8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report:  March 5, 2012

Exact Name of Registrant	Commission	I.R.S. Employer
as Specified in Its Charter	File Number	Identification No.
Hawaiian Electric Industries, Inc.	1-8503	99-0208097
Hawaiian Electric Company, Inc.	1-4955	99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

900 Richards Street, Honolulu, Hawaii  96813

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:

(808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI)

(808) 543-7771 - Hawaiian Electric Company, Inc. (HECO)

None

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure.

2011 Statistical Supplement and Utility Forecast and the presentation booklet entitled “Financial Community Meetings, March 6-16, 2012”

HEI is furnishing its unaudited 2011 Statistical Supplement and Utility Forecast and its presentation booklet entitled “Financial Community Meetings, March 6-16, 2012” (see Exhibits 99.1 and 99.2, respectively). These documents include certain selected financial information for consolidated HEI, HECO and American Savings Bank, F.S.B. (ASB), the financial forecast for years 2012 through 2016 for consolidated HECO and other selected data.

HEI will post the 2011 Statistical Supplement and Utility Forecast and its presentation booklet entitled “Financial Community Meetings, March 6-16, 2012” on its website, www.hei.com, under the headings “Investor Relations”, “Company Overview” and “Other Financial Reports.”

HEI and HECO intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI’s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI’s website, in addition to following HEI’s, HECO’s and ASB’s press releases, SEC filings and public conference calls and webcasts. The information on HEI’s website is not incorporated by reference in this document or in the Company’s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in the Company’s other SEC filings.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits
Exhibit 99.1	2011 Statistical Supplement and Utility Forecast
Exhibit 99.2	Presentation booklet entitled “Financial Community Meetings, March 6-16, 2012”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.	HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)	(Registrant)
/s/ David M. Kostecki	/s/ Tayne S. Y. Sekimura
David M. Kostecki	Tayne S. Y. Sekimura
Vice President-Finance, Controller and Chief Accounting Officer	Senior Vice President and Chief Financial Officer
(Principal Accounting Officer of HEI)	(Principal Financial Officer of HECO)
Date: March 5, 2012	Date: March 5, 2012

1

EX-99.1

Exhibit 99.1

2011

Statistical Supplement

and Utility Forecast

Shelee M. T. Kimura

Manager, Investor Relations

and Strategic Planning

Phone: 808-543-7384

Fax: 808-203-1164

E-mail: skimura@hei.com

FORWARD-LOOKING STATEMENTS

This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (HECO) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:

·international, national and local economic conditions, including the state of the Hawaii tourism, defense and construction industries, the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by American Savings Bank, F.S.B. (ASB), which could result in higher loan loss provisions and write-offs), decisions concerning the extent of the presence of the federal government and military in Hawaii, the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal and state responses to those conditions, and the potential impacts of global developments (including unrest, conflict and the overthrow of governmental regimes in North Africa and the Middle East, terrorist acts, the war on terrorism, continuing U.S. presence in Afghanistan and potential conflict or crisis with North Korea or Iran);

·weather and natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes and the potential effects of global warming, such as more severe storms and rising sea levels), including their impact on Company operations and the economy (e.g., the effect of the March 2011 natural disasters in Japan on its economy and tourism in Hawaii);

·the timing and extent of changes in interest rates and the shape of the yield curve;

·the ability of the Company to access credit markets to obtain commercial paper and other short-term and long-term debt financing (including lines of credit) and to access capital markets to issue HEI common stock under volatile and challenging market conditions, and the cost of such financings, if available;

·the risks inherent in changes in the value of pension and other retirement plan assets and securities available for sale;

·changes in laws, regulations, market conditions and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;

·the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and of the rules and regulations that the Dodd-Frank Act requires to be promulgated;

·increasing competition in the banking industry (e.g., increased price competition for deposits, or an outflow of deposits to alternative investments, which may have an adverse impact on ASB’s cost of funds);

·the implementation of the Energy Agreement with the State of Hawaii and Consumer Advocate (Energy Agreement) setting forth the goals and objectives of a Hawaii Clean Energy Initiative (HCEI), revenue decoupling and the fulfillment by the electric utilities of their commitments under the Energy Agreement (given the Public Utilities Commission of the State of Hawaii (PUC) approvals needed; the PUC’s potential delay in considering (and potential disapproval of actual or proposed) HCEI-related costs; reliance by the Company on outside parties like the state, independent power producers (IPPs) and developers; potential changes in political support for the HCEI; and uncertainties surrounding wind power, the proposed undersea cables, biofuels, environmental assessments and the impacts of implementation of the HCEI on future costs of electricity);

·capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management (DSM), distributed generation (DG), combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;

·the risk to generation reliability when generation peak reserve margins on Oahu are strained;

·fuel oil price changes, performance by suppliers of their fuel oil delivery obligations and the continued availability to the electric utilities of their energy cost adjustment clauses (ECACs);

·the impact of fuel price volatility on customer satisfaction and political and regulatory support for the utilities;

·the risks associated with increasing reliance on renewable energy, as contemplated under the Energy Agreement, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;

·the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);

·the ability of the electric utilities to negotiate, periodically, favorable fuel supply and collective bargaining agreements;

·new technological developments that could affect the operations and prospects of HEI and its subsidiaries (including HECO and its subsidiaries and ASB) or their competitors;

·cyber security risks and the potential for cyber incidents, including potential incidents at HEI, ASB and HECO and their subsidiaries (including at ASB branches and at the electric utility plants) and incidents at data processing centers they use, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general information technology controls;

·federal, state, county and international governmental and regulatory actions, such as changes in laws, rules and regulations applicable to HEI, HECO, ASB and their subsidiaries (including changes in taxation, increases in capital requirements, regulatory changes resulting from the HCEI, environmental laws and regulations, the regulation of greenhouse gas (GHG) emissions, governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);

·decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);

·decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions and restrictions and penalties that may arise, such as with respect to environmental conditions or renewable portfolio standards (RPS));

·potential enforcement actions by the Office of the Comptroller of the Currency, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);

·ability to recover increasing costs and earn a reasonable return on capital investments not covered by revenue adjustment mechanisms;

·the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);

·changes in accounting principles applicable to HEI, HECO, ASB and their subsidiaries, including the possible adoption of International Financial Reporting Standards or new U.S. accounting standards, the potential discontinuance of regulatory accounting and the effects of potentially required consolidation of variable interest entities (VIEs) or required capital lease accounting for PPAs with IPPs;

·changes by securities rating agencies in their ratings of the securities of HEI and HECO and the results of financing efforts;

·faster than expected loan prepayments that can cause an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;

·changes in ASB’s loan portfolio credit profile and asset quality which may increase or decrease the required level of allowance for loan losses and charge-offs;

·changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;

·the final outcome of tax positions taken by HEI, HECO, ASB and their subsidiaries;

