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At the request of Darren Vanek in Credit, we have done some preliminary due diligence regarding the ability of The Public Service Company of New Mexico to enter into financial transactions. Based on our conversations with them and review of their Board Resolution, it appears: 1. They are an investor owned utility, not a governmental entity 2. Their Board Resolution ONLY approves electricity futures, options or swaps, and gas or oil futures, options or swaps. 3. THEY CANNOT ENTER INTO FINANCIAL TRANSACTIONS OVER 18 MONTHS. It is imperative that anyone trading with this counterparty be made aware of this restriction Please call me if you have any questions.

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Public Service Company of New Mexico