DESIGN Kilmer & Kilmer  Brand Consultants PHOTOGRAPHY Michael Barley Studio 90 SHAREHOLDER INFORMATION The 2004 Annual Meeting of Stockholders will be held at 9:00 am on May 18, 2004 at The South Broadway Cultural Center, 1025 Broadway SE, Albuquerque, NM. Proxies will be requested from stockholders when the notice of meeting and proxy statement are mailed on or about April 7. PNM Resources offers a dividend reinvestment and direct stock purchase plan as a service to both new investors and current shareholders. In addition to full or partial reinvestment of dividends, the PNM Direct Plan gives shareholders the opportunity to make direct cash investments. More information about the Plan and enrollment forms are available by calling Mellon Investor Services at 1-877-663-7775 or by visiting Mellon’s website at melloninvestor.com. Mellon has done an excellent job as our agent in processing requests for transfer of share ownership, address changes and other routine transactions. But if you prefer to deal with someone in PNM Shareholder Services, please feel free to call us anytime during business hours. You can reach a PNM representative either by calling the Mellon Investors toll-free line (1-877-663-7775) and pressing "0" to connect to PNM or by calling us directly at 1-800-545-4425. Exchange Listing and Stock Symbol PNM Resources’ common stock is listed on the New York Stock Exchange under the symbol PNM. The newspaper listing is PNM Res. As of March 15, 2004, there were 14,717 common shareholders of record. *As reported by New York Stock Exchange Composite Price History For further information regarding dividends, please see discussion on pages 36 and 37. Copies of the Company’s Form 10-K (annual report) and Form 10-Q (quarterly report) to the Securities and Exchange Commission (SEC), proxy statement, all news releases, an 11-year Financial and Statistical Report and other corporate literature are available free upon request by calling 505-241-2868, by accessing the information on the Internet at pnm.com or by writing the Vice President, Investor Relations. For up-to-date stock quotes, quarterly earnings results and other important information, visit the PNM website at pnm.com. COMMON STOCK PRICES* AND DIVIDENDS PAID: (IN DOLLARS) SECURITIES INFORMATION DIVIDEND REINVESTMENT AND DIRECT STOCK PURCHASE PLAN 2004 ANNUAL MEETING TRANSFER AGENT AND REGISTRAR 2003 2002 QTR. DIVIDEND HIGH LOW DIVIDEND HIGH LOW 1 $0.22 $23.990 $18.950 $0.20 $30.760 $25.330 2 $0.23 $27.850 $21.850 $0.22 $30.550 $23.300 3 $0.23 $28.970 $25.370 $0.22 $24.330 $17.250 4 $0.23 $29.470 $26.290 $0.22 $24.670 $17.470 REPORTS AND PUBLICATIONS CONTACT INFORMATION Corporate Headquarters: Mellon Investor Services PO Box 3338 South Hackensack 07606-1938 Phone: 1-877-663-7775 Website: melloninvestor.com Overnight, Registered or Certified Mail: Mellon Investor Services 85 Challenger Road Ridgefield Park, NJ 07660 Corporate Headquarters: PNM Resources, Inc. Alvarado Square Albuquerque, NM 87158 Phone: 505-241-2700 Website: pnm.com Investor Relations: Barbara L. Barsky Vice President, Investor Relations Phone: 505-241-2662 Fax: 505-241-2367 E-Mail: bbarsky@pnm.com