PINNACLE WEST CAP CORP

Ticker: PNW CUSIP: 723484101 Class: COM

Godshalk Welsh Capital Management, Inc.'s Holding History (CIK: 0001631775)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 2,850 Value ($000) $214 Avg Close $46.44 Range $42.15 - $51.17

Q1 2015

Shares 3,400 Value ($000) $217 Avg Close $43.61 Range $40.31 - $47.62

Q4 2014

Shares 3,400 Value ($000) $232 Avg Close $40.25 Range $35.11 - $46.19

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	2,850	$214	$46.44	$42.15 - $51.17
Q1 2015	3,400	$217	$43.61	$40.31 - $47.62
Q4 2014	3,400	$232	$40.25	$35.11 - $46.19