Exhibit



TABLE OF CONTENTS

	Page
HEI Consolidated
Selected Financial Information	1
Consolidated Statements of Income & Comprehensive Income Information	2
Consolidated Balance Sheets Information	3
Consolidated Statements of Changes in Shareholders' Equity Information	4
Consolidated Statements of Cash Flows Information	5
Consolidated Capital Structure	7
GAAP and Non-GAAP (Core) Earnings and Return on Average Common Equity	8

Hawaiian Electric Company
Selected Financial Information	9
Consolidated Statements of Income and Retained Earnings Information	10
Consolidated Balance Sheets Information	11
Consolidated Statements of Cash Flows Information	12
Cumulative Preferred Stock Not Subject to Mandatory Redemption	13
Long-term Debt	14
Customer, Sales and Revenue Information	16
Power Supply Information	18

American Savings Bank
Selected Information	20
Statements of Income Information	21
Balance Sheets Information	22

Other
State of Hawaii Information	23
Appendix - Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures	24



SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018			2017			2016			2015			2014
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	2,860,849		$	2,555,625		$	2,380,654		$	2,602,982		$	3,239,542
Net income for common stock		201,774			165,297			248,256			159,877			168,129
Basic earnings per common share		1.85			1.52			2.30			1.50			1.65
Diluted earnings per common share		1.85			1.52			2.29			1.50			1.63
Dividends per common share		1.24			1.24			1.24			1.24			1.24
Operating income (loss)
Electric utility		$	241,661		$	263,524		$	290,070		$	274,116		$	275,768
Bank		108,235			99,536			88,227			83,812			79,295
Other		(16,540		)	(16,827		)	(22,459		)	(35,375		)	(22,463		)
		$	333,356		$	346,233		$	355,838		$	322,553		$	332,600
Assets ¹
Electric utility		$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123		$	5,083,589
Bank		7,027,894			6,798,659			6,421,357			6,014,755			5,566,222
Other		108,654			104,888			28,721			95,053			60,900
		$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931		$	10,710,711
Capital structure ^{1, 2}
Short-term borrowings - other than bank		$	73,992		$	117,945		$	—		$	103,063		$	118,972
Long-term debt, net - other than bank		1,879,641			1,683,797			1,619,019			1,578,368			1,498,547
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,162,280			2,097,386			2,066,753			1,927,640			1,790,573
		$	4,150,206		$	3,933,421		$	3,720,065		$	3,643,364		$	3,442,385
Capital structure ratios ^{1, 2}
Short-term borrowings - other than bank		1.8		%	3.0		%	-- %			2.9		%	3.5		%
Long-term debt, net - other than bank		45.3			42.8			43.5			43.3			43.5
Preferred stock of subsidiaries		0.8			0.9			0.9			0.9			1.0
Common stock equity		52.1			53.3			55.6			52.9			52.0
		100.0		%	100.0%			100.0%			100.0%			100.0%
Key financial ratios
Market price to book value per common share ¹		184		%	188		%	174		%	161		%	192		%
Price earnings ratio ³		19.8x			23.8x			14.4x			19.3x			20.5x
Return on average common equity		9.5		%	7.9		%	12.4		%	8.6		%	9.6		%
Indicated annual yield ¹		3.4		%	3.4		%	3.7		%	4.3		%	3.7		%
Dividend payout ratio		67		%	82		%	54		%	82		%	75		%
Full-time employees
Hawaiian Electric and its subsidiaries		2,704			2,724			2,662			2,727			2,759
ASB		1,148			1,115			1,093			1,152			1,162
Consolidated HEI		3,898			3,880			3,796			3,918			3,965
Note:	This report should be read in conjunction with HEI’s Form 10-K for each year. Financial data for periods prior to January 1, 2016 has been updated to reflect the
	retrospective adoption of Accounting Standards Update (ASU) No. 2015-03. Financial data for periods prior to December 31, 2018 (but after December 31, 2015) has
	been updated to reflect the retrospective adoption of ASU No. 2017-07. Financial data for periods prior to December 31, 2018 has been updated to reflect the
	reclassification of contributions in aid of construction balances from liabilities to assets, which reduced the respective balances.
¹	At December 31.
²	Excludes ASB's deposit liabilities and other borrowings.
³	Calculated using December 31 market price per common share divided by diluted earnings per common share.



CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2018			2017			2016			2015			2014
(in thousands, except per share amounts)
Revenues
Electric utility		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323
Bank		314,275			297,640			285,924			267,733			252,497
Other		49			419			362			83			(278		)
Total revenues		2,860,849			2,555,625			2,380,654			2,602,982			3,239,542
Expenses
Electric utility		2,304,864			1,994,042			1,804,298			2,061,050			2,711,555
Bank		206,040			198,104			197,697			183,921			173,202
Other		16,589			17,246			22,821			35,458			22,185
Total expenses		2,527,493			2,209,392			2,024,816			2,280,429			2,906,942
Operating income (loss)
Electric utility		241,661			263,524			290,070			274,116			275,768
Bank		108,235			99,536			88,227			83,812			79,295
Other		(16,540		)	(16,827		)	(22,459		)	(35,375		)	(22,463		)
Total operating income		333,356			346,233			355,838			322,553			332,600
Merger termination fee		—			—			90,000			—			—
Retirement defined benefits expense—other than service costs		(5,962		)	(7,942		)	(7,663		)	—			—
Interest expense, net—other than on deposit liabilities
and other bank borrowings		(88,677		)	(78,972		)	(75,803		)	(77,150		)	(76,352		)
Allowance for borrowed funds used during construction		4,867			4,778			3,144			2,457			2,579
Allowance for equity funds used during construction		10,877			12,483			8,325			6,928			6,771
Income before income taxes		254,461			276,580			373,841			254,788			265,598
Income taxes		50,797			109,393			123,695			93,021			95,579
Net income		203,664			167,187			250,146			161,767			170,019
Preferred stock dividends of subsidiaries		1,890			1,890			1,890			1,890			1,890
Net income for common stock		$	201,774		$	165,297		$	248,256		$	159,877		$	168,129
Basic earnings per common share		$	1.85		$	1.52		$	2.30		$	1.50		$	1.65
Diluted earnings per common share		$	1.85		$	1.52		$	2.29		$	1.50		$	1.63
Weighted-average number of common shares outstanding		108,855			108,749			108,102			106,418			101,968
Weighted-average shares assuming dilution		109,146			108,933			108,309			106,721			102,937

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2018			2017			2016			2015			2014
(in thousands)
Net income for common stock		$	201,774		$	165,297		$	248,256		$	159,877		$	168,129
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes		(9,472		)	(4,370		)	(5,699		)	(2,334		)	5,840
Reclassification adjustment for net realized gains included in net income, net of taxes		—			—			(360		)	—			(1,715		)
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses, net of tax benefits		—			—			(281		)	—			—
Unrealized interest rate hedging loss, net of tax benefit		(436		)	—			—			—			—
Reclassification adjustment to net income, net of taxes		—			454			(119		)	235			236
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		(28,101		)	65,531			(43,510		)	5,889			(234,166		)
Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		21,015			15,737			14,518			22,465			11,344
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		8,325			(78,724		)	28,584			(25,139		)	207,833
Other comprehensive income (loss), net of taxes		(8,669		)	(1,372		)	(6,867		)	1,116			(10,628		)
Comprehensive income attributable to Hawaiian Electric Industries, Inc.		$	193,105		$	163,925		$	241,389		$	160,993		$	157,501
Notes: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
	Income statement amounts for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of
	ASU No. 2017-07. A reconciliation of GAAP to non-GAAP measures is located in the Appendix.



CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31		2018			2017			2016			2015			2014
(in thousands)
ASSETS
Cash and cash equivalents		$	169,208		$	261,881		$	278,452		$	300,478		$	175,542
Accounts receivable and unbilled revenues, net		325,672			263,209			237,950			242,766			313,696
Available-for-sale investment securities, at fair value		1,388,533			1,401,198			1,105,182			820,648			550,394
Held-to-maturity investment securities, at amortized cost		141,875			44,515			—			—			—
Stock in Federal Home Loan Bank, at cost		9,958			9,706			11,218			10,678			69,302
Loans, net		4,792,707			4,628,381			4,701,977			4,570,412			4,397,457
Property, plant and equipment, net		4,830,118			4,460,248			4,059,940			3,871,571			3,682,342
Regulatory assets		833,426			869,297			957,451			896,731			905,264
Other		530,364			513,535			447,621			480,457			534,524
Goodwill		82,190			82,190			82,190			82,190			82,190
	Total assets	$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931		$	10,710,711

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	243,027		$	219,551		$	168,504		$	164,565		$	211,761
Deposit liabilities		6,158,852			5,890,597			5,548,929			5,025,254			4,623,415
Short-term borrowings - other than bank		73,992			117,945			—			103,063			118,972
Other bank borrowings		110,040			190,859			192,618			328,582			290,656
Long-term debt, net - other than bank		1,879,641			1,683,797			1,619,019			1,578,368			1,498,547
Deferred income taxes		372,518			388,430			728,806			680,877			633,570
Regulatory liabilities		950,236			880,770			410,693			371,543			344,849
Defined benefit pension and other postretirement benefit plans liability		538,384			509,514			638,854			589,918			632,845
Other		580,788			521,018			473,512			471,828			531,230
	Total liabilities	10,907,478			10,402,481			9,780,935			9,313,998			8,885,845
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293			34,293			34,293			34,293			34,293
Shareholders' equity
Preferred stock		—			—			—			—			—
Common stock		1,669,267			1,662,491			1,660,910			1,629,136			1,521,297
Retained earnings		543,623			476,836			438,972			324,766			296,654
Accumulated other comprehensive loss, net of tax benefits		(50,610		)	(41,941		)	(33,129		)	(26,262		)	(27,378		)
	Total shareholders' equity	2,162,280			2,097,386			2,066,753			1,927,640			1,790,573
	Total liabilities and shareholders' equity	$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931		$	10,710,711
Notes:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Periods prior to January 1, 2016 reflect the retrospective
	adoption of ASU No. 2015-03. Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances
	from liabilities to "Property, plant and equipment, net" assets, which reduced the respective balances.



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries								Accumulated
Unaudited								other
	Common stock				Retained			comprehensive
(in thousands, except per share amounts)	Shares	Amount			earnings			income (loss)			Total
Balance, December 31, 2013	101,260	$	1,488,126		$	255,030		$	(16,750	)	$	1,726,406
Net income for common stock	—	—			168,129			—			168,129
Other comprehensive loss, net of tax benefits	—	—			—			(10,628		)	(10,628		)
Issuance of common stock:
Partial settlement of equity forward	1,000	24,873			—			—			24,873
Dividend reinvestment and stock purchase plan	95	2,461			—			—			2,461
Retirement savings and other plans	210	6,816			—			—			6,816
Share-based expense and other, net	—	(979		)	—			—			(979		)
Common stock dividends ($1.24 per share)	—	—			(126,505		)	—			(126,505		)
Balance, December 31, 2014	102,565	1,521,297			296,654			(27,378		)	1,790,573
Net income for common stock	—	—			159,877			—			159,877
Other comprehensive income, net of taxes	—	—			—			1,116			1,116
Issuance of common stock:
Partial settlement of equity forward	4,700	109,183			—			—			109,183
Retirement savings and other plans	195	5,578			—			—			5,578
Share-based expense and other, net	—	(6,922		)	—			—			(6,922		)
Common stock dividends ($1.24 per share)	—	—			(131,765		)	—			(131,765		)
Balance, December 31, 2015	107,460	1,629,136			324,766			(26,262		)	1,927,640
Net income for common stock	—	—			248,256			—			248,256
Other comprehensive loss, net of tax benefits	—	—			—			(6,867		)	(6,867		)
Issuance of common stock:
Dividend reinvestment and stock purchase plan	859	26,844			—			—			26,844
Retirement savings and other plans	264	9,298			—			—			9,298
Share-based expense and other, net	—	(4,368		)	—			—			(4,368		)
Common stock dividends ($1.24 per share)	—	—			(134,050		)	—			(134,050		)
Balance, December 31, 2016	108,583	1,660,910			438,972			(33,129		)	2,066,753
Net income for common stock	—	—			165,297			—			165,297
Other comprehensive loss, net of tax benefits	—	—			—			(1,372		)	(1,372		)
Reclass of AOCI for tax rate reduction impact	—	—			7,440			(7,440		)	—
Issuance of common stock:
Retirement savings and other plans	205	4,664			—			—			4,664
Share-based expense and other, net	—	(3,083		)	—			—			(3,083		)
Common stock dividends ($1.24 per share)	—	—			(134,873		)	—			(134,873		)
Balance, December 31, 2017	108,788	1,662,491			476,836			(41,941		)	2,097,386
Net income for common stock	—	—			201,774			—			201,774
Other comprehensive loss, net of tax benefits	—	—			—			(8,669		)	(8,669		)
Issuance of common stock:
Retirement savings and other plans	91	2,650			—			—			2,650
Share-based expense and other, net	—	4,126			—			—			4,126
Common stock dividends ($1.24 per share)	—	—			(134,987		)	—			(134,987		)
Balance, December 31, 2018	108,879	$	1,669,267		$	543,623		$	(50,610	)	$	2,162,280
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.



CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31			2018			2017			2016

(in thousands)
Cash flows from operating activities
Net income			$	203,664		$	167,187		$	250,146
Adjustments to reconcile net income
	to net cash provided by operating activities
		Depreciation of property, plant and equipment	214,036			200,658			194,273
		Other amortization	41,593			21,340			10,473
		Provision for loan losses	14,745			10,901			16,763
		Loans originated and purchased, held for sale	(109,537		)	(115,104		)	(236,769		)
		Proceeds from sale of loans, held for sale	112,182			127,951			236,062
		Deferred income taxes	(9,368		)	37,835			47,118
		Share-based compensation expense	7,792			5,404			4,789
		Allowance for equity funds used during construction	(10,877		)	(12,483		)	(8,325		)
		Other	(4,219		)	(3,324		)	(12,422		)
		Changes in assets and liabilities
		Increase in accounts receivable and unbilled revenues, net	(64,321		)	(12,875		)	(898		)
		Increase (decrease) in accounts, interest and dividends payable	21,528			34,985			(9,643		)
		Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	29,429			20,685			39,109
		Increase in defined benefit pension and other postretirement benefit plans	20,871			882			1,587
		Decrease (increase) in fuel oil stock	7,054			(20,794		)	4,786
		Decrease (increase) in regulatory assets	9,252			(17,256		)	(18,273		)
		Change in other assets and liabilities	15,488			(25,551		)	(23,118		)
Net cash provided by operating activities			499,312			420,441			495,658
Cash flows from investing activities
Available-for-sale investment securities purchased			(224,335		)	(528,379		)	(533,956		)
Principal repayments on available-for-sale investment securities			218,930			220,231			219,845
Proceeds from sale of available-for-sale investment securities			—			—			16,423
Purchases of held-to-maturity investment securities			(103,184		)	(44,515		)	—
Proceeds from repayments or maturities of held-to-maturity investment securities			5,720			—			—
Purchase of stock from Federal Home Loan Bank			(28,292		)	(2,868		)	(7,773		)
Redemption of stock from Federal Home Loan Bank			28,040			4,380			7,233
Net decrease (increase) in loans held for investment			(189,352		)	15,887			(194,042		)
Proceeds from sale of commercial loans			7,149			36,760			52,299
Proceeds from sale of real estate acquired in settlement of loans			589			1,019			829
Proceeds from sale of real estate held for sale			—			—			1,764
Capital expenditures			(537,369		)	(495,187		)	(330,043		)
Contributions in aid of construction			30,599			64,733			30,100
Contributions to low income housing investments			(14,499		)	(17,505		)	—
Acquisition of business			—			(76,323		)	—
Other			13,945			6,468			856
Net cash used in investing activities			$	(792,059	)	$	(815,299	)	$	(736,465	)

