Effective April 27, 2023, David P. Wagener resigned as a director of Pinnacle West Capital Corporation. Mr. Wagener's resignation from the Company's Board of Directors (the “Board”) did not result from any disagreement with the Company on any matter relating to the Company's operations, policies or practices. In connection with Mr. Wagener's resignation, the number of Directors on the Board was reduced from 12 to 11 Directors.

Mr. Wagener had been included as a nominee of the Board in the Company's definitive proxy statement and proxy card for the Company's 2023 Annual Meeting of Shareholders to be held on May 17, 2023 (the “2023 Annual Meeting of Shareholders”). In light of his departure from the Board, Mr. Wagener is no longer standing for re-election to the Board at the 2023 Annual Meeting of Shareholders, and the Company's proxy materials are hereby deemed amended to remove Mr. Wagener as a nominee for the 2023 Annual Meeting of Shareholders.