The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 35 cents a share on the company’s common stock.

The dividend is payable June 10, 2003, to shareholders of record as of May 9, 2003, and is the company’s 372nd consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

As announced earlier, AEP’s management said it would recommend a dividend reduction to the board as part of the company’s efforts to conserve cash, reduce debt and improve its balance sheet. The board’s decision reflects a 42 percent reduction from the previous quarterly dividend of 60 cents per share.

American Electric Power owns and operates more than 42,000 megawatts of generating capacity in the United States and select international markets and is the largest electricity generator in the U.S. AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP’s 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.