($0.11) ($0.11)-($0.09) ($0.15)-($0.13)Equity Financing Plans(8) ($0.06)-($0.01) ($0.11)-($0.09) ($0.11)-($0.09)Total PNM Resources $4.3 B $2.21 $4.7 B $2.31 - $2.43 $5.1 B $2.46 - $2.56 $5.6 B $2.62 - $2.73

Earnings Growth Target 5-6%

Selected Balance Sheet Information

37

(1) Net of unamortized debt issuance costs, premiums and discounts(2) Excludes intercompany debt

Amounts may not add due to rounding

(In millions) Dec 31, 2019 Mar 31, 2020

Long-Term Debt (incl. current portion) (1)

PNM $1,748.0 $1,748.4

TNMP 670.7 670.6

Corporate/Other 589.0 589.2

Consolidated $3,007.7 $3,008.3

Total Debt (incl. short-term) (1,2)

PNM $1,806.0 $1,808.4

TNMP 685.7 740.6

Corporate/Other 701.1 759.8

Consolidated $3,192.8 $3,308.9

Credit Ratings

38

PNMR Consolidated S&P Moody’s

Issuer rating BBB Baa3

Outlook Stable Stable

Senior unsecured rating BBB- Baa3

PNM S&P Moody’s

Issuer rating BBB Baa2

Outlook Stable Stable

Senior unsecured rating BBB Baa2

TNMP S&P Moody’s

Issuer rating BBB+ A3

Issuer outlook Stable Stable

Senior secured rating A A1

Slide Number 1Safe Harbor StatementSlide Number 3Opening RemarksRegulatory StrategiesExecuting Strategic PlansSlide Number 7COVID-19 Scenario AnalysisCOVID-19 Financial Considerations: Continued TransparencyBusiness Fundamentals Remain Intact Amidst COVID-19Liquidity / FinancingsCOVID-19 Financial Considerations and UpdatesSlide Number 13Ongoing Earnings Guidance Affirmed Based on COVID-19 Stage 1COVID-19 Load Impacts: Updated AssumptionsPNM / New Mexico COVID-19 UpdateTNMP / Texas COVID-19 Update TNMP Regional BreakdownTNMP Regional BreakdownTNMP Regional BreakdownBad Debt ConsiderationsPNM Decoupling FilingSlide Number 23Slide Number 24PNM and TNMP Regulatory AgendaCOVID-19 Load: Assumptions and EPS Rules of ThumbTNMP Low-Risk Revenue Profile2020 Consolidated Ongoing Earnings GuidanceSlide Number 29Q1 2020 Ongoing EPS Financial SummaryQ1 2020 vs Q1 2019 EPS (Ongoing): PNM Q1 2020 vs Q1 2019 EPS (Ongoing): TNMP and CorporateWeather ImpactPNM Scheduled Plant Outages2020 – 2023 Investment Plan2020 - 2023 Potential Earnings PowerSelected Balance Sheet InformationCredit Ratings