AEP subsidiaries to redeem debentures and first mortgage bonds

COLUMBUS, Ohio, April 23, 2003 - Four public utility subsidiaries of American Electric Power (NYSE: AEP) today announced that on May 30, 2003, they will redeem all of their outstanding Junior Subordinated Deferrable Interest Debentures and certain of their first mortgage bonds.

Appalachian Power Co. will redeem all of the outstanding principal amount of the following series of its First Mortgage Bonds, Designated Medium Term Notes:

• 8.50% Series due Dec. 1, 2022, at 100% of the $70,000,000 principal amount outstanding.

• 7.15% Series due Nov. 1, 2023, at 100% of the $20,000,000 principal amount outstanding.

• 7.80% Series due May 1, 2023, at 103.90% of the $30,237,000 principal amount outstanding.

Columbus Southern Power Co. will redeem all of the outstanding principal amount of the following four series of First Mortgage Bonds, Designated Secured Medium Term Notes:

• 7.75% Series due Aug. 1, 2023, at 104.27% of the $33,000,000 principal amount outstanding.

• 7.90% Series due May 1, 2023, at 103.95% of the $40,000,000 principal amount outstanding.

• 6.55% Series due March 1, 2004, at 100% of the $26,500,000 principal amount outstanding.

• 6.75% Series due May 1, 2004, at 100% of the $26,000,000 principal amount outstanding.

Kentucky Power Co. will redeem all of the outstanding $40,000,000 principal amount of its 8.72% Junior Subordinated Deferrable Interest Debentures, Series A, due 2025 at 100% of the principal amount.

Indiana Michigan Power Co. will redeem all of the outstanding $40,000,000 principal amount of its 8% Junior Subordinated Deferrable Interest Debentures, Series A, due 2026, and all of the outstanding $125,000,000 principal amount of its 7.60% Junior Subordinated Deferrable Interest Debentures, Series B, due 2038, each at 100% of the principal amount.

Indiana Michigan Power also will redeem all of the outstanding principal amount of the following two series of its First Mortgage Bonds, Designated Secured Medium Term Notes, each at 100% of the principal amount:

• $75,000,000 of its 8.50% Series due Dec. 15, 2022.

• $15,000,000 of its 7.35% Series due Oct. 1, 2023.

The redemption price of all of the bonds and debentures will include accrued interest to the date of redemption.

Notice of the redemption is expected to be mailed on or before May 1, 2003.

These redemptions are in accordance with the terms of the indentures under which the debentures and the first mortgage bonds were issued.

Bank One Trust Co., N.A., is the redemption agent and trustee for Kentucky Power and Indiana Michigan Power’s debentures. Deutsche Bank is the redemption agent and trustee for Appalachian’s bonds. Citibank, N.A., is the redemption agent and trustee for Columbus Southern’s bonds. The Bank of New York is the redemption agent and trustee for Indiana Michigan’s bonds.