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PNM Resources Board Declares Quarterly Common Stock Dividend

The Board of Directors of PNM Resources (NYSE:PNM) declared the regular quarterly dividend on common stock of $0.16 per share. The indicated annual rate of $0.63 per share (adjusted for the June 2004 3-for-2 stock split) is unchanged from the previous quarter. The dividend is payable November 12, 2004, to shareholders of record as of November 1, 2004.

PNM Resources is an energy holding company based in Albuquerque, New Mexico. PNM, the principal subsidiary of PNM Resources, serves about 459,000 natural gas customers and 405,000 electric 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.

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