HAWAIIAN ELECTRIC INDUSTIES

FORM 8-K CURRENT REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

HEI Investor Update, August 21, 2023

The recent devastation on Maui is an unimaginable tragedy and is deeply personal for us at HEI and Hawaiian Electric – it impacts our friends, our families, our colleagues and our neighbors. We are doing everything we can to support all of those who have been impacted and help Maui recover. Thanks to the hard work of our crews and many others, we now expect 95% of customers in the affected areas will have had their power restored by the end of this week.

We are working with the county, state and federal governments to determine what happened in the course of an extraordinary climatological event on August 8, 2023. Others may take advantage of this situation to engage in speculation and opportunism, but our focus continues to be on the restoration, recovery and rebuilding efforts in our communities.

HEI’s overarching objective is to remain a strong, financially healthy enterprise to empower a thriving future for Hawai‘i. While the fundamentals of our businesses remain strong, we are taking prudent and measured actions to reinforce our commitment to serving the community for the long term.

Update on Revolving Credit Agreements

Yesterday, HEI drew $170 million and Hawaiian Electric drew $200 million under their existing revolving unsecured credit facilities. HEI and Hawaiian Electric plan to invest the cash proceeds in highly liquid short-term investments. We are proactively strengthening our balance sheets as Hawaiian Electric continues providing reliable service to our customers and supporting the recovery in Maui.

Update on Dividend

In addition, the HEI Board of Directors has determined that, to further increase its cash position, it will suspend the quarterly cash dividend on the company’s common stock, beginning with the third quarter of 2023. We regret that this may impact members of our local communities who rely on this dividend as a source of income. Taking this action will allow us to continue to allocate cash to rebuilding and restoring power and ensure a strong future for the utility. HEI is contractually obligated to pay the cash dividend of $0.36 per share, payable September 8, 2023, that it declared on August 3, 2023, prior to the fires.

Board Update

Separately, HEI and American Savings Bank determined that independent directors Richard Dahl, Michael Kennedy and Yoko Otani, who served on both HEI’s and American Savings Bank’s Boards, will serve exclusively on a five-member Board of American Savings Bank as of August 22, 2023, alongside Scott Seu, President and CEO of HEI, and Ann Teranishi, President and CEO of American Savings Bank. Mr. Dahl will serve as the independent chair of the Board of American Savings Bank. Mr. Dahl, Mr. Kennedy and Ms. Otani each bring deep expertise in the banking industry. This new structure enables these directors to focus solely on the Bank’s business, which has a unique and important role in our Hawai‘i communities. American Savings Bank is well positioned and stands ready to support our community as families heal and rebuild in the aftermath of the Maui wildfires.

American Savings Bank is in a strong financial position with 79% of its deposits FDIC-insured and 7% fully collateralized. American Savings Bank has deep lending capacity, with 273% liquidity coverage for uninsured deposits. American Savings Bank has over $3.1 billion of secured borrowing capacity at the Federal Home Loan Bank and Federal Reserve. American Savings Bank customer deposits are safe – there is no risk to customer deposits as a result of legal claims related to the fires.

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SA: Hawaiian Electric corrals cash amid Maui fire struggles

WaPo: Hawaiian Electric may collapse after fires, forcing reckoning for utilities - The Washington Post

F: Bankruptcy ‘Most Plausible’ Outcome For Hawaiian Electric As Stock Slides And Allegations Over Maui Fire Grow, Wells Fargo Says (forbes.com)

L360: Hawaii Utility Facing Shareholder Suit Over Maui Fire

CB: Investors Sue Hawaiian Electric For 'Misleading' Them About Potential Liability For Wildfire

SA: Hawaiian Electric suspends dividend, draws down credit lines

SA:  Hawaiian Electric plunges on dividend halt, credit drawdown