			(Continued on next page)



CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31	2018			2017			2016

(in thousands)
Cash flows from financing activities
Net increase in deposit liabilities	$	165,880		$	341,668		$	523,675
Net increase (decrease) in short-term borrowings
with original maturities of three months or less	(18,999		)	67,992			(103,063		)
Proceeds from issuance of short-term debt	25,000			125,000			—
Repayment of short-term debt	(50,000		)	(75,000		)	—
Net increase (decrease) in retail repurchase agreements	26,556			61,776			(43,601		)
Proceeds from other bank borrowings	696,000			59,500			180,835
Repayments of other bank borrowings	(701,000		)	(123,034		)	(272,902		)
Proceeds from issuance of long-term debt	250,000			532,325			115,000
Repayment of long-term debt and funds transferred for redemption
of special purpose revenue bonds	(53,887		)	(465,000		)	(75,000		)
Withheld shares for employee taxes on vested share-based compensation	(996		)	(3,828		)	(2,416		)
Net proceeds from issuance of common stock	—			—			13,220
Common stock dividends	(134,987		)	(134,873		)	(117,274		)
Preferred stock dividends of subsidiaries	(1,890		)	(1,890		)	(1,890		)
Other	(1,603		)	(6,349		)	2,197
Net cash provided by financing activities	200,074			378,287			218,781
Net decrease in cash and cash equivalents	(92,673		)	(16,571		)	(22,026		)
Cash and cash equivalents, January 1	261,881			278,452			300,478
Cash and cash equivalents, December 31	$	169,208		$	261,881		$	278,452
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.



CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31				2018			2017			2016			2015			2014
(in thousands)

Short-term borrowings - other than bank ¹				$	73,992		$	117,945		$	—		$	103,063		$	118,972
Long-term debt - other than bank ¹
Long-term debt of electric utility subsidiaries ²				1,418,802			1,368,479			1,319,260			1,278,702			1,199,025
Hamakua Energy, LLC 4.02% notes, due 2030				63,438			67,325			—			—			—
HEI 5.67% senior notes, due 2021				50,000			50,000			50,000			50,000			50,000
HEI 3.99% senior notes, due 2023				50,000			50,000			50,000			50,000			50,000
HEI 4.58% senior notes, due 2025				50,000			—			—			—			—
HEI 4.72% senior notes, due 2028				100,000			—			—			—			—
HEI 2.99% term loan, due 2022				150,000			150,000			—			—			—
HEI term loan LIBOR + .75%, paid in 2017				—			—			125,000			125,000			125,000
HEI term loan LIBOR + .75%, paid in 2017				—			—			75,000			—			—
HEI 4.41% senior notes, paid in 2016				—			—			—			75,000			75,000
Less HEI and Hamakua Energy, LLC unamortized debt issuance cost				(2,599		)	(2,007		)	(241		)	(334		)	(478		)
				1,879,641			1,683,797			1,619,019			1,578,368			1,498,547

Preferred stock of subsidiaries -
not subject to mandatory redemption				34,293			34,293			34,293			34,293			34,293
Shareholders' equity
Preferred stock				—			—			—			—			—
Common stock				1,669,267			1,662,491			1,660,910			1,629,136			1,521,297
Retained earnings				543,623			476,836			438,972			324,766			296,654
Accumulated other comprehensive loss, net of tax benefits				(50,610		)	(41,941		)	(33,129		)	(26,262		)	(27,378		)
				2,162,280			2,097,386			2,066,753			1,927,640			1,790,573
				$	4,150,206		$	3,933,421		$	3,720,065		$	3,643,364		$	3,442,385


LONG-TERM DEBT MATURITIES as of December 31, 2018
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

		2019		2020			2021			2022			2023			Thereafter			Total
(in thousands)
Long-term debt - other than bank ¹
	Electric utilities²	$	—	$	96,000		$	—		$	52,000		$	100,000		$	1,178,546		$	1,426,546
	HEI	—		—			50,000			150,000			50,000			150,000			400,000
	Hamakua Energy, LLC	3,739		3,669			3,864			4,146			4,325			43,695			63,438
	Less unamortized debt issuance cost																		(10,343		)
		$	3,739	$	99,669		$	53,864		$	206,146		$	154,325		$	1,372,241		$	1,879,641
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Periods prior to January 1, 2016
	reflect the retrospective adoption of ASU No. 2015-03.
¹	Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
²	See pages 14 and 15 for additional information.



GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018			2017			2016			2015			2014
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	98,260		$	81,894		$	99,926		$	92,794		$	96,677
	Hawaii Electric Light	24,481			20,146			21,255			20,755			18,689
	Maui Electric	20,912			17,911			21,136			22,165			22,275

Utilities consolidated		143,653			119,951			142,317			135,714			137,641
ASB		82,509			66,997			57,279			54,730			51,301
HEI and other		(24,388		)	(21,651		)	48,660			(30,567		)	(20,813		)
Consolidated HEI		$	201,774		$	165,297		$	248,256		$	159,877		$	168,129

Diluted earnings per common share		$	1.85		$	1.52		$	2.29		$	1.50		$	1.63

Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	7.4		%	6.5		%	8.3		%	8.0		%	8.7		%
	Hawaii Electric Light	8.4			7.0			7.3			7.2			6.7
	Maui Electric	7.6			6.8			8.1			8.5			8.8
Utilities consolidated		7.6			6.6			8.1			8.0			8.4
ASB		13.3			11.3			10.1			10.0			9.7
Consolidated HEI		9.5		%	7.9		%	12.4		%	8.6		%	9.6		%

NON-GAAP (CORE) EARNINGS AND RETURN ON AVERAGE COMMON EQUITY¹
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2018			2017			2016			2015			2014
(dollars in millions, except per share amounts)
Core net income		$	201.8		$	179.5		$	190.1		$	175.7		$	173.0

Core diluted earnings per common share		$	1.85		$	1.65		$	1.75		$	1.65		$	1.68

Adjusted return on average common
equity (simple average)		9.5		%	8.6		%	9.5		%	9.4		%	9.8		%
Note: Columns may not foot due to rounding
¹	See the reconciliation of GAAP to non-GAAP measures in the Appendix.



SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018			2017		2016		2015		2014
(in thousands)

CAPITAL STRUCTURE¹
Long-term debt, net, including current portion²		$	1,418,802		$	1,368,479	$	1,319,260	$	1,278,702	$	1,199,025
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		1,957,641			1,845,283		1,799,787		1,728,325		1,682,144
		$	3,410,736		$	3,248,055	$	3,153,340	$	3,041,320	$	2,915,462
CAPITAL STRUCTURE RATIOS (%)^1,2
Long-term debt, net, including current portion		41.6			42.1		41.8		42.1		41.1
Preferred stock		1.0			1.1		1.1		1.1		1.2
Common stock equity		57.4			56.8		57.1		56.8		57.7
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Ratio of earnings to fixed charges (SEC method)		N/A			3.64		4.11		3.97		4.04
Authorized return on rate base ³
	Hawaiian Electric	7.57			7.57		8.11		8.11		8.11
	Hawaii Electric Light	7.80			7.80		8.31		8.31		8.31
	Maui Electric	7.43			7.34		7.34		7.34		7.34
Earned rate-making return on simple average rate base⁴
	Hawaiian Electric	6.55			6.08		7.48		7.39		7.76
	Hawaii Electric Light	6.98			6.54		6.73		6.58		6.28
	Maui Electric	6.26			6.10		6.99		7.19		7.48
Authorized return on simple average common equity ³
	Hawaiian Electric	9.50			9.50		10.00		10.00		10.00
	Hawaii Electric Light	9.50			9.50		10.00		10.00		10.00
	Maui Electric	9.00			9.00		9.00		9.00		9.00
Earned rate-making return on simple average common equity⁵
	Hawaiian Electric	7.89			6.83		9.46		9.20		9.85
	Hawaii Electric Light	8.08			7.30		7.61		7.49		6.65
	Maui Electric	7.38			6.84		8.34		8.76		9.47
Book return on simple average common equity ⁶
	Hawaiian Electric	7.36			6.46		8.26		8.02		8.74
	Hawaii Electric Light	8.41			6.97		7.28		7.22		6.71
	Maui Electric	7.59			6.76		8.08		8.52		8.81

RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,125	⁷	$	1,975	$	1,879	$	1,814	$	1,756
Hawaii Electric Light		505		⁷	490		482		479		476
Maui Electric		462		⁷	438		431		440		439
		$	3,092		$	2,903	$	2,792	$	2,733	$	2,671
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.1
Accumulated depreciation as percent of gross plant ¹		N/A			34.0		34.5		34.6		35.0
Weighted-average AFUDC rate		7.3			7.7		7.6		7.6		7.7

¹	At December 31.
²	Financial data for periods prior to January 1, 2016 has been updated to reflect the retrospective adoption of ASU No. 2015-03.
³	Reflects latest final or interim decision and order as of the end of the respective years.
⁴	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
⁵	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not
	included in determining electric rates.
⁶	Based on recorded net income divided by average common equity, simple average method.
⁷	The 12/31/18 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,222, $515 and $474, respectively.



CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018			2017			2016			2015			2014
(in thousands)
Revenues		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323
Expenses
Fuel oil		760,528			587,768			454,704			654,600			1,131,685
Purchased power		639,307			586,634			562,740			594,096			722,008
Other operation and maintenance ¹		461,491			411,907			399,931			413,089			410,612
Depreciation		203,626			192,784			187,061			177,380			166,387
Taxes, other than income taxes		239,912			214,949			199,862			221,885			280,863
Total expenses ¹		2,304,864			1,994,042			1,804,298			2,061,050			2,711,555
Operating income ¹		241,661			263,524			290,070			274,116			275,768
Allowance for equity funds used during construction		10,877			12,483			8,325			6,928			6,771
Retirement defined benefits expense - other than service costs¹		(3,631		)	(6,003		)	(5,602		)	—			—
Interest expense and other charges, net		(73,348		)	(69,637		)	(66,824		)	(66,370		)	(64,757		)
Allowance for borrowed funds used during construction		4,867			4,778			3,144			2,457			2,579
Income before income taxes		180,426			205,145			229,113			217,131			220,361
Income taxes		34,778			83,199			84,801			79,422			80,725
Net income		145,648			121,946			144,312			137,709			139,636
Preferred stock dividends of subsidiaries		915			915			915			915			915
Net income attributable to Hawaiian Electric		144,733			121,031			143,397			136,794			138,721
Preferred stock dividends of Hawaiian Electric		1,080			1,080			1,080			1,080			1,080
Net income for common stock		143,653			119,951			142,317			135,714			137,641
Retained earnings, January 1		1,124,193			1,091,800			1,043,082			997,773			948,624
Reclass of AOCI for tax rate reduction impact		—			209			—			—			—
Common stock dividends		(103,305		)	(87,767		)	(93,599		)	(90,405		)	(88,492		)
Retained earnings, December 31		$	1,164,541		$	1,124,193		$	1,091,800		$	1,043,082		$	997,773
Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and
	Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
¹	Amounts for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of ASU No. 2017-07.



CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2018			2017			2016			2015			2014
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment ¹		$	7,092,483		$	6,717,311		$	6,327,102		$	6,037,712		$	5,753,965
Less accumulated depreciation		(2,577,342		)	(2,476,352		)	(2,369,282		)	(2,266,004		)	(2,175,510		)
	Utility property, plant and equipment, net ¹	4,515,141			4,240,959			3,957,820			3,771,708			3,578,455
Nonutility property, plant and equipment, less accumulated depreciation		6,961			7,580			7,407			7,272			6,563
	Total property, plant and equipment, net ¹	4,522,102			4,248,539			3,965,227			3,778,980			3,585,018
Current assets
Cash and equivalents		35,877			12,517			74,286			24,449			13,762
Customer accounts receivable, net		177,896			127,889			123,688			132,778			158,484
Accrued unbilled revenues, net		121,738			107,054			91,693			84,509			137,374
Other accounts receivable, net		6,215			7,163			5,233			10,408			4,283
Fuel oil stock, at average cost		79,935			86,873			66,430			71,216			106,046
Materials and supplies, at average cost		55,204			54,397			53,679			54,429			57,250
Prepayments and other		32,118			25,355			23,100			36,640			33,468
Regulatory assets		71,016			88,390			66,032			72,231			71,421
	Total current assets	579,999			509,638			504,141			486,660			582,088
Other long-term assets
Regulatory assets		762,410			780,907			891,419			824,500			833,843
Other		102,992			91,529			71,116			75,983			82,640
	Total other long-term assets	865,402			872,436			962,535			900,483			916,483
	Total assets ¹	$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123		$	5,083,589
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	1,957,641		$	1,845,283		$	1,799,787		$	1,728,325		$	1,682,144
Cumulative preferred stock - not subject to mandatory redemption		34,293			34,293			34,293			34,293			34,293
Long-term debt, net ²		1,418,802			1,318,516			1,319,260			1,278,702			1,199,025
	Total capitalization	3,410,736			3,198,092			3,153,340			3,041,320			2,915,462
Current liabilities
Current portion of long-term debt		—			49,963			—			—			—
Short-term borrowings from non-affiliate		25,000			4,999			—			—			—
Accounts payable		171,791			159,610			117,814			114,846			163,934
Interest and preferred dividends payable		23,215			22,575			22,838			23,111			22,316
Taxes accrued		233,333			199,101			172,730			191,084			250,402
Regulatory liabilities		17,977			3,401			3,762			2,204			632
Other		60,003			59,456			55,221			54,079			61,664
	Total current liabilities	531,319			499,105			372,365			385,324			498,948
Deferred credits and other liabilities
Deferred income taxes		383,197			394,041			733,659			654,806			573,439
Regulatory liabilities		932,259			877,369			406,931			369,339			344,217
Unamortized tax credits		91,522			90,369			88,961			84,214			79,492
Defined benefit pension and other postretirement benefit plans liability		503,659			472,948			599,726			552,974			595,395
Other		114,811			98,689			76,921			78,146			76,636
	Total deferred credits and other liabilities	2,025,448			1,933,416			1,906,198			1,739,479			1,669,179
	Total capitalization and liabilities ¹	$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123		$	5,083,589
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric
Company, Inc. and subsidiaries' Form 10-K for each year.
¹	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net”,which reduced the respective balances.
²	Amounts for periods prior to January 1, 2016 have been updated to reflect the retrospective adoption of ASU No. 2015-03.



CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31			2018			2017			2016
(in thousands)
Cash flows from operating activities
Net income			$	145,648		$	121,946		$	144,312
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		203,626			192,784			187,061
	Other amortization		26,602			8,498			6,935
	Deferred income taxes		(7,982		)	38,037			74,386
	Allowance for equity funds used during construction		(10,877		)	(12,483		)	(8,325		)
	Other		(1,570		)	(1,066		)	(3,700		)
	Changes in assets and liabilities
		Decrease (decrease) in accounts receivable	(50,917		)	2,914			8,551
		Decrease (increase) in accrued unbilled revenues	(14,684		)	(15,361		)	(7,184		)
		Decrease (increase) in fuel oil stock	6,938			(20,443		)	4,786
		Decrease (increase) in materials and supplies	(807		)	(718		)	750
		Decrease (increase) in regulatory assets	9,252			(17,256		)	(18,273		)
		Increase (decrease) in accounts payable	24,358			25,734			(10,614		)
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	25,036			29,862			2,123
		Increase in defined benefit pension and other postretirement
		benefit plans liability	18,746			604			484
		Change in other assets and liabilities	20,244			(17,866		)	(11,375		)
Net cash provided by operating activities			393,613			335,186			369,917
Cash flows from investing activities
Capital expenditures			(445,863		)	(441,598		)	(320,437		)
Contributions in aid of construction			30,599			64,733			30,100
Other			10,082			4,578			2,138
Net cash used in investing activities			(405,182		)	(372,287		)	(288,199		)
Cash flows from financing activities
Common stock dividends			(103,305		)	(87,767		)	(93,599		)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995		)	(1,995		)	(1,995		)
Proceeds from issuance of common stock			70,700			14,000			24,000
Proceeds from issuance of long-term debt			100,000			315,000			40,000
Funds transferred for redemption of special purpose revenue bonds			(50,000		)	(265,000		)	—
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		(4,999		)	4,999			—
Proceeds from other borrowings			25,000			—			—
Other			(472		)	(3,905		)	(287		)
Net cash provided by (used in) financing activities			34,929			(24,668		)	(31,881		)
Net increase (decrease) in cash and cash equivalents			23,360			(61,769		)	49,837
Cash and cash equivalents, January 1			12,517			74,286			24,449
Cash and cash equivalents, December 31			$	35,877		$	12,517		$	74,286
Note:		See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and
		Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.



CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31					2018		2017		2016		2015		2014
(dollars in thousands, except par values)

				Shares outstanding
		Par value		12/31/2018
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293
Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and
	Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.



LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2018		2017		2016		2015		2014
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2005A, 4.80%, due 2025		$	—	$	—	$	—	$	—	$	40,000
Series 2007A, 4.65%, due 2037		—		—		100,000		100,000		100,000
Refunding series 2007B, 4.60%, due 2026		—		—		62,000		62,000		62,000
Series 2009, 6.50%, due 2039		90,000		90,000		90,000		90,000		90,000
Refunding series 2015, 3.25%, due 2025		40,000		40,000		40,000		40,000		—
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		—		—		—
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		—		—		—
		292,000		292,000		292,000		292,000		292,000

Hawaii Electric Light
Refunding series 2005A, 4.80%, due 2025		—		—		—		—		5,000
Series 2007A, 4.65%, due 2037		—		—		20,000		20,000		20,000
Refunding series 2007B, 4.60%, due 2026		—		—		8,000		8,000		8,000
Series 2009, 6.50%, due 2039		60,000		60,000		60,000		60,000		60,000
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		—
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		—		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		—		—		—
		93,000		93,000		93,000		93,000		93,000

Maui Electric
Refunding series 2005A, 4.80%, due 2025		—		—		—		—		2,000
Series 2007A, 4.65%, due 2037		—		—		20,000		20,000		20,000
Refunding series 2007B, 4.60%, due 2026		—		—		55,000		55,000		55,000
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		—
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		—		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		—		—		—
		77,000		77,000		77,000		77,000		77,000
		462,000		462,000		462,000		462,000		462,000
Less funds on deposit with trustees		—		—		—		—		—
		$	462,000	$	462,000	$	462,000	$	462,000	$	462,000

								(Continued on next page)



LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2018			2017			2016			2015			2014
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
	Hawaiian Electric, 4.38%, Series 2018A, due 2028	$	52,000		$	—		$	—		$	—		$	—
	Hawaii Electric Light, 4.38%, Series 2018A, due 2028	9,000			—			—			—			—
	Maui Electric, 4.38%, Series 2018A, due 2028	6,500			—			—			—			—
	Hawaiian Electric, 4.53%, Series 2018B, due 2033	12,500			—			—			—			—
	Hawaii Electric Light, 4.53%, Series 2018B, due 2033	3,000			—			—			—			—
	Maui Electric, 4.53%, Series 2018B, due 2033	2,000			—			—			—			—
	Hawaiian Electric, 4.72%, Series 2018C, due 2048	10,500			—			—			—			—
	Hawaii Electric Light, 4.72%, Series 2018C, due 2048	3,000			—			—			—			—
	Maui Electric, 4.72%, Series 2018C, due 2048	1,500			—			—			—			—
	Hawaiian Electric, 4.31%, Series 2017A, due 2047	40,000			40,000			—			—			—
	Maui Electric, 4.31%, Series 2017A, due 2047	10,000			10,000			—			—			—
	Hawaiian Electric, 4.54%, Series 2016A, due 2046	40,000			40,000			40,000			—			—
	Hawaiian Electric, 5.23%, Series 2015A, due 2045	50,000			50,000			50,000			50,000			—
	Hawaii Electric Light, 5.23%, Series 2015A, due 2045	25,000			25,000			25,000			25,000			—
	Maui Electric, 5.23%, Series 2015A, due 2045	5,000			5,000			5,000			5,000			—
	Hawaii Electric Light, 3.83%, Series 2013A, due 2020	14,000			14,000			14,000			14,000			14,000
	Hawaiian Electric, 4.45%, Series 2013A, due 2022	40,000			40,000			40,000			40,000			40,000
	Hawaii Electric Light, 4.45%, Series 2013B, due 2022	12,000			12,000			12,000			12,000			12,000
	Hawaiian Electric, 4.84%, Series 2013B, due 2027	50,000			50,000			50,000			50,000			50,000
	Hawaii Electric Light, 4.84%, Series 2013C, due 2027	30,000			30,000			30,000			30,000			30,000
	Maui Electric, 4.84%, Series 2013A, due 2027	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 5.65% Series 2013C, due 2043	50,000			50,000			50,000			50,000			50,000
	Maui Electric, 5.65% Series 2013B, due 2043	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 3.79%, Series 2012A, due 2018	—			30,000			30,000			30,000			30,000
	Hawaii Electric Light, 3.79%, Series 2012A, due 2018	—			11,000			11,000			11,000			11,000
	Maui Electric, 3.79%, Series 2012A, due 2018	—			9,000			9,000			9,000			9,000
	Hawaiian Electric, 4.03%, Series 2012B, due 2020	62,000			62,000			62,000			62,000			62,000
	Maui Electric, 4.03%, Series 2012B, due 2020	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 4.55%, Series 2012C, due 2023	50,000			50,000			50,000			50,000			50,000
	Hawaii Electric Light, 4.55%, Series 2012B, due 2023	20,000			20,000			20,000			20,000			20,000
	Maui Electric, 4.55%, Series 2012C, due 2023	30,000			30,000			30,000			30,000			30,000
	Hawaiian Electric, 4.72%, Series 2012D, due 2029	35,000			35,000			35,000			35,000			35,000
	Hawaiian Electric, 5.39%, Series 2012E, due 2042	150,000			150,000			150,000			150,000			150,000
	Hawaiian Electric, 4.53%, Series 2012F, due 2032	40,000			40,000			40,000			40,000			40,000
		813,000			863,000			813,000			773,000			693,000
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034		51,546			51,546			51,546			51,546			51,546
Long-term debt, including amounts due within one year		1,376,546			1,326,546			1,286,546			1,206,546			1,217,946
Less current portion of long-term debt, net		—			(49,963		)	—			—			—
Less unamortized debt issuance costs		(7,744		)	(8,067		)	(7,286		)	(7,844		)	(7,521		)
Long-term debt, net		$	1,368,802		$	1,268,516		$	1,279,260		$	1,198,702		$	1,210,425
Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and
	Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. Periods prior to January 1, 2016 reflect the retrospective adoption
	of ASU No. 2015-03.



CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018		2017		2016		2015		2014
SERVICE AREA
Service area (square miles)		5,815		5,815		5,815		5,815		5,815
Service area population (estimated, in thousands)		n/a		1,355		1,357		1,353		1,345
CUSTOMER ACCOUNTS¹
Residential		407,505		406,241		402,818		400,655		398,256
Commercial		54,075		53,732		55,089		54,878		54,924
Large light and power		696		656		670		659		596
Other		813		1,596		1,585		1,608		1,640
		463,089		462,225		460,162		457,800		455,416
CUSTOMER ACCOUNTS BY COMPANY¹
Hawaiian Electric		305,456		304,948		304,261		302,958		301,953
Hawaii Electric Light		85,758		85,925		85,029		84,309		83,421
Maui Electric		71,875		71,352		70,872		70,533		70,042
Consolidated		463,089		462,225		460,162		457,800		455,416
KILOWATTHOUR SALES (millions)
Residential		2,411		2,334		2,333		2,396		2,380
Commercial		2,811		2,868		2,911		2,978		3,022
Large light and power		3,425		3,443		3,555		3,533		3,524
Other		42		45		46		50		50
		8,689		8,690		8,845		8,957		8,976
KILOWATTHOUR SALES MIX (%)
Residential		27.7		26.9		26.4		26.8		26.5
Commercial		32.4		33.0		32.9		33.3		33.7
Large light and power		39.4		39.6		40.2		39.4		39.3
Other		0.5		0.5		0.5		0.5		0.5
		100.0		100.0		100.0		100.0		100.0
KILOWATTHOUR SALES BY COMPANY (millions)
Hawaiian Electric		6,526		6,548		6,660		6,754		6,782
Hawaii Electric Light		1,064		1,047		1,067		1,065		1,062
Maui Electric		1,099		1,095		1,118		1,138		1,132
Consolidated		8,689		8,690		8,845		8,957		8,976
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(0.4	)	(1.7	)	(1.4	)	(0.4	)	(1.1	)
Hawaii Electric Light		1.6		(2.0	)	0.2		0.2		(1.3	)
Maui Electric		0.4		(2.1	)	(1.8	)	0.5		(0.2	)
Consolidated		—		(1.8	)	(1.3	)	(0.2	)	(1.0	)
RENEWABLE GENERATION RPS (%)²
Hawaiian Electric		22		21		19		17		15
Hawaii Electric Light ³		44		57		54		49		47
Maui Electric		38		34		37		35		34
Consolidated		27		27		26		23		21
Source: State of Hawaii Data Book 2014 (prior years)
¹	At December 31
²	Renewable generation as a % of total sales, excluding electrical energy savings from Energy Efficiency and Solar Water Heating technologies that
	do not count toward RPS Standards beginning January 1, 2015.
³	The lower RPS% for Hawaii Electric Light in 2018 is due to the fact that third-party owned Puna Geothermal Venture (PGV) was offline beginning May 2018 due to lava flow on Hawaii Island.
n/a	Not available							(Continued on next page)



CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018			2017			2016			2015			2014
REVENUES (thousands)
Electric sales revenue
	Residential	$	788,028		$	691,857		$	638,776		$	709,886		$	879,605
	Commercial	843,326			766,921			711,553			798,202			1,027,588
	Large light and power	882,443			776,808			720,878			802,366			1,051,119
	Other	12,410			12,009			11,306			13,356			17,163
Total electric sales revenues		2,526,207			2,247,595			2,082,513			2,323,810			2,975,475
Other revenues		20,318			9,971			11,855			11,356			11,848
Total revenues		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323
Less:
Fuel oil		760,528			587,768			454,704			654,600			1,131,685
Purchased power		639,307			586,634			562,740			594,096			722,008
Taxes, other than income taxes		239,913			214,949			199,862			221,885			280,863
Net revenues		$	906,777		$	868,215		$	877,062		$	864,585		$	852,767
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	1,802,550		$	1,598,504		$	1,474,384		$	1,644,181		$	2,142,245
Hawaii Electric Light		375,493			333,467			311,385			345,549			422,200
Maui Electric		368,700			325,678			308,705			345,517			422,965
Eliminations		(218		)	(83		)	(106		)	(81		)	(87		)
Consolidated		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323
AVERAGE REVENUE PER KWH SOLD (cents)
Residential		32.69			29.64			27.38			29.62			36.96
Commercial		30.00			26.74			24.44			26.81			34.00
Large light and power		25.76			22.56			20.28			22.71			29.82
Other		29.47			26.82			24.61			27.05			34.36
		29.07			25.86			23.54			25.90			33.15
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		27.42			24.31			22.01			24.23			31.47
Hawaii Electric Light		34.93			31.68			29.00			32.29			39.59
Maui Electric		33.21			29.58			27.45			30.21			37.17
Consolidated		29.07			25.86			23.54			25.90			33.15
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,921			5,829			5,856			6,052			6,036
Hawaii Electric Light		5,652			5,408			5,397			5,485			5,514
Maui Electric		6,258			6,000			6,067			6,351			6,408
Consolidated		5,923			5,779			5,806			5,996			6,000
Average monthly electric sales revenue per residential customer		$	161		$	143		$	132		$	148		$	185



POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018	2017	2016	2015	2014
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
	Steam-conventional	3,743	3,703	3,799	3,948	4,013
	Combustion turbine	44	46	22	35	19
	Diesel	214	245	230	220	192
	Combined-cycle	884	829	835	846	842
		4,885	4,823	4,886	5,049	5,066
Biofuels		62	55	37	54	42
Hydro and wind		19	10	17	22	23
Total net generated		4,966	4,888	4,940	5,125	5,131
Purchased
Non-renewable		2,847	2,851	2,918	2,956	2,978
Renewable ¹		1,292	1,396	1,431	1,352	1,329
Total purchased		4,139	4,247	4,349	4,308	4,307
		9,105	9,135	9,289	9,433	9,438
GENERATION MIX (%)
Fuel oil
Steam-conventional		41.1	40.5	40.9	41.9	42.6
Combustion turbine		0.5	0.5	0.2	0.4	0.2
Diesel		2.3	2.7	2.5	2.3	2.0
Combined-cycle		9.7	9.1	9.0	9.0	8.9
		53.6	52.8	52.6	53.6	53.7
Biofuels		0.7	0.6	0.4	0.6	0.5
Hydro and wind		0.2	0.1	0.2	0.2	0.2
Total generation		54.5	53.5	53.2	54.4	54.4
Purchased
Non-renewable		31.3	31.2	31.4	31.3	31.5
Renewable¹		14.2	15.3	15.4	14.3	14.1
Total purchased		45.5	46.5	46.8	45.6	45.6
		100.0	100.0	100.0	100.0	100.0

¹	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
					(Continued on next page)



POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2018		2017		2016		2015		2014
SYSTEM CAPABILITY (MW) ^{1, 2}
Company-owned generation
Steam-conventional		1,086		1,086		1,085		1,085		1,207
Combustion turbine		280		150		150		150		150
Diesel		146		146		143		151		147
Biodiesel (CIP CT-1)		57		121		121		113		113
Combined-cycle		170		170		170		170		170
		1,739		1,673		1,669		1,669		1,787
Firm purchase power contracts ⁴
Non-renewable		448		448		448		448		448
Renewable		69		103		103		107		127
		517		551		551		555		575
		2,256		2,224		2,220		2,224		2,362
SYSTEM CAPABILITY BY COMPANY (MW) ^{1, 2}
Hawaiian Electric		1,745		1,679		1,679		1,679		1,786
Hawaii Electric Light		242		277		274		274		292
Maui Electric		269		268		267		271		284
		2,256		2,224		2,220		2,224		2,362
SYSTEM PEAK LOAD BY COMPANY (MW)³
Hawaiian Electric		1,190		1,184		1,192		1,206		1,165
Hawaii Electric Light		191		190		189		192		188
Maui Electric		217		210		212		212		201
		1,598		1,584		1,593		1,610		1,554
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,653		8,546		8,501		8,762		8,728
Average fuel oil cost per barrel		$	87.90	$	68.78	$	53.49	$	74.71	$	129.65
Average fuel oil cost per million BTU (cents)		1,420.2		1,114.3		862.3		1,206.5		2,087.6
Fuel oil cost per net KWH generated (cents)		15,374		12.048		9.235		12.828		22.156
BTU per net KWH generated by company
	Hawaiian Electric	10,894		10,879		10,750		10,716		10,630
	Hawaii Electric Light	11,067		11,087		11,412		11,205		11,221
	Maui Electric	10,406		10,406		10,119		9,958		10,177
	Consolidated	10,826		10,812		10,710		10,632		10,613
OTHER DATA
Losses and system uses (%)		4.4		4.7		4.6		4.8		4.7
Reserve margin (%) ³		42.8		42.0		40.8		40.4		54.5
Annual load factor (%)³		65.0		65.8		66.6		66.9		69.3
Cost per KWH purchased (cents)		15.445		13.813		12.939		13.790		16.765

¹	At December 31.
²	Excludes hydro run-of-river units.
³	Net; noncoincident and nonintegrated.
⁴	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy Partners (HEP). Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV). Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.



SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2018	2017		2016	2015	2014


CAPITAL RATIOS (%)
Common equity tier 1
	ASB	12.80	12.95		12.17	12.07	N/A
	Requirement	4.50	4.50		4.50	4.50	N/A
Tier 1 capital
	ASB	12.80	12.95		12.17	12.07	11.28
	Requirement	6.00	6.00		6.00	6.00	4.00
Total capital
	ASB	13.93	14.20		13.42	13.27	12.35
	Requirement	8.00	8.00		8.00	8.00	8.00
Tier 1 leverage
	ASB	8.70	8.58		8.59	8.82	8.91
	Requirement	4.00	4.00		4.00	4.00	1.50
KEY STATISTICS (%)
Return on average assets
	ASB	1.20	1.02		0.92	0.95	0.95
	Peers¹	1.27	0.95		1.03	0.99	1.03
	High performing peers¹	1.64	1.17		1.19	1.24	1.23
Return on average equity
	ASB	13.51	11.20		9.90	9.93	9.60
	Peers¹	10.51	8.39		9.52	8.94	9.60
	High performing peers¹	14.59	11.02		10.87	11.36	11.57
Net interest margin
	ASB	3.83	3.69		3.59	3.53	3.62
	Peers¹	3.69	3.50		3.49	3.62	3.63
	High performing peers¹	3.82	3.57		3.48	3.71	3.90
Revenue growth
	ASB	4.64	4.51		6.54	6.09	(2.57	)
	Peers¹	10.26	9.68		9.28	8.71	6.81
	High performing peers¹	9.36	6.73		5.23	5.19	6.81
Efficiency ratio
	ASB	59.39	61.60		61.89	64.87	64.66
	Peers¹	55.97	57.51		57.65	60.34	62.35
	High performing peers¹	49.48	51.58		52.96	50.78	50.15
Net charge-offs to loans outstanding
	ASB	0.34	0.27		0.24	0.04	0.01
	Peers¹	0.07	0.07		0.10	0.11	0.17
	High performing peers ¹	0.07	0.06		0.10	0.09	0.15
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		50	38		36	30	36
Loan Growth (%)		3.68	(1.52	)	2.63	4.08	6.78
Branch locations²		49	49		52	56	56
Number of ATMs		113	113		114	116	116

¹	Based upon publicly traded banks and thrifts with $3.5 billion to $8.0 billion in total assets, list revised annually.
	High performing peers are a subset of the bank peer group generally based upon performance metrics, such as return on average assets,
	above the average of the entire peer group.
²	At December 31.



STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2018		2017		2016		2015		2014
(in thousands)
Interest and dividend income
Interest and fees on loans		$	220,463	$	207,255	$	199,774	$	184,782	$	179,341
Interest and dividends on investment securities		37,762		28,823		19,184		15,120		11,945
Total interest and dividend income		258,225		236,078		218,958		199,902		191,286
Interest expense
Interest on deposit liabilities		13,991		9,660		7,167		5,348		5,077
Interest on other borrowings		1,548		2,496		5,588		5,978		5,731
Total interest expense		15,539		12,156		12,755		11,326		10,808
Net interest income		242,686		223,922		206,203		188,576		180,478
Provision for loan losses		14,745		10,901		16,763		6,275		6,126
Net interest income after provision for loan losses		227,941		213,021		189,440		182,301		174,352
Noninterest income
Fees from other financial services		18,937		22,796		22,384		22,211		21,747
Fee income on deposit liabilities		21,311		22,204		21,759		22,368		19,249
Fee income on other financial products		7,052		7,205		8,707		8,094		8,131
Net gains on sale of securities		—		—		598		—		2,847
Mortgage banking income		1,493		2,201		6,625		6,330		2,913
Other income, net		7,257		7,156		6,893		8,828		6,324
Total noninterest income		56,050		61,562		66,966		67,831		61,211
Noninterest expense
Compensation and employee benefits ¹		98,387		94,931		89,242		90,518		79,885
Occupancy and equipment		24,259		23,931		23,259		22,942		23,761
Data processing		14,268		13,280		13,030		12,103		11,690
Services		10,847		10,994		11,054		10,204		10,269
Other expense ¹		29,652		32,731		32,469		30,553		30,663
Total noninterest expense		177,413		175,867		169,054		166,320		156,268
Income before income taxes		106,578		98,716		87,352		83,812		79,295
Income taxes		24,069		31,719		30,073		29,082		27,994
Net income		$	82,509	$	66,997	$	57,279	$	54,730	$	51,301
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
¹	Amounts for periods prior to December 31, 2018 (but after December 31, 2015) has been updated to reflect the retrospective adoption of ASU 2017-07.



BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited

December 31		2018			2017			2016			2015			2014
(in thousands)

ASSETS
Cash and cash equivalents		$	126,284		$	234,099		$	189,211		$	220,881		$	161,463
Restricted cash		—			—			1,764			—			—
Investment securities
	Available-for-sale investment securities, at fair value	1,388,533			1,401,198			1,105,182			820,648			550,394
	Held-to-maturity investment securities, at amortized cost	141,875			44,515			—			—			—
Investment in stock of Federal Home Loan Bank, at cost		9,958			9,706			11,218			10,678			69,302
Loans receivable, net		4,792,707			4,628,381			4,701,977			4,570,412			4,397,457
Real estate acquired in settlement of loans, net		406			133			1,189			1,030			891
Other and other intangibles, net		485,941			398,437			328,626			308,916			304,525
Goodwill		82,190			82,190			82,190			82,190			82,190
Total assets		$	7,027,894		$	6,798,659		$	6,421,357		$	6,014,755		$	5,566,222

LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	6,158,852		$	5,890,597		$	5,548,929		$	5,025,254		$	4,623,415
Other borrowings		110,040			190,859			192,618			328,582			290,656
Other		124,613			110,356			101,635			101,029			118,363
Total liabilities		6,393,505			6,191,812			5,843,182			5,454,865			5,032,434

Common stock		347,171			345,019			342,705			340,497			338,412
Retained earnings		325,286			292,957			257,943			236,664			211,934
Accumulated other comprehensive loss, net of tax benefits		(38,068		)	(31,129		)	(22,473		)	(17,271		)	(16,558		)
Total shareholder's equity		634,389			606,847			578,175			559,890			533,788
Total liabilities and shareholder's equity		$	7,027,894		$	6,798,659		$	6,421,357		$	6,014,755		$	5,566,222
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.



STATE OF HAWAII INFORMATION
Unaudited

Years ended December 31, except as noted		2018		2017		2016		2015		2014

POPULATION BY COUNTY (thousands) ¹
Honolulu		n/a		989		993		993		988
Hawaii		n/a		200		198		196		194
Maui		n/a		166		166		164		163
Kauai		n/a		72		72		72		71
		n/a		1,427		1,429		1,425		1,416

VISITOR DATA
Visitor arrivals by air (thousands)		9,827		9,257		8,822		8,563		8,196
Visitor days by air (thousands)		88,009		83,412		79,669		78,086		74,983
Visitor expenditures by air (millions)		17,778		16,734		15,754		14,938		14,809

Year-over-year change (%)
Visitor arrivals by air		5.9		4.9		3.0		4.5		2.4
Visitor days		5.4		4.7		2.3		4.1		1.3
Visitor expenditures by air		6.9		6.2		5.5		0.9		3.2

CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized²		$	3,269	$	3,128	$	3,241	$	3,964	$	3,315
Government contracts awarded		$	1,948	$	1,192	$	1,673	$	1,555	$	1,097
Estimated value of completed construction		n/a		$	8,384	$	8,288	$	8,112	$	7,024

OTHER DATA
Real gross state product (billions of 2009 $s)		$	80.3	$	75.2	$	74.0	$	72.7	$	69.7
Honolulu Consumer Price Index (% change)		2.0		2.5		2.0		1.0		1.4
Total non-agriculture wage and salary jobs (thousands)³		660.5		654.8		647.6		638.6		627.2
Unemployment rate (average annual %)		2.3		2.5		3.0		3.6		4.4
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2016 (prior years), Hawaii State Department of Business, Economic Development & Tourism, Hawaii Tourism
Authority, United States Department of Labor, Bureau of Labor Statistics, and U.S. Census Bureau.
¹	Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2018 not available at time of printing.
²	Excludes public construction.
³	Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a	Not available

The reconciling adjustments from GAAP earnings to core earnings include income, costs and associated taxes related to the terminated merger between HEI and NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc. and the terminated liquefied natural gas (LNG) contract which required the Hawaii Public Utilities Commission approval of the merger with NextEra Energy, Inc. For more information on the transactions, see HEI’s Form 8-K filed on July 18, 2016, and HEI’s Form 8-K filed on July 19, 2016. In addition, the reconciling adjustments from GAAP earnings to core earnings also exclude the impact of the federal tax reform act due to the adjustment of deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company’s fundamental core earnings. Management has shown adjusted non-GAAP (core) net income and adjusted non-GAAP (core) diluted earnings per common share in order to provide better comparability of core net income, EPS and ROACE between periods.



RECONCILIATION OF GAAP¹TO NON-GAAP MEASURES
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)
Unaudited
($ in millions, except per share amounts)

Years ended December 31		2018			2017			2016			2015			2014
HEI CONSOLIDATED NET INCOME
GAAP (as reported)		$	201.8		$	165.3		$	248.3		$	159.9		$	168.1
Excluding special items (after-tax):
	(Income) expenses related to the terminated merger with NextEra Energy
	and cancelled spin-off of ASB Hawaii	—			—			(60.3		)	15.8			4.9
	Costs related to the terminated LNG contract²	—			—			2.1			—			—
	Bonus related to enactment of federal tax reform³	—			0.7			—			—			—
	Federal tax reform impacts⁴	—			13.4			—			—			—
Non-GAAP (core) net income		$	201.8		$	179.5		$	190.1		$	175.7		$	173.0
HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE (EPS)
GAAP (as reported)		$	1.85		$	1.52		$	2.29		$	1.50		$	1.63
Non-GAAP (core)		$	1.85		$	1.65		$	1.75		$	1.65		$	1.68
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		9.5		%	7.9		%	12.4		%	8.6		%	9.6		%
Based on non-GAAP (core)⁵		9.5		%	8.6		%	9.5		%	9.4		%	9.8		%
Hawaiian Electric Company, Inc. and Subsidiaries
UTILITY NET INCOME
GAAP (as reported)		$	143.7		$	120.0		$	142.3		$	135.7		$	137.6
Excluding special items (after-tax):
	Costs related to the terminated merger with Next Era Energy	—			—			0.1			0.5			—
	Costs related to the terminated LNG contract²	—			—			2.1			—			—
	Federal tax reform impacts⁴	—			9.2			—			—			—
Non-GAAP (core)		$	143.7		$	129.1		$	144.5		$	136.2		$	137.6
UTILITY RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		7.6		%	6.6		%	8.1		%	8.0		%	8.4		%
Based on non-GAAP (core)⁵		7.6		%	7.1		%	8.2		%	8.0		%	8.4		%

Note: Columns may not foot due to rounding
¹	Accounting principles generally accepted in the United States of America
²	The LNG contract was terminated as it was conditioned on the merger with NextEra Energy closing
³	Bonus paid by American Savings Bank related to enactment of federal tax reform
⁴	Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances
⁵	Calculated as core net income divided by average GAAP common equity