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    Argus Research Co. Gary Hovis Phone: (212) 425-7500
    Auvila Research Consulting Lasan Johong Phone: (917) 757-9799
    Barclays Capital Daniel Ford, CFA Phone: (212) 526-0836
    G.research, Inc. Tim Winter Phone: (314) 238-1314
    Jefferies & Co. Anthony Crowdell Phone: (212) 284-2563
    KeyBanc Capital Markets Paul Ridzon Phone: (216) 689-0270
    Ladenburg Thalmann Brian J. Russo, CFA Phone: (646) 432-6312
    RBC Capital Markets, LLC Shelby Tucker Phone: (212) 428-6462
    Regulatory Research Associates Jim Davis Phone: (201) 433-5507
    SunTrust Robinson Humphrey Ali Agha Phone: (212) 319-3920
    Value Line Inc. Paul Debbas Phone: (212) 907-1724
    Williams Capital Group Christopher Ellinghaus Phone: (212) 373-4288

    PNM Resources, Inc. is followed by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding PNM Resources, Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of PNM Resources, Inc. or its management. PNM Resources, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.