·the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits); and

·other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or HECO with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, HECO, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SELECTED FINANCIAL INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(dollars in thousands, except per share amounts)
Results of operations
Revenues	$	3,242,335		$	2,664,982		$	2,309,590		$	3,218,920		$	2,536,418
Net income for common stock	138,230			113,535			83,011			90,278			84,779
Basic earnings per common share	1.45			1.22			0.91			1.07			1.03
Diluted earnings per common share	1.44			1.21			0.91			1.07			1.03
Dividends per common share	1.24			1.24			1.24			1.24			1.24
Operating income (loss)
Electric utility	$	215,134		$	178,388		$	169,671		$	191,359		$	130,585
Bank	91,601			92,588			31,764			26,952			84,010
Other	(17,039		)	(14,765		)	(13,771		)	(14,154		)	(10,863		)
	$	289,696		$	256,211		$	187,664		$	204,157		$	203,732
Assets *
Electric utility	$	4,671,942		$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888
Bank	4,909,974			4,796,759			4,940,985			5,437,120			6,861,493
Other	10,815			2,905			5,625			1,853			8,535
	$	9,592,731		$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916
Capital structure * **
Short-term borrowings - other than bank	$	68,821		$	24,923		$	41,989		$	—		$	91,780
Long-term debt, net - other than bank	1,340,070			1,364,942			1,364,815			1,211,501			1,242,099
Preferred stock of subsidiaries	34,293			34,293			34,293			34,293			34,293
Common stock equity	1,531,949			1,483,637			1,441,648			1,389,454			1,275,427
	$	2,975,133		$	2,907,795		$	2,882,745		$	2,635,248		$	2,643,599
Capital structure ratios * **
Short-term borrowings - other than bank	2.3		%	0.9		%	1.5		%	—		%	3.5		%
Long-term debt, net - other than bank	45.0			46.9			47.3			46.0			47.0
Preferred stock of subsidiaries	1.2			1.2			1.2			1.3			1.3
Common stock equity	51.5			51.0			50.0			52.7			48.2
	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share *	166		%	145		%	134		%	144		%	149		%
Price earnings ratio ***	18.3x			18.7x			23.0x			20.7x			22.1x
Return on average common equity	9.2		%	7.8		%	5.9		%	6.8		%	7.2		%
Indicated annual yield *	4.7		%	5.4		%	5.9		%	5.6		%	5.4		%
Dividend payout ratio	86		%	102		%	137		%	116		%	120		%

*At December 31.

**Excludes ASB’s deposit liabilities and other borrowings.

***Calculated using December 31 market price per common share divided by basic earnings per common share.

See “Commitments and contingencies” in Note 3 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included or incorporated in HEI’s Form 10-K for discussions of certain contingencies that could adversely affect future results of operations and factors that affected reported results of operations.

On December 8, 2008, HEI completed the issuance and sale of 5 million shares of HEI’s common stock (without par value) under an omnibus shelf registration statement. The net proceeds from the sale amounted to approximately $110 million and were primarily used to repay HEI’s outstanding short-term debt and to make loans to HECO (principally to permit HECO to repay its short-term debt).

1

CONSOLIDATED BALANCE SHEET DATA

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31	2011			2010			2009			2008			2007
(in thousands)
ASSETS
Cash and cash equivalents	$	270,265		$	330,651		$	503,922		$	183,435		$	209,855
Accounts receivable and unbilled revenues, net	344,322			266,996			241,116			300,666			294,447
Available-for-sale investment and mortgage-related securities	624,331			678,152			432,881			657,717			2,140,772
Investment in stock of Federal Home Loan Bank of Seattle	97,764			97,764			97,764			97,764			97,764
Loans receivable, net	3,652,419			3,497,729			3,670,493			4,206,492			4,101,193
Property, plant and equipment, net	3,334,501			3,165,918			3,088,611			2,907,376			2,743,410
Regulatory assets	669,389			478,330			426,862			530,619			284,990
Other	517,550			487,614			381,163			328,823			338,405
Goodwill	82,190			82,190			82,190			82,190			83,080
Total assets	$	9,592,731		$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accounts, interest and dividends payable	$	241,217		$	230,260		$	186,994		$	183,584		$	202,299
Deposit liabilities	4,070,032			3,975,372			4,058,760			4,180,175			4,347,260
Short-term borrowings - other than bank	68,821			24,923			41,989			—			91,780
Other bank borrowings	233,229			237,319			297,628			680,973			1,810,669
Long-term debt, net - other than bank	1,340,070			1,364,942			1,364,815			1,211,501			1,242,099
Deferred income taxes	354,051			278,958			188,875			143,308			155,337
Regulatory liabilities	315,466			296,797			288,214			288,602			261,606
Contributions in aid of construction	356,203			335,364			321,544			311,716			299,737
Other	1,047,400			823,479			700,242			871,476			573,409
Total liabilities	8,026,489			7,567,414			7,449,061			7,871,335			8,984,196
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	1,349,446			1,314,199			1,265,157			1,231,629			1,072,101
Retained earnings	201,640			181,910			184,213			210,840			225,168
Accumulated other comprehensive loss, net of tax benefits	(19,137		)	(12,472		)	(7,722		)	(53,015		)	(21,842		)
Total shareholders’ equity	1,531,949			1,483,637			1,441,648			1,389,454			1,275,427
Total liabilities and shareholders’ equity	$	9,592,731		$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

2

CONSOLIDATED STATEMENTS OF INCOME DATA

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands, except per share amounts)
Revenues
Electric utility	$	2,978,690		$	2,382,366		$	2,035,009		$	2,860,350		$	2,106,314
Bank	264,407			282,693			274,719			358,553			425,495
Other	(762		)	(77		)	(138		)	17			4,609
	3,242,335			2,664,982			2,309,590			3,218,920			2,536,418
Expenses
Electric utility	2,763,556			2,203,978			1,865,338			2,668,991			1,975,729
Bank	172,806			190,105			242,955			331,601			341,485
Other	16,277			14,688			13,633			14,171			15,472
	2,952,639			2,408,771			2,121,926			3,014,763			2,332,686
Operating income (loss)
Electric utility	215,134			178,388			169,671			191,359			130,585
Bank	91,601			92,588			31,764			26,952			84,010
Other	(17,039		)	(14,765		)	(13,771		)	(14,154		)	(10,863		)
	289,696			256,211			187,664			204,157			203,732
Interest expense - other than on deposit liabilities and other bank borrowings	(82,106		)	(81,538		)	(76,330		)	(76,142		)	(78,556		)
Allowance for borrowed funds used during construction	2,498			2,558			5,268			3,741			2,552
Allowance for equity funds used during construction	5,964			6,016			12,222			9,390			5,219
Income before income taxes	216,052			183,247			128,824			141,146			132,947
Income taxes	75,932			67,822			43,923			48,978			46,278
Net income	140,120			115,425			84,901			92,168			86,669
Preferred stock dividends of subsidiaries	1,890			1,890			1,890			1,890			1,890
Net income for common stock	$	138,230		$	113,535		$	83,011		$	90,278		$	84,779
Basic earnings per common share	$	1.45		$	1.22		$	0.91		$	1.07		$	1.03
Diluted earnings per common share	$	1.44		$	1.21		$	0.91		$	1.07		$	1.03
Dividends per common share	$	1.24		$	1.24		$	1.24		$	1.24		$	1.24
Weighted-average number of common shares outstanding	95,510			93,421			91,396			84,631			82,215
Adjusted weighted-average shares	95,820			93,693			91,516			84,720			82,419

