The stock is listed on the NYSE

Davis Polk advised the forward purchasers and forward sellers in connection with the execution of forward sale agreements relating to an aggregate of 11,240,601 shares of Pinnacle West Capital Corporation’s common stock in connection with an SEC-registered offering of an aggregate of 11,240,601 shares of common stock. The 11,240,601 shares include 1,466,165 shares purchased by the underwriters pursuant to their option to purchase additional shares. In connection with the forward sale agreements, the forward purchasers (or, as applicable, their affiliated forward sellers) borrowed an aggregate of 11,240,601 shares of Pinnacle West’s common stock from third parties and sold these shares to the underwriters.

Pinnacle West, an energy holding company based in Phoenix, Arizona has consolidated assets of nearly $25 billion, about 6,500 megawatts of generating capacity and nearly 6,100 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, Pinnacle West provides retail electricity service to approximately 1.4 million Arizona homes and businesses. The stock is listed on the New York Stock Exchange under the symbol “PNW.”

The Davis Polk equity derivatives team included partner Caitlin L. Wood and associates Lindsey B. Meyers-Perez and Melissa X. Estrada. Partner Michael Farber, counsel Aliza Slansky and associate Ted Lee provided tax advice. All members of the Davis Polk team are based in the New York office.

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