Pinnacle West Increases Common Stock Dividend; Announces Earnings Conference Call


The Pinnacle West Capital Corporation (NYSE: PNW) board of directors today announced a dividend increase of $0.10 per share annually, or about 5.9 percent. The board’s action will result in an indicated annual dividend of $1.80 per common share, or $0.45 per share quarterly, and represents the 10th consecutive increase of this magnitude. The declared dividends are payable December 1, 2003, to shareholders of record on November 3, 2003.

The increase results in an average annual dividend growth rate of 6.7 percent for the five-year period 1999-2003, ranking Pinnacle West among the top U.S. electric utilities.

Earnings Release, Webcast and Conference Call

Pinnacle West plans to release its 2003 third quarter earnings on Friday, October 24, 2003. That same day at 11:00 a.m. (ET), the Company invites interested parties to listen to the live webcast of management’s conference call to discuss earnings and recent developments. The webcast can be accessed at and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 2917767. A replay of the call also will be available until 12:00 midnight (ET), Friday, October 31, 2003, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 2917767.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9 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.


Alan Bunnell, (602) 250-3376

Rebecca Hickman, (602) 250-5668
Lisa Malagon, (602) 250-5671

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