News Release

March 13, 2003

PNM Hispanic Group Accepting Minority Scholarship Applications

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NEWS MEDIA CONTACT Susan Sponar Telephone: (505) 241-2768

Albuquerque: PNM and LLAVE, PNM's Hispanic employee organization, will award $24,000 in scholarships this year to deserving minority students around the state. Applications are due Monday, June 2, 2003.

"LLAVE and PNM are committed to helping minority students achieve their educational goals," said Mike Montoya, president of LLAVE. "These scholarships will help all types of students find success."

PNM and LLAVE will award 24 scholarships. The categories for scholarships are: high achiever, for an individual with a grade point average (GPA) of 3.0 or higher; non-traditional/returning, for an individual who has faced a major adversity in his/her educational career; potential achiever, for an individual with a GPA between 2.0 and 2.9; and graduate student, for an individual who is enrolled in a minimum of six hours in graduate program at a New Mexico college or university and has a GPA of at least a 3.0.

Applicants must be one-fourth recognized minority, New Mexico residents and enrolled in or accepted to study at an accredited college, university, community college or vocational school. Applications must be postmarked by midnight, June 2, 2003.

Scholarship applications are available at all New Mexico high schools, colleges, universities, community colleges and vocational schools. Applications also are available on PNM.com or by calling Vonnie Ulibarri at (505) 241-4926. Submit applications to: PNM, Attn: Vonnie Ulibarri, Alvarado Square, Mail Stop 0806, Albuquerque, N.M. 87158.

Winning applicants will be selected by a community-based screening committee using the following criteria: commitment to minority progress and development, involvement in community-based organizations, personal qualities and strengths, academic achievement, financial need and demonstrated abilities to overcome obstacles or adversity in pursuing education.

Scholarship winners will be notified by mail and will be recognized at an event to be scheduled in the summer of 2003.

PNM is the principal subsidiary of PNM Resources, an energy holding company based in Albuquerque. PNM provides natural gas service to 441,000 gas customers and electric utility service to 378,000 customers in New Mexico. The company 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. For more information, see the company's Web site at www.pnm.com.