0001108426-05-000044 Sample Contracts

PNM Resources, Inc. Underwriting Agreement
Underwriting Agreement • March 29th, 2005 • PNM Resources Inc • Electric services

Morgan Stanley & Co. Incorporated 1585 Broadway New York, New York 10036 as Representatives of the Underwriters listed in Schedule II hereto

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PNM Resources, Inc. 3,400,000 Shares of Common Stock UNDERWRITING AGREEMENT
Underwriting Agreement • March 29th, 2005 • PNM Resources Inc • Electric services • New York

Banc of America Securities LLC Morgan Stanley & Co. Incorporated Wachovia Capital Markets, LLC as Representatives for the Underwriters listed in Schedule II hereto

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