News Release

May 20, 2002

PNM To Receive Award for Bi-National Efforts

Albuquerque: PNM, Public Service Company of New Mexico, has been selected by the Arizona-Mexico Commission to receive its 2002 Paul J. Fannin Award at the Commission’s annual meeting in Phoenix on May 24th.

The Paul J. Fannin award is the highest honor bestowed upon a corporation by the AMC, and this year marks the first time it will be awarded to a non-Arizona entity. The award is presented by the governors of Arizona and Sonora, and recognizes a company that exemplifies Fannin’s dedication to a bilateral relationship between Arizona and its neighbor to the south.

The late Paul J. Fannin, who was governor of Arizona from 1959 to 1965, created the Arizona-Mexico Commission to foster good relations between Arizona and Mexico.

“God made us neighbors, let us be good neighbors,” he said.

“PNM is being recognized by the AMC for its unwavering support of the Commission and its relentless commitment to facilitating our region’s competitiveness in the global marketplace while being a good neighbor,” said José A. Cárdenas, president of the Arizona-Mexico Commission.

“Public Service Company of New Mexico joins a list of distinguished companies that not only understand Governor Fannin’s ideal, but also practice it daily,” said Russ Knocke, executive director of the Arizona-Mexico Commission.

Past award winners include Salt River Project (‘01), the University of Arizona and Arizona State University (‘00), Esptein Woods & Dwyer (‘99), Tucson Electric Power (‘98), Rural Metro (‘97), Lewis and Roca (‘96), and APS and Bank One (‘95).

PNM is a combined electric and gas utility serving approximately 1.3 million people in New Mexico. The company, a wholly owned subsidiary of PNM Resources, also sells power on the wholesale market in the Western U.S. PNM Resources stock is traded primarily on the NYSE under the symbol PNM.

Founded in 1959, the Arizona-Mexico Commission is dedicated to improving the economic well-being and quality of life for the citizens of the Arizona-Mexico region by promoting a strong, cooperative relationship with Mexico.