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY DATA

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands)
Shareholders’ equity, January 1	$	1,483,637		$	1,441,648		$	1,389,454		$	1,275,427		$	1,095,240
Comprehensive income:
Net income for common stock	138,230			113,535			83,011			90,278			84,779
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) arising during the period, net of taxes	6,578			(1,196		)	12,938			(30,124		)	18,087
Less: reclassification adjustment for net realized losses (gains) included in net income, net of taxes	(224		)	—			28,596			15,142			(668		)
Derivatives qualified as cash flow hedges:
Net unrealized holding losses arising during the period, net of tax benefits	(8		)	(1,169		)	—			—			—
Less: reclassification adjustment to net income, net of tax benefits	181			—			—			—			—
Retirement benefit plans:
Net transition asset arising during the period, net of taxes	—			—			6,549			—			—
Prior service credit arising during the period, net of taxes	6,943			4,712			1,446			992			10,584
Net gains (losses) arising during the period, net of taxes	(130,191		)	(44,626		)	64,547			(175,240		)	17,825
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	9,364			4,030			10,754			5,801			8,694
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	100,692			33,499			(75,756		)	152,256			(17,282		)
Less: reclassification adjustment for curtailment gain included in net income, net of taxes	—			—			—			—			(5,305		)
Comprehensive income	131,565			108,785			132,085			59,105			116,714
Adjustment to initially apply PUC D&Os related to retirement benefit plans, net of taxes	—			—			—			—			121,751
Adjustment to initially apply FIN 48	—			—			—			—			(228		)
Issuance of common stock:
Common stock offering	—			—			—			115,000			—
Dividend reinvestment and stock purchase plan	21,217			37,296			27,701			34,607			34,443
Retirement savings and other plans	10,318			8,934			4,771			15,267			10,804
Expenses and other, net	3,712			2,812			1,056			(5,346		)	(1,247		)
Common stock dividends	(118,500		)	(115,838		)	(113,419		)	(104,606		)	(102,050		)
Shareholders’ equity, December 31	$	1,531,949		$	1,483,637		$	1,441,648		$	1,389,454		$	1,275,427

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

4

CONSOLIDATED CAPITALIZATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31	2011			2010			2009			2008			2007
(dollars in thousands, except par values)
Short-term borrowings - other than bank (1)	$	68,821		$	24,923		$	41,989		$	—		$	91,780
Long-term debt - other than bank (1)
Long-term debt of electric utility subsidiaries (2)	1,058,070			1,057,942			1,057,815			904,501			885,099
HEI, senior notes, 4.41% due 2016	75,000			—			—			—			—
HEI, senior notes, 5.67% due 2021	50,000			—			—			—			—
HEI, medium-term notes, Series B 7.13%, due in 2012	7,000			7,000			7,000			7,000			7,000
HEI, medium-term notes, Series C 6.51% due in 2014	100,000			100,000			100,000			100,000			100,000
HEI, medium-term notes, Series D 4.00% paid in 2008	—			—			—			—			50,000
HEI, medium-term notes, Series D 5.25% due in 2013	50,000			50,000			50,000			50,000			50,000
HEI, medium-term notes, Series D 4.23% paid in 2011	—			50,000			50,000			50,000			50,000
HEI, medium-term notes, Series D 6.141% paid in 2011	—			100,000			100,000			100,000			100,000
	1,340,070			1,364,942			1,364,815			1,211,501			1,242,099
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	1,349,446			1,314,199			1,265,157			1,231,629			1,072,101
Retained earnings	201,640			181,910			184,213			210,840			225,168
Accumulated other comprehensive loss, net of tax benefits	(19,137		)	(12,472		)	(7,722		)	(53,015		)	(21,842		)
	1,531,949			1,483,637			1,441,648			1,389,454			1,275,427
Total capitalization	$	2,975,133		$	2,907,795		$	2,882,745		$	2,635,248		$	2,643,599

LONG-TERM DEBT MATURITIES

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

(in thousands)	2012		2013		2014		2015		2016		Thereafter		Total
Long-term debt - other than bank (1)
Electric utilities	$	57,500	$	—	$	11,400	$	—	$	—	$	989,170	$	1,058,070
HEI	7,000		50,000		100,000		—		75,000		50,000		282,000
	$	64,500	$	50,000	$	111,400	$	—	$	75,000	$	1,039,170	$	1,340,070

(1)   Excludes deposit liabilities, other bank borrowings and intercompany borrowings.

(2)   See pages 14 and 15 for additional information.

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

5

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands)
Cash flows from operating activities
Net income	$	140,120		$	115,425		$	84,901		$	92,168		$	86,669
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	148,152			154,523			151,282			150,977			147,881
Other amortization	19,318			4,605			5,389			5,085			11,878
Provision for loan losses	15,009			20,894			32,000			10,334			5,700
Impairment of utility plant	9,215			—			—			—			11,701
Gain on pension curtailment	—			—			—			(472		)	(8,809		)
Loans receivable originated and purchased, held for sale	(267,656		)	(360,527		)	(443,843		)	(204,457		)	(39,688		)
Proceeds from sale of loans receivable, held for sale	273,932			392,406			471,194			185,291			33,876
Net losses (gains) on sale of investment and mortgage-related securities	(371		)	—			32,034			17,376			(1,109		)
Other-than-temporary impairment on available-for-sale mortgage-related securities	—			—			15,444			7,764			—
Change in deferred income taxes	79,444			97,791			12,787			5,134			(34,624		)
Change in excess tax benefits from share-based payment arrangements	35			45			310			(405		)	(195		)
Allowance for equity funds used during construction	(5,964		)	(6,016		)	(12,222		)	(9,390		)	(5,219		)
Change in cash overdraft	(2,688		)	(141		)	—			—			—
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net	(77,326		)	(25,880		)	59,550			(6,219		)	(45,808		)
Increase (decrease) in accounts, interest and dividends payable	(34,480		)	43,266			3,410			(18,715		)	36,794
Change in other assets and liabilities	(46,374		)	(95,674		)	(127,768		)	25,343			20,184
Net cash provided by operating activities	250,366			340,717			284,468			259,814			219,231
Cash flows from investing activities
Available-for-sale investment and mortgage-related securities purchased	(361,876		)	(714,552		)	(297,864		)	(489,264		)	(402,071		)
Principal repayments on available-for-sale investment and mortgage-related securities	389,906			465,437			357,233			610,521			652,083
Proceeds from sale of available-for-sale investment and mortgage-related securities	32,799			—			185,134			1,311,596			1,109
Proceeds from sale of other investments	—			—			—			17			35,920
Net decrease (increase) in loans held for investment	(181,080		)	118,892			484,960			(92,241		)	(315,786		)
Proceeds from sale of real estate acquired in settlement of loans	8,020			5,967			1,555			—			—
Capital expenditures	(235,116		)	(182,125		)	(304,761		)	(282,051		)	(218,297		)
Contributions in aid of construction	23,534			22,555			14,170			17,319			19,011
Other	(2,974		)	5,092			1,199			1,116			5,902
Net cash provided by (used in) investing activities	$	(326,787	)	$	(278,734	)	$	441,626		$	1,077,013		$	(222,129	)

