Investor Presentaiton

No plans to issue equity before end of next rate case $5.0 $4.5 Approx. $1 billion $4.0 Forecasted sources of capital to fund investments through 2024 $200-$300 million $400-$500 million PNW Equity/ Alternatives $4.7 billion PNW Debt² $3.5 Approx. $3 billion $3.0 APS Debt² $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Cash from Operations1 Total Capital Investment 32 1 Cash from operations is net of shareholder dividends. 2 APS and PNW debt issuance is net of maturities. PINNACLE WEST CAPITAL CORPORATION

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