News Release

July 21, 2003

PNM Gives $25,000 in Scholarships to New Mexico Minority Students

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

Albuquerque: PNM and Llave, PNM's Hispanic employee organization, have awarded $1,000 scholarships to 25 hardworking minority students throughout New Mexico.

Scholarships were given to the students as part of a trade show held by the Rio Grande Minority Purchasing Organization yesterday. A scholarship committee comprised of representatives from local community organizations was in charge of reviewing more than 220 applications and selecting winners.

The PNM-Llave scholarship eligibility requirements included being a New Mexico resident, being one-quarter recognized minority and being enrolled or accepted to study at an accredited college, university, community college or vocational school.

"We are pleased to give such talented and deserving students these scholarships," said Pat Ortiz, PNM general counsel and secretary and executive sponsor of Llave. "PNM is proud to help tomorrow's leaders pursue their educational dreams."

Scholarships were awarded in four different areas: the High Achiever Scholarship for students with a grade-point average (GPA) of 3.0 or higher, the Potential Achiever Scholarship for students with a GPA of 2.0-2.9, a Graduate Student Scholarship, and a Nontraditional (Adversity) Scholarship.

"These scholarships are consistent with our commitment to the community and our national recognition as one of the best places for minority employees," Ortiz said.

Minorities comprise nearly half of PNM's 2,600-member work force, and for the fifth year in a row, FORTUNE magazine has ranked PNM as the best U.S. company for Hispanic employees. The company also earned the spot of 10th best overall for minority employees.

In its July 7 issue, the magazine also ranks PNM as seventh best company for Native American employees and the company with the largest number of minority employees among its 50 highest-paid employees.

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 385,000 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.