6

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA (Continued)

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands)
Cash flows from financing activities
Net increase (decrease) in deposit liabilities	$	94,660		$	(83,388	)	$	(121,415	)	$	(167,085	)	$	(228,288	)
Net increase (decrease) in short-term borrowings with original maturities of three months or less	43,898			(17,066		)	41,989			(91,780		)	(84,492		)
Net increase (decrease) in retail repurchase agreements	10,910			(60,308		)	(3,829		)	(37,142		)	71,205
Proceeds from other bank borrowings	—			—			310,000			2,592,635			1,338,432
Repayments of other bank borrowings	(15,000		)	—			(689,517		)	(3,682,119		)	(1,166,112		)
Proceeds from issuance of long-term debt	125,000			—			153,186			19,275			242,539
Repayments of long-term debt	(150,000		)	—			—			(50,000		)	(136,000		)
Change in excess tax benefits from share-based payment arrangements	(35		)	(45		)	(310		)	405			195
Net proceeds from issuance of common stock	15,979			22,706			15,329			136,443			21,072
Common stock dividends	(106,812		)	(93,034		)	(96,843		)	(83,604		)	(81,489		)
Preferred stock dividends of subsidiaries	(1,890		)	(1,890		)	(1,890		)	(1,890		)	(1,890		)
Other	(675		)	(2,229		)	(12,307		)	1,615			(19,720		)
Net cash provided by (used in) financing activities	16,035			(235,254		)	(405,607		)	(1,363,247		)	(44,548		)
Net increase (decrease) in cash and cash equivalents	(60,386		)	(173,271		)	320,487			(26,420		)	(47,446		)
Cash and cash equivalents, January 1	330,651			503,922			183,435			209,855			257,301
Cash and cash equivalents, December 31	$	270,265		$	330,651		$	503,922		$	183,435		$	209,855

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

7

NET INCOME AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
HECO	$	55,369		$	50,989		$	53,621		$	54,966		$	32,249
HELCO	26,651			16,608			15,761			19,641			8,252
MECO	17,975			9,012			10,224			17,792			11,785
Renewable Hawaii, Inc.	(5		)	(8		)	(11		)	(77		)	(83		)
Uluwehiokama Biofuels Corp.	(4		)	(12		)	(149		)	(347		)	(47		)
	99,986			76,589			79,446			91,975			52,156
ASB consolidated	59,843			58,456			21,767		(1)	17,827		(2)	53,107
HEI and other	(21,599		)	(21,510		)	(18,202		)	(19,524		)	(20,484		)
Consolidated HEI	$	138,230		$	113,535		$	83,011	(1)	$	90,278	(2)	$	84,779
Return on average common equity by company
Electric utilities
HECO	6.4		%	6.1		%	6.7		%	7.6		%	5.0		%
HELCO	9.7			6.5			6.8			9.3			4.4
MECO	7.7			4.0			4.7			8.4			5.9
	7.3			5.8			6.4			8.0			5.0
ASB consolidated	12.2			11.9			4.5		(1)	3.3		(2)	9.2
Consolidated HEI	9.2		%	7.8		%	5.9		%(1)	6.8		%(2)	7.2		%

(1)Includes a $19.3 million after-tax charge related to ASB’s private-issue mortgage-related securities.  Excluding this $19.3 million charge, ASB consolidated net income would have been $41 million and return on average common equity would have been 8.3% and HEI consolidated net income would have been $102 million and return on average common equity would have been 7.2%.

(2)Includes a $35.6 million after-tax charge related to ASB’s balance sheet restructuring in June 2008. Excluding this $35.6 million charge, ASB consolidated net income would have been $53 million and return on average common equity would have  been 9.6% and HEI consolidated net income would have been $126 million and return on average common equity would have been 9.3%.

8

STATE OF HAWAII DATA

Unaudited

Years ended December 31, except as noted	2011			2010		2009		2008		2007
POPULATION BY COUNTY (thousands)*
Honolulu	n/a			953		908		905		900
Hawaii	n/a			185		178		176		173
Maui	n/a			155		145		144		141
Kauai	n/a			67		64		63		63
	1,375		(e)	1,360		1,295		1,288		1,277
VISITOR DATA
Visitor arrivals by air (thousands)
Domestic	5,127			4,957		4,672		4,902		5,583
International	2,033			1,960		1,748		1,811		1,914
	7,160			6,917		6,420		6,713		7,497
Visitor arrivals by air, by county (thousands)**
Honolulu	4,398			4,274		4,025		4,194		4,695
Hawaii	1,317			1,281		1,215		1,321		1,622
Maui	2,209			2,123		1,932		2,129		2,522
Kauai	1,015			955		928		1,031		1,299
	8,939			8,633		8,100		8,675		10,138
Visitor days (thousands)
Domestic	51,842			49,787		47,121		49,497		55,100
International	16,504			15,163		13,134		13,633		14,035
	68,346			64,950		60,255		63,130		69,135
Visitor expenditures by air (billions)	$	12.6		$	10.9	$	9.8	$	11.2	$	12.6
CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized***	$	1,859		$	1,980	$	1,999	$	2,907	$	3,585
Contracting tax base	n/a			$	5,590	$	6,642	$	7,987	$	8,073
FEDERAL GOVERNMENT DATA (millions)
Department of Defense expenditures	n/a			n/a		$	8,801	$	6,107	$	5,467
Other federal agencies expenditures	n/a			n/a		$	16,719	8,902		8,595
Total federal government expenditures	n/a			n/a		$	25,520	$	15,009	$	14,062
OTHER DATA
Real gross state product (billions of 2005 $s)	$	60.1	(e)	$	59.3	$	58.6	$	60.2	$	59.7
Honolulu Consumer Price Index (%)	3.7			2.1		0.5		4.3		4.8
Total wage and salary jobs (thousands)	600.6			593.2		597.9		625.4		631.4
Unemployment rate (average annual %)	6.7			6.9		6.8		4.0		2.6

Sources:  State of Hawaii Data Book 2010 (prior years), Hawaii State Department of Business, Economic Development & Tourism, Hawai’i Tourism Authority, and United States Department of Labor, Bureau of Labor Statistics

*	Resident population estimates, including military personnel, excluding visitors, as of July 1
**	Visitors visiting more than one county are included in each county’s visitor arrival count. Visitor arrivals by county include domestic and international visitors.
***	Excludes public construction
(e)	Estimate
n/a	Not available

