Pinnacle West Increases Quarterly Dividend

Third-Quarter Earnings Conference Call Scheduled for Nov. 3

Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors voted today to raise the Company’s dividend by 6.1 percent, or 16 cents per common share annually. This action will result in an indicated annual dividend of $2.78 per share – or $0.695 per share quarterly. The declared quarterly dividend is payable Dec. 1, 2017, to shareholders of record on Nov. 1, 2017.

Earnings Release, Webcast and Conference CallIn addition, as previously announced, Pinnacle West plans to release its 2017 third-quarter results before the U.S. financial markets open on Friday, Nov. 3, 2017.

That same day at noon ET (9 a.m. Arizona time), the Company will host a live webcast of management’s conference call to discuss the Company’s results, as well as recent developments. A replay of the webcast can be accessed at pinnaclewest.com/presentations. To access the live conference call by telephone, dial [phone] or [phone] for international callers. A replay of the call also will be available until 11:59 p.m. (ET), Friday, Nov. 10, 2017, by calling [phone] in the U.S. and Canada or [phone] internationally and entering conference ID number 20278.

Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of nearly $17 billion, about 6,200 megawatts of generating capacity and 6,300 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the Company provides retail electricity service to nearly 1.2 million Arizona homes and businesses. For more information about Pinnacle West, visit the Company’s website at pinnaclewest.com.

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Pinnacle West Capital CorporationMedia Contact:Alan Bunnell, 602-250-3376Analyst Contacts:Stefanie Layton, 602-250-4541Chalese Haraldsen, 602-250-5643Website: pinnaclewest.com