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                      Public Service Company of New Mexico
           ----------------------------------------------------------
                (Name of Registrant as Specified In Its Charter)


           ----------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Public Service Company
of New Mexico
Alvarado Square MS-1104
Albuquerque, NM  87158
505 241-2700




June 12, 2000

To Our Stockholders:

At PNM's  Annual  Meeting  held on June 6,  shareholders  approved  three of the
company's four proposals  that were on this year's proxy  statement/  prospectus
dated April 24, 2000. Shareholders approved the company's proposed Agreement and
Plan of Share Exchange to form a holding  company;  elected  directors Robert G.
Armstrong,  Theodore F. Patlovich and Paul F. Roth; and approved the appointment
of Arthur Andersen LLP as independent public accountants for the current year.

The meeting was then  adjourned  with the vote delayed on PNM's proposal for the
Manzano Corporation  Omnibus  Performance Equity Plan. The adjournment  provides
additional  time to inform all  shareholders  about the  changes  your Board has
decided to make to the Plan and to continue to solicit proxies on this proposal.
The meeting will reconvene at 9:00 A.M. Mountain Daylight Time on June 26, 2000,
at the South Broadway Cultural Center, 1025 Broadway S.E.,  Albuquerque,  N. M.,
to vote on the Plan and conclude the Annual  Meeting.  The date for  determining
the  holders of PNM common  stock  entitled  to vote at the  reconvened  meeting
remains the close of business on April 17, 2000.

In order to provide  clarity on the issue of repricing of granted options and to
reduce the potential dilutive effect of the original  proposal,  for the Omnibus
Performance  Equity Plan, the Board has agreed to make the following  changes to
the Plan:

1.  Require shareholder approval for the repricing of underwater options.
2.  Reduce  the  number of shares  reserved  for the plan from 5 million  to 2.5
    million.
3.  Limit the grant of  restricted  stock,  performance  shares and  performance
    units to a total of 500,000 shares.

Based on the above changes,  if you wish to cast an original vote or change your
vote on the Omnibus  Performance  Equity Plan,  please  contact PNM  Shareholder
Services at 1-800-545-4425 and we will provide you with a proxy card. Any new or
changed vote must be received  before the meeting is  reconvened or you may vote
in person at the reconvened meeting.

YOU DO NOT NEED TO CALL IF YOU HAVE ALREADY VOTED AND DO NOT WISH TO CHANGE YOUR
VOTE OR IF YOU INTEND TO VOTE IN PERSON AT THE RECONVENED MEETING.

As of the date of this letter, our Board of Directors does not know of any other
matters  to be  submitted  to the  reconvened  meeting.  If any other  matter is
presented,  proxy  holders  will vote on the  matter in their  discretion.  This
letter is first being mailed to shareholders on or about June 12, 2000.

Thank you for your consideration of these issues.

By Order of the Board of Directors


/s/ Patrick T. Ortiz
- ----------------------------------------------------
Patrick T. Ortiz
Senior Vice President, General Counsel and Secretary