9

SELECTED DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011		2010			2009		2008		2007
(in thousands)
CAPITAL STRUCTURE *
Short-term borrowings	$	—	$	—		$	—	$	41,550	$	28,791
Long-term debt, net, including current portion	1,058,070		1,057,942			1,057,815		904,501		885,099
Preferred stock	34,293		34,293			34,293		34,293		34,293
Common stock equity	1,406,084		1,337,398			1,306,408		1,188,842		1,110,462
	$	2,498,447	$	2,429,633		$	2,398,516	$	2,169,186	$	2,058,645
CAPITAL STRUCTURE RATIOS (%) *
Short-term borrowings	—		—			—		1.9		1.4
Long-term debt, net, including current portion	42.3		43.5			44.1		41.7		43.0
Preferred stock	1.4		1.4			1.4		1.6		1.7
Common stock equity	56.3		55.1			54.5		54.8		53.9
	100.0		100.0			100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Ratio of earnings to fixed charges (SEC method)	3.52		2.88			2.99		3.48		2.43
Authorized return on rate base **
HECO	8.16		8.16			8.66		8.66		9.16
HELCO	8.33		8.33			9.14		9.14		9.14
MECO	8.67		8.67			8.83		8.83		8.83
Earned return on simple average rate base ***
HECO	6.83		5.93			6.12		7.05		4.92
HELCO	8.78		5.86			5.70		7.21		6.68
MECO	7.07		4.86			4.99		7.03		5.59
Authorized return on simple average common equity **
HECO	10.00		10.00		(a)	10.70		10.70		11.40
HELCO	10.70		10.70			11.50		11.50		11.50
MECO	10.70		10.70			10.94		10.94		10.94
Earned return on simple average common equity ****
HECO	8.03		6.15			7.02		8.07		4.52
HELCO	10.85		6.24			6.89		9.39		7.79
MECO	8.10		3.90			4.76		8.54		5.78
RATE BASE (in millions, December 31)
HECO	$	1,431	$	1,442		$	1,371	$	1,180	$	1,175
HELCO	453		453			463		372		367
MECO	392		378			386		386		388
	$	2,276	$	2,273		$	2,220	$	1,938	$	1,930
RATE BASE (in millions, simple average)
HECO	$	1,401	$	1,406		$	1,276	$	1,178	$	1,162
HELCO	453		458			417		369		378
MECO	385		382			386		387		382
	$	2,239	$	2,246		$	2,079	$	1,934	$	1,922
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate	3.2		3.5			3.8		3.8		3.8
Accumulated depreciation as percent of gross plant *	37.5		38.4			37.9		38.0		38.1
Weighted-average AFUDC rate	8.0		8.1			8.1		8.1		8.1
NUMBER OF FULL-TIME EQUIVALENT EMPLOYEES *
HECO	1,806		1,634			1,601		1,525		1,474
HELCO	357		347			358		348		344
MECO	355		336			338		330		327
	2,518		2,317			2,297		2,203		2,145

*	At December 31
**	Reflects latest final decision and order as of the end of the respective years. The return on rate base used by the PUC for purposes of the most recent interim decision and orders in HECO’s and MECO’s rate cases is 8.11% and 8.43%, respectively. The return on average common equity used by the PUC in those interim decision and orders is 10.00% for HECO (reflecting decoupling) and 10.50% for MECO. On February 8, 2012 the PUC issued a final decision and order in HELCO’s 2010 test year rate case in which the PUC approved a 10.00% return on average common equity and a 8.31% return on rate base. That decision and order reflects PUC approval of decoupling for HELCO.
***	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
****	Beginning in 2011, based on recorded income and average common equity supporting rate base, both adjusted for items not included in determining electric rates.
(a)	Represents the authorized return from the 2009 test year final D&O effective March 1, 2011.

10

CONSOLIDATED BALANCE SHEETS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2011			2010			2009			2008			2007
(in thousands)
ASSETS
Utility plant, at cost
Land	$	51,514		$	51,364		$	52,530		$	42,541		$	38,161
Plant and equipment	5,052,027			4,896,974			4,696,257			4,277,499			4,131,267
Less accumulated depreciation	(1,966,894		)	(1,941,059		)	(1,848,416		)	(1,741,453		)	(1,647,113		)
Construction in progress	138,838			101,562			132,980			266,628			151,179
Net utility plant	3,275,485			3,108,841			3,033,351			2,845,215			2,673,494
Current assets
Cash and equivalents	48,806			122,936			73,578			6,901			4,678
Customer accounts receivable, net	183,328			138,171			133,286			166,422			146,112
Accrued unbilled revenues, net	137,826			104,384			84,276			106,544			114,274
Other accounts receivable, net	8,623			9,376			8,449			7,918			6,915
Fuel oil stock, at average cost	171,548			152,705			78,661			77,715			91,871
Materials and supplies, at average cost	43,188			36,717			35,908			34,532			34,258
Prepayments and other	34,602			55,216			16,201			12,626			9,490
Regulatory assets	20,283			7,349			6,849			6,654			5,997
Total current assets	648,204			626,854			437,208			419,312			413,595
Other long-term assets
Regulatory assets	649,106			470,981			420,013			523,965			278,993
Unamortized debt expense	12,786			14,030			14,288			14,503			15,635
Other	86,361			64,974			73,532			53,114			42,171
Total other long-term assets	748,253			549,985			507,833			591,582			336,799
	$	4,671,942		$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity	$	1,406,084		$	1,337,398		$	1,306,408		$	1,188,842		$	1,110,462
Cumulative preferred stock - not subject to mandatory redemption	34,293			34,293			34,293			34,293			34,293
Long-term debt, net	1,000,570			1,057,942			1,057,815			904,501			885,099
Total capitalization	2,440,947			2,429,633			2,398,516			2,127,636			2,029,854
Current liabilities
Short-term borrowings - nonaffiliates	—			—			—			—			28,791
Short-term borrowings - affiliate	—			—			—			41,550			—
Current portion of long-term debt	57,500			—			—			—			—
Accounts payable	188,580			178,959			132,711			122,994			137,895
Interest and preferred dividends payable	19,483			20,603			21,223			15,397			14,719
Taxes accrued	224,768			175,960			156,092			220,046			189,637
Other	69,353			56,354			48,192			55,268			57,799
Total current liabilities	559,684			431,876			358,218			455,255			428,841
Deferred credits and other liabilities
Deferred income taxes	337,863			269,286			180,603			166,310			162,113
Regulatory liabilities	315,466			296,797			288,214			288,602			261,606
Unamortized tax credits	60,614			58,810			56,870			58,796			58,419
Retirement benefits liability	495,121			355,844			296,623			392,845			129,288
Other	106,044			108,070			77,804			54,949			54,030
Total deferred credits and other liabilities	1,315,108			1,088,807			900,114			961,502			665,456
Contributions in aid of construction	356,203			335,364			321,544			311,716			299,737
	$	4,671,942		$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

