An important update about a new initiative announced by Hawaiʻi Governor Josh Green

11/08/2023

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Dear Fellow Shareholders,

I am writing to share an important update about a new initiative to support a path forward for Hawaiʻi and for our company. Earlier today, Hawaiʻi Governor Josh Green announced a multi-phase effort, called the One 'Ohana Initiative, to support Maui's recovery, protect our communities against future extreme weather events and ensure that as a state, we can attract the capital needed to keep our communities safe and on the path to a sustainable future.

The first phase is focused on providing an option for families who have lost a loved one and those who were severely injured in the Maui fire to receive payments to support their healing. Payment will be offered in an expedited manner, providing an alternative to a lengthy and expensive legal process. Those who choose to participate will waive their ability to be compensated again through legal action. You can read a statement from Hawaiian Electric President and CEO, Shelee Kimura, here.

The State of Hawaiʻi, County of Maui, Hawaiian Electric and Kamehameha Schools have agreed to seed the funding for this phase. Over $150 million has been raised to date and Hawaiian Electric will contribute up to $75 million of the total. Hawaiian Electric's contribution will be funded by insurance.

Importantly, this is the start of a constructive and collaborative process. The next phase is intended to support property owners and businesses who have been severely impacted by the fire, followed by statutory and regulatory changes to be proposed in early 2024 to protect Hawaiʻi consumers and businesses from climate risks.

Tomorrow, HEI will announce its third quarter 2023 financial results and host a webcast and conference call at 11:30 a.m. Hawaiʻi time (4:30 p.m. Eastern time) to discuss financial results and operational updates from across the enterprise, including this development. I welcome you to join us. You can access presentation materials and listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under "Investor Relations," sub-heading "News and Events - Events and Presentations."

Thank you for your ongoing investment and continued support these last three months.

Me ke aloha pumehana - with warm regards,

Scott W.H. Seu
President and Chief Executive Officer
Hawaiian Electric Industries, Inc.

Source: Hawaiian Electric Industries, Inc.