Investor Presentaiton

34 Continue Our Track Record of Consistent Dividend Growth1 $2.18 Indicated Annualized Dividend 5% CAGR $3.40 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1 Future dividends are subject to declaration at Board of Directors' discretion. • Dividend Targets Committed to long-term. dividend growth • Attractive dividend yield . Managing long term dividend payout ratio to 65-75% PINNACLE WEST CAPITAL CORPORATION

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