11

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands)
Operating revenues	$	2,973,764		$	2,367,441		$	2,026,672		$	2,853,639		$	2,096,958
Operating expenses
Fuel oil	1,265,126			900,408			671,970			1,229,193			774,119
Purchased power	689,652			548,800			499,804			689,828			536,960
Other operation	257,065			251,027			248,515			243,249			214,047
Maintenance	121,219			127,487			107,531			101,624			105,743
Depreciation	142,975			149,708			144,533			141,678			137,081
Taxes, other than income taxes	276,504			222,117			191,699			261,823			194,607
Income taxes	65,988			48,053			48,212			56,307			34,126
	2,818,529			2,247,600			1,912,264			2,723,702			1,996,683
Operating income	155,235			119,841			114,408			129,937			100,275
Other income (deductions)
Allowance for equity funds used during construction	5,964			6,016			12,222			9,390			5,219
Impairment of utility plant	(5,496		)	—			—			—			—
Other, net	3,811			11,679			7,487			5,659			(627		)
	4,279			17,695			19,709			15,049			4,592
Interest and other charges
Interest on long-term debt	57,532			57,532			51,820			47,302			45,964
Amortization of net bond premium and expense	3,081			2,975			3,254			2,530			2,440
Other interest charges	(582		)	1,003			2,870			4,925			4,864
Allowance for borrowed funds used during construction	(2,498		)	(2,558		)	(5,268		)	(3,741		)	(2,552		)
	57,533			58,952			52,676			51,016			50,716
Net income	101,981			78,584			81,441			93,970			54,151
Preferred stock dividends of subsidiaries	915			915			915			915			915
Net income attributable to HECO	101,066			77,669			80,526			93,055			53,236
Preferred stock dividends of HECO	1,080			1,080			1,080			1,080			1,080
Net income for common stock	99,986			76,589			79,446			91,975			52,156
Retained earnings, January 1	854,856			827,036			802,590			724,704			700,252
Adjustment to initially apply FIN 48	—			—			—			—			(620		)
Common stock dividends	(70,558		)	(48,769		)	(55,000		)	(14,089		)	(27,084		)
Retained earnings, December 31	$	884,284		$	854,856		$	827,036		$	802,590		$	724,704

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31

(dollars in thousands, except par values)

			Par value			Shares outstanding 12/31/11	2011		2010		2009		2008		2007
C	4.25	%	$	20	HECO	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00		20		HECO	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00		20		HECO	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25		20		HECO	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00		20		HECO	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75		20		HECO	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65		20		HECO	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625		100		HELCO	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625		100		MECO	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 HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

13

LONG-TERM DEBT

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2011		2010		2009		2008		2007
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
HECO
Series 1993, 5.45%, due 2023	$	50,000	$	50,000	$	50,000	$	50,000	$	50,000
Series 1997A, 5.65%, due 2027	50,000		50,000		50,000		50,000		50,000
Refunding series 1998A, 4.95%, due 2012	42,580		42,580		42,580		42,580		42,580
Refunding series 1999B, 5.75%, due 2018	30,000		30,000		30,000		30,000		30,000
Series 1999C, 6.20%, due 2029	35,000		35,000		35,000		35,000		35,000
Refunding series 1999D, 6.15%, due 2020	16,000		16,000		16,000		16,000		16,000
Refunding series 2000, 5.70%, due 2020	46,000		46,000		46,000		46,000		46,000
Series 2002A, 5.10%, due 2032	40,000		40,000		40,000		40,000		40,000
Refunding series 2003B, 5.00%, due 2022	40,000		40,000		40,000		40,000		40,000
Refunding series 2005A, 4.80%, due 2025	40,000		40,000		40,000		40,000		40,000
Series 2007A, 4.65%, due 2037	100,000		100,000		100,000		100,000		100,000
Refunding series 2007B, 4.60%, due 2026	62,000		62,000		62,000		62,000		62,000
Series 2009, 6.50%, due 2039	90,000		90,000		90,000		—		—
	$	641,580	$	641,580	$	641,580	$	551,580	$	551,580

(Continued on next page)

14

LONG-TERM DEBT (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2011			2010			2009			2008			2007
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
HELCO
Series 1993, 5.45%, due 2023	$	20,000		$	20,000		$	20,000		$	20,000		$	20,000
Series 1997A, 5.65%, due 2027	30,000			30,000			30,000			30,000			30,000
Refunding series 1998A, 4.95%, due 2012	7,200			7,200			7,200			7,200			7,200
Refunding series 1999A, 5.50%, due 2014	11,400			11,400			11,400			11,400			11,400
Refunding series 1999B, 5.75%, due 2018	11,000			11,000			11,000			11,000			11,000
Refunding series 1999D, 6.15%, due 2020	3,000			3,000			3,000			3,000			3,000
Refunding series 2003A, 4.75%, due 2020	14,000			14,000			14,000			14,000			14,000
Refunding series 2003B, 5.00%, due 2022	12,000			12,000			12,000			12,000			12,000
Refunding series 2005A, 4.8%, due 2025	5,000			5,000			5,000			5,000			5,000
Series 2007A, 4.65%, due 2037	20,000			20,000			20,000			20,000			20,000
Refunding series 2007B, 4.60%, due 2026	8,000			8,000			8,000			8,000			8,000
Series 2009, 6.50%, due 2039	60,000			60,000			60,000			—			—
	201,600			201,600			201,600			141,600			141,600
MECO
Series 1993, 5.45%, due 2023	30,000			30,000			30,000			30,000			30,000
Series 1997A, 5.65%, due 2027	20,000			20,000			20,000			20,000			20,000
Refunding series 1998A, 4.95%, due 2012	7,720			7,720			7,720			7,720			7,720
Refunding series 1999B, 5.75%, due 2018	9,000			9,000			9,000			9,000			9,000
Refunding series 1999D, 6.15%, due 2020	1,000			1,000			1,000			1,000			1,000
Refunding series 2000, 5.70%, due 2020	20,000			20,000			20,000			20,000			20,000
Refunding series 2005A, 4.8%, due 2025	2,000			2,000			2,000			2,000			2,000
Series 2007A, 4.65%, due 2037	20,000			20,000			20,000			20,000			20,000
Refunding series 2007B, 4.60%, due 2026	55,000			55,000			55,000			55,000			55,000
	164,720			164,720			164,720			164,720			164,720
	1,007,900			1,007,900			1,007,900			857,900			857,900
Less funds on deposit with trustees	—			—			—			(3,186		)	(22,461		)
	1,007,900			1,007,900			1,007,900			854,714			835,439
OTHER LONG-TERM DEBT (UNSECURED)
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	1,059,446			1,059,446			1,059,446			906,260			886,985
Less unamortized discount	(1,376		)	(1,504		)	(1,631		)	(1,759		)	(1,886		)
Less current portion of long-term debt	(57,500		)	—			—			—			—
Long-term debt, net	$	1,000,570		$	1,057,942		$	1,057,815		$	904,501		$	885,099

