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Press release from Business Wire

Pinnacle West Declares Quarterly Dividend

Friday, June 24, 2011

Pinnacle West Declares Quarterly Dividend17:05 EDT Friday, June 24, 2011 PHOENIX (Business Wire) -- Pinnacle West Capital Corporation's (NYSE: PNW) Board of Directors today declared a quarterly dividend of $0.525 per share of common stock, payable on September 1, 2011, to shareholders of record on August 1, 2011. Pinnacle West Capital, an energy holding company based in Phoenix, has consolidated assets of about $12.3 billion, more than 6,300 megawatts of generating capacity and about 6,700 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the Company provides retail electricity service to more than 1.1 million Arizona homes and businesses. For more information about Pinnacle West, visit the Company's website at pinnaclewest.com. Pinnacle West Capital CorporationMedia Contact:Alan Bunnell, 602-250-3376Analyst Contacts:Rebecca Hickman, 602-250-5668Geoffrey Wendt, 602-250-5643Website: pinnaclewest.com