Pat Vincent-Collawn is President and CEO of PNM Resources, the parent company of PNM and TNMP.

Pat has more than 18 years of experience in the utility industry. Before joining PNM Resources in 2007, Pat served as President and CEO of Public Service Company of Colorado, a subsidiary of Xcel Energy, and Vice President of Marketing and Sales at Arizona Public Service Company.

• President and CEO
• President and COO
• Utilities President

• President and CEO, Public Service Company of Colorado
• President, Customer and Field Operations
• President, Retail Services
• Vice President, Marketing and Sales

• Vice President, Marketing and Sales
• Director, Marketing

• Manager, Strategic Consulting Group

• Brand Manager
• Assistant Brand Manager
• Marketing Assistant

• Greater Albuquerque Chamber of Commerce, chair-elect, executive committee
• United Way of Central New Mexico
• Kirtland Partnership Committee, board member, executive committee
• Wells Fargo of New Mexico, community board member

• Harvard University, MBA
• Drake University, bachelor's degree in journalism

Holdings: 112,993 shares

View Transactions

Date	Type	Shares Traded	Price Range
Mar 4, 2011	Acquisition (Non Open Market)	48,284	n/a
Feb 26, 2010	Acquisition (Non Open Market)	13,875	n/a
Aug 5, 2009	Acquisition (Non Open Market)	4,000	n/a
May 19, 2009	Acquisition (Non Open Market)	2,100	n/a
Feb 17, 2009	Acquisition (Non Open Market)	4,400	n/a
Feb 11, 2009	Option Execute	4,459	8.53
Aug 14, 2008	Acquisition (Non Open Market)	4,000	n/a
Feb 19, 2008	Acquisition (Non Open Market)	7,875	n/a
Feb 14, 2008	Acquisition (Non Open Market)	20,000	13.72
Aug 17, 2007	Acquisition (Non Open Market)	4,000	n/a
Jun 25, 2007	Statement of Ownership	0	n/a

Chuck Eldred is Executive Vice President and Chief Financial Officer of PNM Resources, the parent company of Public Service Company of New Mexico, Texas-New Mexico Power and First Choice Power. With more than 30 years of experience in the utility industry, Eldred oversees Treasury, Investor Relations and Corporate Planning, the Controller's Group, Internal Auditing and Risk Management.

Before joining PNM Resources in 2005, Eldred served for several years as Vice President and Chief Financial Officer for Omaha Public Power District, where he oversaw Corporate Auditing, Finance, Corporate Accounting, Planning and Budgeting Services, Corporate Communications and Governmental Affairs. Prior to that, he worked for Southern Company and its subsidiary, Georgia Power.

Business Experience
PNM Resources

• Executive Vice President and Chief Financial Officer
• Senior Vice President and Chief Financial Officer

• Vice President and Chief Financial Officer

• Manager, Financing and Capital Markets

• Manager, Resource Planning and Budgeting
• Manager, Cash Planning and Operations
• Various financial and accounting positions

• Association of Government Accountants, Distinguished Local Government Leadership Award (2005)
• MIT's National Academy for Nuclear Training for Utility Executives (2000)

• Presbyterian Healthcare Services, Board of Directors
• ACCION New Mexico, Board of Directors
• FM Global, Advisory Board
• Leadership New Mexico

Education
• Mercer University, MBA with concentration in Finance
• University of Georgia, bachelor's in business

Holdings: 51,773 shares

View Transactions

Date	Type	Shares Traded	Price Range
Nov 9, 2011	Sell	32,334	18.40
Nov 9, 2011	Option Execute	32,334	12.22 - 13.17
Mar 4, 2011	Acquisition (Non Open Market)	16,793	n/a
Jun 11, 2010	Sell	300	11.60
Mar 3, 2010	Sell	13,334	12.58
Mar 3, 2010	Option Execute	13,334	7.98
Feb 26, 2010	Acquisition (Non Open Market)	9,900	n/a
May 19, 2009	Acquisition (Non Open Market)	2,100	n/a
Feb 17, 2009	Acquisition (Non Open Market)	4,400	n/a
May 30, 2008	Sell	3,330	14.76
Feb 19, 2008	Acquisition (Non Open Market)	7,875	n/a
Sep 21, 2007	Acquisition (Non Open Market)	6,000	22.67
Mar 9, 2007	Sell	7,323	30.03 - 30.17
Mar 9, 2007	Option Execute	4,662	24.06
Feb 16, 2007	Acquisition (Non Open Market)	5,996	30.50
Feb 13, 2006	Acquisition (Non Open Market)	5,000	n/a
Jan 20, 2006	Statement of Ownership	0	n/a

