THE PNM Advantage 1 NUMBER ONE IN RELIABILITY 4.3 % DIVIDEND INCREASE 21.8 % SHAREHOLDER RETURN PNM ranked first for  system reliability in  a recent survey of  utilities nationwide. In February 2004, PNM Resources raised its dividend for an indicated annual rate of $0.96 per share. Shareholders earned  21.8 percent total return on their investment in PNM Resources in 2003.