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

15

CONSOLIDATED STATEMENTS OF CASH FLOWS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011			2010			2009			2008			2007
(in thousands)
Cash flows from operating activities
Net income	$	101,981		$	78,584		$	81,441		$	93,970		$	54,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of utility plant	142,975			149,708			144,533			141,678			137,081
Other amortization	17,378			7,725			10,045			8,619			8,230
Impairment of utility plant	9,215			—			—			—			11,701
Changes in deferred income taxes	69,091			95,685			14,762			3,882			(31,888		)
Changes in tax credits, net	2,087			2,841			(1,332		)	1,470			1,992
Allowance for equity funds used during construction	(5,964		)	(6,016		)	(12,222		)	(9,390		)	(5,219		)
Change in cash overdraft	(2,688		)	(141		)	—			—			—
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(44,404		)	(5,812		)	32,605			(21,313		)	(23,080		)
Decrease (increase) in accrued unbilled revenues	(33,442		)	(20,108		)	22,268			7,730			(22,079		)
Decrease (increase) in fuel oil stock	(18,843		)	(74,044		)	(946		)	14,156			(27,559		)
Increase in materials and supplies	(6,471		)	(809		)	(1,376		)	(274		)	(3,718		)
Increase in regulatory assets	(40,132		)	(2,936		)	(17,597		)	(3,229		)	(1,968		)
Increase (decrease) in accounts payable	(35,815		)	25,392			(6,165		)	(14,901		)	35,383
Changes in prepaid and accrued income taxes and revenue taxes	69,736			(10,170		)	(61,951		)	28,055			37,455
Contributions to defined benefit pension and other postretirement benefit plans	(73,176		)	(31,068		)	(24,086		)	(13,696		)	(12,139		)
Other	9,866			38,958			21,515			8,251			28,247
Net cash provided by operating activities	161,394			247,789			201,494			245,008			186,590
Cash flows from investing activities
Capital expenditures	(226,022		)	(174,344		)	(286,445		)	(278,476		)	(209,821		)
Contributions in aid of construction	23,534			22,555			14,170			17,319			19,011
Other	77			1,327			340			1,157			5,440
Net cash used in investing activities	(202,411		)	(150,462		)	(271,935		)	(260,000		)	(185,370		)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	—			—			(10,464		)	12,759			(84,316		)
Proceeds from issuance of long-term debt	—			—			153,186			19,275			242,538
Repayment of long-term debt	—			—			—			—			(126,000		)
Proceeds from issuance of common stock	40,000			4,250			61,914			—			—
Preferred stock dividends of HECO and subsidiaries	(1,995		)	(1,995		)	(1,995		)	(1,995		)	(1,995		)
Common stock dividends	(70,558		)	(48,769		)	(55,000		)	(14,089		)	(27,084		)
Other	(560		)	(1,455		)	(10,523		)	1,265			(3,544		)
Net cash provided by (used in) financing activities	(33,113		)	(47,969		)	137,118			17,215			(401		)
Net increase (decrease) in cash and cash equivalents	(74,130		)	49,358			66,677			2,223			819
Cash and cash equivalents, January 1	122,936			73,578			6,901			4,678			3,859
Cash and cash equivalents, December 31	$	48,806		$	122,936		$	73,578		$	6,901		$	4,678

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

Note: The amounts for “Increase (decrease) in accounts payable” and “Capital expenditures” for years 2010 and 2009 were restated to conform to the 2011 presentation. Years 2008 and 2007 have not been similarly restated.

16

CUSTOMER, SALES AND REVENUE DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011		2010		2009		2008		2007
SERVICE AREA
Service area (square miles)	5,766		5,766		5,766		5,766		5,766
Service area population (estimated, in thousands)	n/a		1,293		1,231		1,224		1,214
CUSTOMER ACCOUNTS *
Residential	390,133		388,307		385,886		383,042		381,964
Commercial	53,904		54,374		54,527		55,243		55,869
Large light and power	567		548		558		543		554
Other	1,625		1,627		1,613		1,583		1,510
	446,229		444,856		442,584		440,411		439,897
CUSTOMER ACCOUNTS BY COMPANY *
HECO	296,800		296,422		295,282		293,740		294,591
HELCO	81,199		80,695		79,813		79,606		78,983
MECO	68,230		67,739		67,489		67,065		66,323
Consolidated	446,229		444,856		442,584		440,411		439,897
KILOWATTHOUR SALES (millions)
Residential	2,770		2,830		2,893		2,925		3,035
Commercial	3,204		3,185		3,222		3,326		3,341
Large light and power	3,503		3,513		3,525		3,633		3,690
Other	50		51		50		52		52
	9,527		9,579		9,690		9,936		10,118
KILOWATTHOUR SALES MIX (%)
Residential	29.1		29.5		29.9		29.4		30.0
Commercial	33.6		33.3		33.2		33.5		33.0
Large light and power	36.8		36.7		36.4		36.6		36.5
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)
HECO	7,242		7,277		7,378		7,556		7,675
HELCO	1,104		1,110		1,120		1,141		1,163
MECO	1,181		1,192		1,192		1,239		1,280
Consolidated	9,527		9,579		9,690		9,936		10,118
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
HECO	(0.5	)	(1.4	)	(2.4	)	(1.6	)	(0.3	)
HELCO	(0.5	)	(0.9	)	(1.8	)	(1.9	)	1.2
MECO	(0.9	)	(0.1	)	(3.8	)	(3.2	)	1.1
Consolidated	(0.5	)	(1.1	)	(2.5	)	(1.8	)	0.0

* At December 31

17

CUSTOMER, SALES AND REVENUE DATA (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011		2010		2009		2008		2007
ELECTRIC OPERATING REVENUES (thousands)
Electric sales revenue
Residential	$	946,653	$	781,467	$	690,656	$	935,061	$	713,241
Commercial	1,024,725		814,109		694,087		973,048		714,218
Large light and power	976,949		752,056		623,159		921,321		652,298
Other	16,172		13,004		10,721		15,069		10,791
	2,964,499		2,360,636		2,018,623		2,844,499		2,090,548
Other revenues	9,265		6,805		8,049		9,140		6,410
	$	2,973,764	$	2,367,441	$	2,026,672	$	2,853,639	$	2,096,958
ELECTRIC OPERATING REVENUES BY COMPANY (thousands)
HECO	$	2,110,248	$	1,649,608	$	1,384,885	$	1,954,772	$	1,385,136
HELCO	444,266		372,633		343,943		446,297		361,412
MECO	419,250		345,200		297,844		452,570		350,410
Consolidated	$	2,973,764	$	2,367,441	$	2,026,672	$	2,853,639	$	2,096,958
AVERAGE REVENUE PER KWH SOLD (cents)
Residential	34.18		27.61		23.87		31.97		23.50
Commercial	31.99		25.56		21.54		29.25		21.38
Large light and power	27.89		21.41		17.68		25.36		17.68
Other	32.37		25.63		21.36		28.81		20.81
	31.12		24.65		20.83		28.63		20.66
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
HECO	29.05		22.61		18.70		25.78		17.99
HELCO	40.16		33.50		30.63		39.02		31.02
MECO	35.35		28.83		24.86		36.40		27.27
Consolidated	31.12		24.65		20.83		28.63		20.66
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
HECO	7,319		7,540		7,759		7,868		8,214
HELCO	6,271		6,405		6,613		6,703		7,024
MECO	7,195		7,368		7,503		7,681		8,101
Consolidated	7,117		7,317		7,523		7,640		7,996
Average monthly electric sales revenue per residential customer	$	203	$	168	$	150	$	204	$	157

