Pinnacle West Capital Corporation (Pinnacle West) is a holding company that conducts business through its subsidiaries. Pinnacle West derives its revenues and earnings from its wholly owned subsidiary, Arizona Public Service Company (APS), which is a vertically-integrated electric utility that provides either retail or wholesale electric service to most of the State of Arizona.The Company’s subsidiaries include El Dorado Investment Company (El Dorado) and SunCor Development Company (SunCor). El Dorado owns minority interests in several energy-related investments and Arizona community-based ventures. The Company’s business segment is its regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

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