APS To Redeem Series W Dec. 1; Declares Quarterly Dividends On Preferred Stock.

PHOENIX--(BUSINESS WIRE)--Oct. 20, 1998--The APS Board of Directors declared quarterly dividends at the regular rate on 10 outstanding issues of cumulative preferred stock today (Oct. 20).

Additionally, a quarterly dividend of $1.5000 per share was declared on the company's adjustable rate cumulative preferred stock, Series Q.

Preferred dividends are payable Dec. 1, 1998, to shareholders of record at the close of business Nov. 2, 1998.

The company will redeem on Dec. 1, 1998, all $37.5 million of its $1.8125 cumulative preferred stock Series W. The redemption is at par or $25 per share plus accrued and unpaid dividends to the Dec. 1, 1998 date. Dividends will be paid in the customary manner.

Shareholders who are notified of the redemption should surrender their certificates to the redemption agent, Pinnacle West Capital Corp., Shareholder Department, P.O. Box 52134, Phoenix, Ariz. 85072-2134, or Securities Transfer and Reporting Services Inc., STARS Inc., 100 William Street, Galleria, New York, N.Y. 10038. Certificates may be delivered in person to Pinnacle West Capital Corp., 400 E. Van Buren St., Suite 700, Phoenix, Ariz., 85004.

Arizona's largest and longest-serving electric utility, APS serves more than 765,000 customers in 11 of the state's 15 counties. APS, based in Phoenix, is the largest subsidiary of Pinnacle West Capital Corp. (NYSE:PNW).