Pinnacle West Recommends Proposal to Declassify Board


PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today announced that it will seek shareholder approval at its 2007 Annual Meeting of Shareholders to declassify its Board of Directors and provide for the annual election of directors. Currently, directors are elected to staggered, three-year terms.

Pinnacle West’s 2007 Proxy Statement will include a proposal, unanimously recommended by the Board, to amend Pinnacle West’s Articles of Incorporation to provide for the annual election of each Director. Passage of this amendment will require the approval of 66 2/3% of the total number of outstanding shares of common stock. Each Director whose term would not otherwise expire at the 2007 Annual Meeting has tendered his or her resignation, effective upon shareholder approval of the amendment, to permit shareholders to elect the entire Board for a one-year term at the 2007 Meeting. If the shareholders do not approve the amendment, one-third of the Board will stand for election to a three-year term and the remaining Directors will continue in their existing terms.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11 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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