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Press release from Business Wire

CORRECTING and REPLACING Pinnacle West Increases Quarterly Dividend

<p class='bwalignc'> <i>Third-Quarter Earnings Conference Call Scheduled for Oct. 31</i> </p>

Thursday, October 24, 2013

CORRECTING and REPLACING Pinnacle West Increases Quarterly Dividend

18:01 EDT Thursday, October 24, 2013

PHOENIX (Business Wire) -- First graph, third sentence of release dated October 23, 2013, should read: The declared dividend is payable December 2, 2013, to shareholders of record on November 4, 2013 (sted The declared dividend is payable December 2, 2013, to shareholders of record on November 1, 2013).

The corrected release reads:

PINNACLE WEST INCREASES QUARTERLY DIVIDEND

Pinnacle West Capital Corporation's (NYSE: PNW) Board of Directors voted today to raise the Company's dividend by approximately 4 percent, or 9 cents per common share annually. This action will result in an indicated annual dividend of $2.27 per share – or $0.5675 per share quarterly. The declared dividend is payable December 2, 2013, to shareholders of record on November 4, 2013.

Earnings Release, Webcast and Conference Call

In addition, as previously announced, Pinnacle West plans to release its third-quarter results before the U.S. financial markets open on Thursday, October 31, 2013.

That same day at 12:00 noon (ET), the Company also will host a live webcast of management's conference call to discuss the Company's 2013 third-quarter results, as well as 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), Thursday, November 7, 2013, by calling (877) 660-6853 in the U.S. and Canada or (201) 612-7415 internationally and entering conference ID number 100490.

Pinnacle West Capital, an energy holding company based in Phoenix, has consolidated assets of nearly $14 billion, more than 6,300 megawatts of generating capacity and about 6,600 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 Corporation
Media Contact:
Alan Bunnell, 602-250-3376
Analyst Contact:
Paul Mountain, 602-250-4952
Website: pinnaclewest.com

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