Patrick Apodaca joined PNM Reosurces in January 2010. He serves as Senior Vice President and General Counsel for PNM Resources and its subsidiaries. Apodaca has responsibility for assuring the provision of high quality, efficient and effective legal services to all areas of the company and for corporate governance matters, ethics and compliance. Apodaca previously served as University Counsel for the University of New Mexico. He also served as independent counsel to the City of Albuquerque and associate counsel to the President in the White House from 1977-1981.

• Senior Vice President and General Counsel

• University Counsel

• Shareholder and director
• Associate

• Independent Counsel

• Associate

• Associate Counsel to the President

• Associate

• New Mexico Symphony Orchestra, Board of Trustees, former chair and member
• New Mexico Bar Task Force on Minorities in the Profession, former member

• American Law Institute, member
• New Mexico Hispanic Bar Association, member
• Albuquerque Bar Association, member

• Georgetown University, Bachelor of Science in Foreign Service
• Harvard Law School, JD

• New Mexico
• District of Columbia

Holdings: 16,293 shares

View Transactions

Date	Type	Shares Traded	Price Range
Mar 4, 2011	Acquisition (Non Open Market)	16,293	n/a
Jan 4, 2010	Statement of Ownership	0	n/a

Ernie C'deBaca serves as Vice President of Governmental Affairs for PNM Resources and its subsidiaries PNM and TNMP. He and his staff are responsible for working with the New Mexico and Texas legislatures along with other officials of federal, state, local and Native American governments.

C'deBaca, who began his career with PNM in 1978, facilitates PNM's legislative interest in state, local and Native American matters in cooperation with other PNM business units. The issues he and his staff currently work on include: renewable generation, water, franchise agreements, climate change and taxation.

• Vice President, Governmental Affairs
• Director, Governmental Affairs
• Administrator, Governmental Affairs
• Administrator, Investor and Shareholder Relations
• Administrator, Corporate Secretary's office
• Administrator, Procurement and Materials Services

• Albuquerque Hispano Chamber of Commerce, board member and past chair
• Leadership New Mexico
• Bernalillo County Unification Charter, commissioner
• National Hispanic Cultural Center, board of directors member

• Western Utility Public Affairs Group
• Energy Council
• National Conference of State Legislators
• Utility Executives for Change, University of Idaho.

• Registered lobbyist in New Mexico and Texas

• University of New Mexico, bachelor of arts in economics
• Utility Executives for Change, University of Idaho
• Executive Public Policy Institute, Washington Campus

Ronald Darnell serves as Vice President of Regulatory Affairs for PNM. He is responsible for the strategic direction, development and implementation of regulatory policies for the electric utility.

Ron joined PNM from Colorado's Xcel Energy, where he was Director of Regulatory Administration South in the company's Governmental and Regulatory Affairs Department. While at Xcel his responsibilities included management of cost allocation studies and the design of rates and charges for various wholesale and retail utility services. He was also responsible for overseeing retail regulatory affairs for Public Service Company of Colorado including tariff and contract administration, franchise and service territory administration, and case management.

He has a bachelor's degree in business administration with an accounting emphasis from California State University.

As Vice President and Treasurer for PNM Resources, Terry Horn is responsible for corporate finance, including financing, banking, credit analysis and rating agency management; cash management and remittance processing; asset trust management; insurance programs; and commodity and counterparty risk management.

Terry most recently served as the Vice President of Corporate Strategy. He also served as Vice President of Customer and Market Services from February 2006 through August 2007. He served as Vice President, Corporate Secretary and Acting Chief Financial Officer in 2005. He joined PNM in 1985. He began his career in finance with Texaco, Inc. in 1974 after completing his bachelor of business administration degree from New Mexico State University in 1974. He has an MBA from University of Houston.

