PHOENIX, Ariz.,- Pinnacle West Capital Corporation (NYSE:PNW) today announced that George A. Schreiber, Jr. will leave the company in the near future to return to the investment banking industry in New York, where he was active for 25 years.

Schreiber joined the company in early 1997 as chief financial officer. He was also named president of Pinnacle West in February 1999.

"George has been an asset to this company and he leaves with our corporate and personal best wishes," said Chief Executive Officer Bill Post.

Schreiber also resigned from the Pinnacle West and APS boards of directors, effective yesterday (August 31, 1999).

In related changes, also effective August 31, 1999, Pinnacle West announced that chief executive Bill Post assumed the additional title of president; Mike Palmeri, former treasurer, was promoted to vice president, finance for Pinnacle West; Chris Froggatt, controller, was promoted to vice president and controller; and Barbara Gomez, who heads up cash management was promoted to treasurer.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $7 billion. Through its subsidiaries, the company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial and industrial real estate projects.

This press release contains forward-looking statements that involve risks and uncertainties, which include, but are not limited to, the ongoing restructuring of the electric industry; the outcome of the regulatory proceedings relating to the restructuring; regional economic and market conditions, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital; weather variations affecting customer usage; and the strength of the real estate market. These factors and the other matters discussed above may cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the Company.