Pinnacle West Increases Quarterly Dividend

Third-Quarter Earnings Conference Call Scheduled for Nov. 3

PHOENIX–(BUSINESS WIRE)–Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors voted
today to raise the Company’s dividend by 6.1 percent, or 16 cents per
common share annually. This action will result in an indicated annual
dividend of $2.78 per share – or $0.695 per share quarterly. The
declared quarterly dividend is payable Dec. 1, 2017, to shareholders of
record on Nov. 1, 2017.

Earnings Release, Webcast and Conference Call
In addition,
as previously announced, Pinnacle West plans to release its 2017
third-quarter results before the U.S. financial markets open on Friday,
Nov. 3, 2017.

That same day at noon ET (9 a.m. Arizona time), the Company will host a
live webcast of management’s conference call to discuss the Company’s
results, as well as recent developments. A replay of the webcast can be
accessed at pinnaclewest.com/presentations.
To access the live conference call by telephone, dial (877) 407-8035 or
(201) 689-8035 for international callers. A replay of the call also will
be available until 11:59 p.m. (ET), Friday, Nov. 10, 2017, by calling
(877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally
and entering conference ID number 20278.

Pinnacle
West Capital Corp., an energy holding company based in Phoenix, has
consolidated assets of nearly $17 billion, about 6,200 megawatts of
generating capacity and 6,300 employees in Arizona and New Mexico.
Through its principal subsidiary, Arizona
Public Service, the Company provides retail electricity service to
nearly 1.2 million Arizona homes and businesses. For more information
about Pinnacle West, visit the Company’s website at pinnaclewest.com.

Contacts

Pinnacle West Capital Corporation
Media Contact:
Alan Bunnell,
602-250-3376
Analyst Contacts:
Stefanie Layton, 602-250-4541
Chalese
Haraldsen, 602-250-5643
Website: pinnaclewest.com