## THE PNM Advantage 

## 1 NUMBER ONE IN RELIABILITY 

PNM ranked first for system reliability in a recent survey of utilities nationwide. 

## 4.3 % DIVIDEND INCREASE 

In February 2004, PNM Resources raised its dividend for an indicated annual rate of $0.96 per share. 

## 21.8 % SHAREHOLDER RETURN 

Shareholders earned 21.8 percent total return on their investment in PNM Resources in 2003. 

