HAWAIIAN ELECTRIC SUPPORTS ONE ‘OHANA INITIATIVE WITH STATEWIDE PARTNERS TO AID HEALING, PATH FORWARD FOR HAWAI'I

News Release from Hawaiian Electric, 11/08/2023

HONOLULU-- Shelee Kimura, President and CEO of Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), issued this statement today:

After three months, the devastation and pain on Maui and across Hawaiʻi are still fresh in our minds and hearts. We hope to honor those who have been lost and seriously injured by providing support and a path forward. We believe the One ‘Ohana Initiative is a powerful example of how, in times of hardship and heartbreak, Hawai‘i stands together for our people and our communities.

In the overwhelming days immediately after the fires, Governor Green emphasized that his priority was to provide quick help to those who were hurt. As part of the coalition supporting this initiative, we value the Governor’s leadership to focus our initial efforts on the people and the families who have suffered the greatest losses.

This phase of the initiative provides an option for families who have lost a loved one and those who were severely injured to receive substantial payments in an expedited manner to support their healing and a path forward. This plan provides families with an alternative to a lengthy and expensive legal process. Those who choose to participate will waive their ability to get compensated again through litigation related to associated claims.

Hawaiian Electric is joining other partners to seed this fund as part of the One ‘Ohana Initiative. 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, not customers.

From the start, we have emphasized that Hawaiian Electric will be here for Maui, no matter how long it takes to rebuild. Today’s announcement is another important step that is part of Hawaiian Electric’s ongoing efforts to support Maui. One of the strengths of Hawai‘i is that we understand we are all one ‘ohana. When we come together in force and with aloha, we build a stronger future for Maui and everyone in Hawai‘i.

Our employees – including those on Maui who are experiencing their own significant loss ­– have been unwavering in their effort and commitment to support their families, friends and community on Maui. Their work goes beyond repairing and replacing equipment - it’s also about restoring hope.

As a Hawai‘i-based company that has served our communities for 132 years, we recognize our kuleana to the people of Maui and Hawai‘I, not just for this generation but for those to come.

Lahaina and Maui are appropriately the focus of our support and recovery efforts today and will be for some time. As the Governor said, we must also assemble a broad coalition of leaders and organizations to create and execute on a comprehensive strategy to keep all of Hawai‘i safe from the threat of wildfires and other extreme weather events as well as the catastrophic physical, emotional and economic damage they can cause.

I appreciate the courageous leadership of Governor Green to forge a path that allows us to work together toward solutions that can help Maui’s people and communities in a way that reflects Hawai‘i’s values. We look forward to working with Governor Green, community partners and community-led initiatives to support the people of Maui as they plan for today and for future generations.

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NOTICE TO SEC Nov 9, 2023:  Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc. (together, the “Companies”) are unable, without unreasonable effort or expense, to file their Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023 (“Third Quarter 10-Q”) within the prescribed time period due to the circumstances described below.  On November 8, 2023, Hawaii Governor Josh Green announced the One ‘Ohana Initiative (the “Initiative”) which, among other things, provides a potential path to the resolution of wrongful death and serious physical injury claims made against the Companies and other defendants as a result of the August 8, 2023 Maui windstorm and wildfires.  Hawaiian Electric Company, Inc. has announced that it will contribute up to $75 million to the fund being established by the Initiative towards the resolution of these claims, all of which the Companies’ insurers have committed in writing to pay.  At this time, however, none of the lawsuits against the Companies described above have been resolved in any way, and there is no estimate of what, if any, claims may be resolved.  The announcement of the Initiative and the anticipated contribution require changes to the financial statements that the Companies otherwise expected to file as part of the Third Quarter 10-Q, and those changes cannot be completed, without unreasonable effort and expense, within the one day before the filing deadline.  The Companies expect to finalize their financial statements and file the related Third Quarter 10-Q on or before the fifth calendar day following the November 9, 2023 due date.

Big Q: Is the Lahaina Recovery Fund, for wildfire victims’ settlements, a good idea?

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CB: $150 Million Fund Is Established For Families Of Maui Wildfire Victims