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Press release from Business Wire

Pinnacle West Increases Quarterly Dividend; Announces Third-Quarter Earnings Conference Call

Thursday, October 18, 2012

Pinnacle West Increases Quarterly Dividend; Announces Third-Quarter Earnings Conference Call19:00 EDT Thursday, October 18, 2012 PHOENIX (Business Wire) -- Pinnacle West Capital Corporation's (NYSE: PNW) Board of Directors voted today to raise the Company's dividend by approximately 4 percent or 8 cents per common share annually. This action will result in an indicated annual dividend of $2.18 per share – or $0.545 per share quarterly. The declared dividend is payable December 3, 2012, to shareholders of record on November 1, 2012. “Pinnacle West is focused on delivering sustainable long-term growth and strong cash returns to shareholders,” said Chairman, President and Chief Executive Officer Don Brandt. “We've accomplished a lot in the last few years, including strengthening our balance sheet and improving other aspects of our financial profile. The Board's decision to increase our dividend demonstrates the confidence we have in the fundamental strength of our business, the communities we serve and our future growth prospects.” In addition, Pinnacle West plans to release its 2012 third-quarter results on Friday, November 2, 2012. That same day at 12 noon ET (9 a.m. AZ time), the Company invites interested parties to listen to a live webcast of management's conference call to discuss results and recent developments. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. 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, November 9, 2012, by calling (877) 660-6853 in the U.S. and Canada or (201) 612-7415 internationally and entering conference ID number 401419. Pinnacle West Capital, an energy holding company based in Phoenix, has consolidated assets of about $13.2 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 Corp.Media Contact:Alan Bunnell, 602-250-3376Analyst Contact:Rebecca Hickman, 602-250-5668Website: pinnaclewest.com