Pinnacle West Appoints Susan Clark-Johnson to Its Board of Directors

Pinnacle West Capital Corporation (NYSE: PNW) announced today that it has appointed Gannett Newspaper Division President Susan Clark-Johnson to its Board of Directors effective February 1, 2008. "Sue is an outstanding addition to our Board,” said Chairman Bill Post. "She is a proven international business leader who has helped successfully steer the newspaper industry through its most challenging period of change. Her experience will benefit our company and customers as we address the challenges of Arizona’s rapid growth.” Clark-Johnson, 60, has enjoyed a 40-year career with Gannett, a diversified news and information company with operations in 41 states, the District of Columbia, Guam, the United Kingdom, Canada, Belgium, Germany, Hong Kong and Singapore. She recently announced plans to retire from the company in May 2008. Headquartered in McLean, Va., Gannett is the nation’s largest newspaper group in terms of circulation. The company’s 86 domestic daily newspapers have a combined circulation of about 5 million readers. The Newspaper Division, Gannett’s largest operating group, also publishes about 80 websites and almost 1,000 weekly newspapers, shoppers and magazines. Clark-Johnson is responsible for more than $3 billion in revenue. Prior to being named Gannett Newspaper Division President, Clark-Johnson was Chairwoman and CEO of Arizona Republic publisher Phoenix Newspapers Inc., a position she held at Central Newspapers Inc. (CNI) prior to its acquisition in 2000. Clark-Johnson also was Senior Group President of Gannett's Pacific Newspaper Group and had oversight responsibility for 32 companies throughout the West, including Hawaii and Guam. In addition to her role as a newspaper executive for Gannett, Clark-Johnson became Chairwoman of the Newspaper Association of America in May 2007. She is also a member of the Council of Foreign Relations and serves on the Board of the Translational Genomics Research Institute (TGEN). And, she recently joined the board of the Global Institute of Sustainability at Arizona State University. Dividend Declaration & 4th Quarter Conference Call The Company also announced today that its Board declared a quarterly dividend of $0.525 per share of common stock, payable on March 3, 2008, to shareholders of record on February 1, 2008. In addition, Pinnacle West plans to release its 2007 fourth-quarter and year-end results on Wednesday, January 30, 2008. That same day at 11 a.m. (ET), the Company invites interested parties to listen to a live web cast of management’s conference call to discuss earnings and recent events. The web cast can be accessed at www.pinnaclewest.com/presentations 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 conference ID number 28391511. A replay of the call also will be available until 11:55 p.m. (ET), Thursday, February 7, 2008, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number. 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.