PINNACLE WEST CAPITAL CORP — Director's Dealing 2014

May 23, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PINNACLE WEST CAPITAL CORP (PNW)
CIK: 0000764622
Period of Report: 2014-05-21

Reporting Person: Cortese Denis A. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-21	Common Stock	A	1834	$54.52	Acquired	1834	Direct
2014-05-21	Common Stock	G	1834	$0.00	Disposed	0	Direct
2014-05-21	Common Stock	G	1834	$0.00	Acquired	11429	Indirect

Footnotes

F1: The reporting person gifted the shares to a revocable family trust.