. Pinnacle West Capital Corporation’s 2016 Annual Meeting of Shareholders will be held on May 18, 2016, 10:30 a.m. Mountain Standard Time, at the Heard Museum, 2301 North Central Avenue, Phoenix, Arizona 85004. Please see the 2016 Proxy Statement for additional information on how to obtain an admission card in order to attend the Annual Meeting. Proposals to be voted on at the meeting are listed below along with the Board of Directors’ recommendations. The Board recommends a vote FOR all nominees, FOR Proposals 2 and 3, and AGAINST Proposal 4. 1. Election of Directors: 01 - Donald E. Brandt, 02 - Denis A. Cortese, M.D., 03 - Richard P. Fox, 04 - Michael L. Gallagher, 05 - Roy A. Herberger, Jr., Ph.D., 06 - Dale E. Klein, Ph.D., 07 - Humberto S. Lopez, 08 - Kathryn L. Munro, 09 - Bruce J. Nordstrom, 10 - David P. Wagener; Vote on an advisory resolution to approve executive compensation as disclosed in the 2016 Proxy Statement; Ratify the appointment of the Company’s independent accountants for the year ending December 31, 2016; Vote on the approval of a shareholder proposal regarding a report on political spending, if properly presented at the meeting. 2. 3. 4. PLEASE NOTE – YOU CANNOT VOTE BY RETURNING THIS NOTICE. To vote your shares you must vote online or request a paper copy of the proxy materials to receive a proxy card. Here’s how to order a copy of the proxy materials and select a future delivery preference: Paper copies: Current and future paper delivery requests can be submitted via the telephone, Internet or e-mail options below. E-mail copies: Current and future e-mail delivery requests must be submitted via the Internet following the instructions below. If you request an e-mail copy of current materials you will receive an e-mail with a link to the materials. PLEASE NOTE: You must use the number in the shaded bar on the reverse side when requesting a set of proxy materials. g Internet – Go to www.envisionreports.com/PNW and click Cast Your Vote or Request Materials. Follow the instructions to log in and order a copy of the current meeting materials and submit your preference for e-mail or paper delivery of future meeting materials. Telephone – Call us free of charge at 1-866-641-4276 and follow the instructions to log in and order a paper copy of the materials by mail for the current meeting. You can also submit a preference to receive a paper copy for future meetings. E-mail – Send e-mail to investorvote@computershare.com with “Proxy Materials Pinnacle West Capital Corporation” in the subject line. Include in the message your full name and address, plus the number located in the shaded bar on the reverse, and state in the e-mail that you want a paper copy of current meeting materials. You can also state your preference to receive a paper copy for future meetings. To facilitate timely delivery, all requests for a paper copy of the proxy materials must be received by May 4, 2016. g g 029E8F Shareholder Meeting Notice
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