Pinnacle West Added to S&P 500 Index


PHOENIX, ARIZ. - Pinnacle West, APS' parent company, has been added to the Standard & Poor's 500 index, effective October 1, 1999. The S&P 500 is a leading barometer by which the investment community keeps tabs on the health of stock markets and the economy.

Conventional wisdom holds that Standard & Poor's decision to include a company on its flagship index often increases the focus on a company and increases trading activity as various index funds take positions in the stock.

On October 1, more than five million shares of Pinnacle West stock were traded, compared with an historical average of around 213,000.

The S&P 500 is widely regarded as the standard for measuring large-cap, U.S. stock market performance as it includes a representative sample of companies in leading industries.

The S&P 500 is used by 97 percent of U.S. money managers and pension plan sponsors. In addition, more than $750 billion is indexed to the S&P.

Pinnacle West (NYSE:PNW) 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.

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