Investor Presentaiton

12 We Will Pursue Improvements in the Regulatory Environment ✓ Appealing last rate case to clarify the prudency standard in Arizona ✓ Filing a new rate case to reduce regulatory lag and improve the ROE ✓ Work with stakeholders on common issues including reducing regulatory lag and improving customer experience ✓ Continue to find alignment with the regulators ✓ Focus on customer affordability PINNACLE WEST CAPITAL CORPORATION

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