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Table of Contents

PART II

ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED

STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Pinnacle West’s common stock is publicly held and is traded on the New York Stock Exchange. At the close of business on February 14, 2014,

Pinnacle West’s common stock was held of record by approximately 23,053 shareholders.

QUARTERLY STOCK PRICES AND DIVIDENDS PAID PER SHARE

STOCK SYMBOL: PNW

Dividends

2013 High Low Close Per Share

1 Quarter $57.96 $51.50 $57.89 $ 0.545

2 Quarter 61.89 51.56 55.47 0.545

3 Quarter 60.33 52.03 54.74 0.545

4 Quarter 58.70 52.32 52.92 0.5675

Dividends

2012 High Low Close Per Share

1 Quarter $ 48.86 $ 46.15 $47.90 $0.525

2 Quarter 52.30 45.95 51.74 0.525

3 Quarter 54.66 51.19 52.80 0.525

4 Quarter 54.20 48.73 50.98 0.545

APS’s common stock is wholly-owned by Pinnacle West and is not listed for trading on any stock exchange. As a result, there is no established

public trading market for APS’s common stock.

The chart below sets forth the dividends paid on APS’s common stock for each of the four quarters for 2013 and 2012.

Common Stock Dividends

(Dollars in Thousands)

Quarter 2013 2012

1 Quarter $59,800 $57,400

2 Quarter 59,900 47,500

3 Quarter 59,900 57,500

4 Quarter 62,500 59,800

The sole holder of APS’s common stock, Pinnacle West, is entitled to dividends when and as declared out of legally available funds. As of

December 31, 2013, APS did not have any outstanding preferred stock.