PNM RES INC

Ticker: TXNM CUSIP: 69349H107 Class: EQTY

Horizon Investment Services, LLC's Holding History (CIK: 0001426940)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 13,262 Value ($000) $393 Avg Close $28.33 Range $24.81 - $31.60

Q3 2014

Shares 13,313 Value ($000) $332 Avg Close $26.52 Range $24.26 - $29.94

Q2 2014

Shares 13,685 Value ($000) $401 Avg Close $27.94 Range $26.19 - $29.33

Q1 2014

Shares 13,632 Value ($000) $377 Avg Close $25.30 Range $23.53 - $27.25

Q4 2013

Shares 12,354 Value ($000) $298 Avg Close $23.39 Range $22.02 - $24.53

Q3 2013

Shares 11,109 Value ($000) $251 Avg Close $22.75 Range $21.11 - $24.39

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	13,262	$393	$28.33	$24.81 - $31.60
Q3 2014	13,313	$332	$26.52	$24.26 - $29.94
Q2 2014	13,685	$401	$27.94	$26.19 - $29.33
Q1 2014	13,632	$377	$25.30	$23.53 - $27.25
Q4 2013	12,354	$298	$23.39	$22.02 - $24.53
Q3 2013	11,109	$251	$22.75	$21.11 - $24.39