Investor Presentaiton

36 Our credit ratings support growth opportunities Corporate Ratings Senior Unsecured Ratings Short-Term Ratings Outlook APS¹ Moody's A3 A3 P-2 Negative S&P BBB+ BBB+ A-2 Negative Fitch BBB+ A- F2 Negative Pinnacle West¹ Moody's Baal Baal P-2 Negative S&P BBB+ BBB A-2 Negative Fitch BBB+ BBB+ F2 Negative 1 We are disclosing credit ratings to enhance understanding of our sources of liquidity and the effects of our ratings on our costs of funds. Ratings are as of May 4, 2022. . Balance Sheet Targets Strong investment grade credit ratings APS equity layer >50% FFO/Debt range of 16%-18% PINNACLE WEST CAPITAL CORPORATION

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