Our goal: To be New Mexico’s most valued community partner and leading corporate citizen, demonstrating the highest integrity in all our dealings – with shareholders, with customers, with suppliers and vendors, with employees, and with the communities we serve. DOING THE RIGHT THING IS GOOD BUSINESS Environmental Sustainability The PNM commitment is to achieve sustainability in our company and our community, working wisely  to meet the energy needs of the present without compromising the legacy we leave future generations. The success of PNM Resources is directly linked to the success and vitality of the communities we serve. Over the last 20 years, the  nonprofit PNM Foundation has distributed nearly $5 million to fund nonprofit projects to meet community needs. Many other efforts, like the PNM Butterfly Pavilion in the Albuquerque Biopark, are supported with company contributions and the volunteer efforts of PNM employees. PNM RESOURCES • 2 0 0 3 A n n u a l R e p o r t t o S h a r e h o l d e r s 5 100 90 80 70 60 50 40 30 20 10 0 95.2% PNM Resources corporate gover- nance ranks among the top 5  percent of companies nationwide, according to an independent investor advisor. Key criteria in the evaluation include the independ- ence, expertise and involvement of the board of directors and the policies the company has in place to assure that management remains focused on the best interest of shareholders. 4 NT EGRITY All across New Mexico, from a solar-powered model car contest in Gallup to a playground in Carlsbad, we support initiatives that aim to enrich the quality of life for the people of our home state. Engaged Employees PNM’s 2,637 employees pulled together to raise a record $465,841 for the 2003 United Way campaign.