Investor Presentaiton

31 Steady rate base growth APS Rate Base Growth Guidance Year-End $10.9 $1.8 $9.1 Total Approved Rate Base 5-6% Annual ACC FERC $13.6 Rate Effective 12/01/2021 6/1/2021 $2.4 FERC Date Test Year Ended 06/30/20191 12/31/2020 $11.2 ACC Rate Base $8.6B $1.8B Equity Layer 54.7% 51.6% Allowed ROE 8.7% 10.75% 2020 2021 2022 2023 2024 Projected Rate base $ in billions, rounded 1 Adjusted to include post test-year plant in service through 06/30/2020 PINNACLE WEST CAPITAL CORPORATION

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