Last Updated 2/20/2015 Line 2014 2013 Incr (Decr) 2014 2013 Incr (Decr) EARNINGS CONTRIBUTION BY SUBSIDIARY (Dollars in Millions) 1 Arizona Public Service 20$ 39$ (19)$ 447$ 459$ (12)$ 2 El Dorado (8) - (8) (8) (4) (4) 3 Parent Company (3) (6) 3 (15) (15) - 4 Net income 9 33 (24) 424 440 (16) 5 Less: Net Income Attributable to Noncontrolling Interests 4 9 (5) 26 34 (8) 6 Net Income Attributable to Common Shareholders 5$ 24$ (19)$ 398$ 406$ (8)$ EARNINGS PER SHARE BY SUBSIDIARY - DILUTED 7 Arizona Public Service 0.18$ 0.35$ (0.17)$ 4.02$ 4.14$ (0.12)$ 8 El Dorado (0.07) - (0.07) (0.08) (0.04) (0.04) 9 Parent Company (0.02) (0.05) 0.03 (0.13) (0.13) - 10 Net income 0.09 0.30 (0.21) 3.81 3.97 (0.16) 11 Less: Net Income Attributable to Noncontrolling Interests 0.04 0.08 (0.04) 0.23 0.31 (0.08) 12 Net Income Attributable to Common Shareholders 0.05$ 0.22$ (0.17)$ 3.58$ 3.66$ (0.08)$ 13 BOOK VALUE PER SHARE 39.50$ 38.07$ 1.43$ 39.50$ 38.07$ 1.43$ COMMON SHARES OUTSTANDING (Thousands) 14 Average - Diluted 111,284 110,936 348 111,178 110,806 372 15 End of Period 110,571 110,182 389 110,571 110,182 389 Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2014 and 2013 3 Months Ended December 31, 12 Months Ended December 31, See Glossary of Terms Page 1 of 4

Last Updated 2/20/2015 Line 2014 2013 Incr (Decr) 2014 2013 Incr (Decr) ELECTRIC OPERATING REVENUES (Dollars in Millions) Retail 16 Residential 311$ 298$ 13$ 1,640$ 1,675$ (35)$ 17 Business 354 352 2 1,558 1,558 - 18 Total retail 665 650 15 3,198 3,233 (35) Wholesale revenue on delivered electricity 19 Traditional contracts 11 9 2 52 53 (1) 20 Off-system sales 34 23 11 174 89 85 21 Native load hedge liquidation - 2 (2) - 11 (11) 22 Total wholesale 45 34 11 226 153 73 23 Transmission for others 7 7 - 30 32 (2) 24 Other miscellaneous services 9 8 1 35 33 2 25 Total electric operating revenues 726$ 699$ 27$ 3,489$ 3,451$ 38$ ELECTRIC SALES (GWH) Retail sales 26 Residential 2,586 2,464 122 12,838 13,290 (452) 27 Business 3,486 3,410 76 14,747 14,798 (51) 28 Total retail 6,072 5,874 198 27,585 28,088 (503) Wholesale electricity delivered 29 Traditional contracts 154 99 55 714 683 31 30 Off-system sales 1,038 717 321 4,482 2,998 1,484 31 Retail load hedge management - 68 (68) - 267 (267) 32 Total wholesale 1,192 884 308 5,196 3,948 1,248 33 Total electric sales 7,264 6,758 506 32,781 32,036 745 Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2014 and 2013 3 Months Ended December 31, 12 Months Ended December 31, See Glossary of Terms Page 2 of 4

Last Updated 2/20/2015 Line 2014 2013 Incr (Decr) 2014 2013 Incr (Decr) AVERAGE ELECTRIC CUSTOMERS Retail customers 34 Residential 1,038,927 1,024,619 14,308 1,033,728 1,019,292 14,436 35 Business 129,812 128,547 1,265 129,351 128,170 1,181 36 Total retail 1,168,739 1,153,166 15,573 1,163,079 1,147,462 15,617 37 Wholesale customers 52 52 - 55 52 3 38 Total customers 1,168,791 1,153,218 15,573 1,163,134 1,147,514 15,620 39 Total customer growth (% over prior year) 1.4% 1.3% 0.1% 1.4% 1.3% 0.1% RETAIL SALES (GWH) - WEATHER NORMALIZED 40 Residential 2,707 2,583 124 13,220 13,131 89 41 Business 3,474 3,482 (8) 14,674 14,771 (97) 42 Total 6,181 6,065 116 27,894 27,902 (8) 43 Retail sales (GWH) (% over prior year) 1.9% (2.0)% 3.9% 0.0% (0.5)% 0.5% RETAIL USAGE (KWh/Average Customer) 44 Residential 2,489 2,405 84 12,419 13,039 (620) 45 Business 26,857 26,530 327 114,007 115,453 (1,446) RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) 46 Residential 2,606 2,521 85 12,789 12,882 (93) 47 Business 26,759 27,089 (330) 113,443 115,246 (1,803) ELECTRICITY DEMAND (MW) 48 Native load peak demand 4,455 4,500 (45) 7,007 6,927 80 WEATHER INDICATORS - RESIDENTIAL Actual 49 Cooling degree-days 24 8 16 1,699 1,800 (101) 50 Heating degree-days 290 323 (33) 535 937 (402) 51 Average humidity 36% 23% 13% 28% 24% 4% 10-Year Averages 52 Cooling degree-days 55 55 - 1,777 1,777 - 53 Heating degree-days 366 366 - 865 865 - 54 Average humidity 30% 30% - 25% 25% - Periods Ended December 31, 2014 and 2013 3 Months Ended December 31, 12 Months Ended December 31, Quarterly Consolidated Statistical Summary Pinnacle West Capital Corporation See Glossary of Terms Page 3 of 4

Last Updated 2/20/2015 Line 2014 2013 Incr (Decr) 2014 2013 Incr (Decr) ENERGY SOURCES (GWH) Generation production 55 Nuclear 2,174 1,923 251 9,406 9,146 260 56 Coal 2,565 2,483 82 11,550 10,899 651 57 Gas, oil and other 1,245 1,301 (56) 7,694 6,127 1,567 58 Total generation production 5,984 5,707 277 28,650 26,172 2,478 Purchased power 59 Firm load 1,463 1,262 201 7,063 6,826 237 60 Marketing and trading 102 105 (3) 453 513 (60) 61 Total purchased power 1,565 1,367 198 7,516 7,339 177 62 Total energy sources 7,549 7,074 475 36,166 33,511 2,655 POWER PLANT PERFORMANCE Capacity Factors 63 Nuclear 86% 76% 10% 94% 91% 3% 64 Coal 60% 64% (4)% 68% 71% (3)% 65 Gas, oil and other 50% 17% 33% 68% 20% 48% 66 System average 36% 40% (4)% 38% 47% (9)% ECONOMIC INDICATORS Building Permits (a) 67 Metro Phoenix 4,426 3,707 719 18,813 15,153 3,660 Arizona Job Growth (b) 68 Payroll job growth (% over prior year) 2.5% 1.9% 0.6% 2.1% 2.1% 0.0% 69 Unemployment rate (%, seasonally adjusted) 6.8% 7.7% (0.9)% 7.0% 8.0% (1.0)% Sources: (a) U.S. Census Bureau (b) Arizona Department of Economic Security 3 Months Ended December 31, 12 Months Ended December 31, Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2014 and 2013 See Glossary of Terms Page 4 of 4