• Vice President and Treasurer
• Vice President, Corporate Strategy and Development
• Vice President, Customer and Market Services
• Vice President, Corporate Secretary and Acting Chief Financial Officer
• Vice President and Treasurer
• Assistant Treasurer and Director of Financial Management
• Financing Project Manager

• Staff Analyst, Supervisor Information Systems
• Financial Analyst
• Accountant

• The Robert O. Anderson School and Graduate School of Management Foundation, University of New Mexico, board of directors member
• Samaritan Counseling Center, board of directors member

• New Mexico State University, BBA with a focus on finance and economics
• University of Houston, MBA in finance
• Leadership in the Workplace (PNM)
• Managing for the Future (PNM)
• American Management Association, executive effectiveness program

Holdings: 7,134 shares

View Transactions

Date	Type	Shares Traded	Price Range
Feb 13, 2006	Acquisition (Non Open Market)	2,000	n/a

Kevin Judice has served as Vice President and Chief Information Officer for PNM Resources since November 2009. Kevin oversees the management and development of all business technology for the company and its subsidiaries, PNM and TNMP.

Kevin was previously interim CIO and applications head for the Electric Reliability Council of Texas. He also has served as vice president and chief technology officer of Global Professional Services for two international consulting firms. He earlier worked as an applications developer for NASA's Space Station Freedom Program.

Kevin most recently has served as director of PNM Resource's IT Applications Management for the past three years, which gives him extensive knowledge of the company's strategies related to Business Technology Services.

• Vice President and Chief Information Officer
• Director, Applications Management

• Vice President, Global Professional Services

• Interim CIO and Director

• Chief Technical Officer and Director
• Consulting Leader, Houston Practice
• Consultant/Instructor

• Systems Analyst

• Programmer/Analyst
• System Administrator

• Data Processing Support Analyst

• Lewisville Independent School District Educational Foundation, board member

• Northwood University, Bachelor's Degree in Business Administration

Tom Sategna serves as Vice President and Corporate Controller for PNM Resources. Sategna oversees all accounting aspects of the company. With more than 33 years experience in various accounting-related areas of the company, Sategna has been a key player in establishing close and cooperative working ties with the operational areas of the company. Sategna also has been extensively involved in the company's regulatory processes and routinely testifies before the N. M. Public Regulation Commission.

Sategna's past responsibilities at PNM have included serving as Controller of Utility Operations, Controller of Electric and Gas Services, Assistant Controller, Controller of Electric Operations, Manager of Cost of Service and Special Projects, Director of Cost of Service, Financial Accounting Supervisor, Operations Accounting Supervisor, Joint Project Accounting Supervisor and various other accounting and regulatory positions.

• Vice President and Corporate Controller
• Controller, Utility Operations
• Controller, Electric and Gas Services
• Assistant Controller
• Controller, Electric Operations
• Manager, Cost of Service and Special Projects
• Director, Cost of Service
• Financial Accounting Supervisor
• Operations Accounting Supervisor
• Joint Project Accounting Supervisor
• Joint Project Accountant

• New Mexico Junior Achievement, board of directors member
• Eastdale Little League, 12 years coaching and supporting youth baseball
• Our Lady of Annunciation School, boys and girls basketball coach

• Member of Accounting Standards Committee for Edison Electric Institute

• Eastern New Mexico University, 1976, bachelor's of administration and accounting; graduated with honors

Holdings: 7,642 shares

View Transactions

Date	Type	Shares Traded	Price Range
Nov 9, 2011	Sell	18,423	18.36 - 18.39
Nov 9, 2011	Option Execute	7,500	13.17
Mar 4, 2011	Acquisition (Non Open Market)	5,328	n/a
Feb 26, 2010	Acquisition (Non Open Market)	2,625	n/a
May 19, 2009	Acquisition (Non Open Market)	600	n/a
Feb 17, 2009	Acquisition (Non Open Market)	1,400	n/a
Feb 19, 2008	Acquisition (Non Open Market)	2,500	n/a
Mar 14, 2007	Sell	148	29.74
Mar 13, 2007	Sell	4,995	30.00 - 30.10
Mar 13, 2007	Option Execute	2,601	20.84
Feb 16, 2007	Acquisition (Non Open Market)	3,328	30.50
Nov 9, 2006	Sell	393	30.06
May 11, 2006	Sell	229	25.33
May 10, 2006	Sell	3,067	25.62 - 25.62
May 10, 2006	Option Execute	2,001	13.03
Feb 22, 2006	Sell	391	25.03
Feb 13, 2006	Acquisition (Non Open Market)	2,000	n/a