This Holiday season give a gift that never goes out of style; that won’t break or tarnish, and perhaps even pay off down the road – the "stock"ing stuffer of smart investing.

Pinnacle West Capital Corp., parent company of APS, invites everyone to become shareholders through its Investors Advantage Plan.

Here are some of the plan’s benefits:

• Participants pay a lower broker commission.
• Additional investments can be made each month.
• Pinnacle West will use the investment to purchase common stock.
• Gift certificates can be bought toward the purchase of Pinnacle West stock.
• The minimum investment can be as little as $50.
• Online purchases available at www.pinnaclewest.com.

Visitors to www.pinnaclewest.com also can find a variety of information on Pinnacle West and its subsidiaries including the current stock price every 20 minutes, the company's credit ratings, job openings, and online enrollment for the Investor Advantage Plan.

Enrollment in the Investor Advantage Plan is open to any current shareholder or potential investor. A copy of the plan prospectus and enrollment forms can be obtained online; by phone at (800) 457-2983 or in Phoenix at (602) 379-2500; or by mail at Pinnacle West Capital Corporation, Shareholder Department, P.O. Box 52133, Phoenix, Arizona 85072-2133.

Pinnacle West (NYSE: PNW), parent company of APS, 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.

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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.