18

POWER SUPPLY DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2011		2010		2009		2008		2007
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
Steam-conventional	4,798		4,884		4,972		5,193		5,379
Combustion turbine (1)	24		29		98		125		134
Diesel	238		242		295		264		280
Combined-cycle	883		878		723		662		671
	5,943		6,033		6,088		6,244		6,464
Biofuels	59		3		0		0		0
Hydro and wind	20		17		29		18		15
Total net generated	6,022		6,053		6,117		6,262		6,479
Purchased	4,010		4,063		4,120		4,248		4,228
	10,032		10,116		10,237		10,510		10,707
GENERATION MIX (%)
Fuel oil
Steam-conventional	47.8		48.3		48.6		49.4		50.2
Combustion turbine (1)	0.2		0.3		0.9		1.2		1.3
Diesel	2.4		2.4		2.9		2.5		2.6
Combined-cycle	8.8		8.7		7.1		6.3		6.3
	59.2		59.7		59.5		59.4		60.4
Biofuels	0.6		0.0		0.0		0.0		0.0
Hydro and wind	0.2		0.1		0.3		0.2		0.1
Total generation	60.0		59.8		59.8		59.6		60.5
Purchased	40.0		40.2		40.2		40.4		39.5
	100.0		100.0		100.0		100.0		100.0
SYSTEM CAPABILITY (MW) * **
Company-owned generation
Steam-conventional	1,207		1,205		1,205		1,205		1,205
Combustion turbine (1)	150		150		263		193		193
Diesel	147		147		177		176		174
Biodiesel (CIP CT-1)	113		113		0		0		0
Combined-cycle	170		170		170		113		113
	1,787		1,785		1,815		1,687		1,685
Firm purchase power contracts	540		540		532		540		538
	2,327		2,325		2,347		2,227		2,223
SYSTEM CAPABILITY BY COMPANY (MW) * **
HECO	1,756		1,756		1,785		1,672		1,672
HELCO	287		285		278		272		270
MECO	284		284		284		283		281
	2,327		2,325		2,347		2,227		2,223
SYSTEM PEAK LOAD BY COMPANY (MW) ***
HECO	1,141		1,162		1,213		1,186		1,216
HELCO	189		190		195		198		203
MECO	200		210		210		206		216
	1,530		1,562		1,618		1,590		1,635
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)	10,032		10,276		10,514		10,735		11,207
Average fuel oil cost per barrel	$	123.63	$	87.62	$	63.91	$	114.50	$	69.08
Average fuel oil cost per million BTU (cents)	1,986.7		1,404.8		1,026.4		1,840.0		1,108.2
Fuel oil cost per net KWH generated (cents)	21.078		14.915		11.036		19.687		11.977
BTU per net KWH generated by company
HECO	10,583		10,545		10,590		10,496		10,649
HELCO	11,766		11,939		13,085		13,984		13,903
MECO	10,135		10,254		10,323		10,240		10,190
Consolidated	10,609		10,617		10,753		10,700		10,807
OTHER DATA
Losses and system uses (%)	4.8		5.1		5.1		5.2		5.3
Reserve margin (%) ***	56.1		52.6		50.0		44.5		38.6
Annual load factor (%) ***	74.8		73.9		72.2		75.3		74.7
Cost per KWH purchased (cents)	17.199		13.508		12.132		16.238		12.700

*	At December 31
**	Excludes hydro run-of-river units
***	Net; noncoincident and nonintegrated
(1)	2009 includes CIP CT-1 biodiesel

19

FORECAST: 2012 - 2016 ELECTRIC UTILITY COMPANIES

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Forecast as of December 12, 2011 (1)

Years ended December 31	2011			2012			2013			2014			2015			2016			2012-2016
(dollars in millions)	actual
USES OF CAPITAL
Capital expenditures, including AFUDC	282.7			346.3			430.8			627.5			827.2			923.4			3,155.2
Less: AFUDC	7.0			8.1			11.9			28.3			63.3			107.2			218.8
Contributions in aid of construction	26.8			56.9			41.2			22.0			19.6			19.7			159.4
Net capital expenditures	248.9			281.3			377.7			577.2			744.3			796.5			2,777.0
Debt maturities (2)	—			57.5			—			11.4			—			—			68.9
Total net requirements	$	248.9		$	338.8		$	377.7		$	588.6		$	744.3		$	796.5		$	2,845.9
SOURCES OF CAPITAL
Internal funds after dividends
Depreciation and amortization	$	164.1		$	155.9		$	169.9		$	178.9		$	186.8		$	193.2		$	884.7
Deferred income taxes and tax credits, net	71.2			90.6			23.8			34.1			55.8			66.1			270.4
Retained earnings and other, excluding AFUDC	(26.4		)	(118.1		)	(63.0		)	(85.2		)	(151.0		)	(132.4		)	(549.7		)
Total internal sources, excluding AFUDC	208.9			128.4			130.7			127.8			91.6			126.9			605.4
External financing sources
Debt
Short-term	—			—			76.3			5.3			22.2			4.7			108.5
Change in temporary investments	—			(0.5		)	22.2			—			—			—			21.7
Long-term debt issuances	—			167.2			—			217.8			280.0			310.0			975.0
Common Stock Issuance	40.0			43.7			148.5			237.7			350.5			354.9			1,135.3
Total external financing sources	40.0			210.4			247.0			460.8			652.7			669.6			2,240.5
Total sources	$	248.9		$	338.8		$	377.7		$	588.6		$	744.3		$	796.5		$	2,845.9
Internal sources as a percent of
Net capital expenditures	84			46			35			22			12			16			22
Total net requirements	84			38			35			22			12			16			21
CAPITAL STRUCTURE (at December 31)
Capitalization
Total debt	$	1,058.1		$	1,167.7		$	1,244.1		$	1,455.8		$	1,758.0		$	2,072.7
Preferred stock	34.3			34.3			34.3			34.3			34.3			34.3
Common stock	1,406.1			1,493.2			1,685.5			1,977.4			2,395.1			2,829.7
Total capitalization	$	2,498.5		$	2,695.2		$	2,963.9		$	3,467.5		$	4,187.4		$	4,936.7
Capitalization ratios (%)
Total debt	42.3			43.3			42.0			42.0			42.0			42.0
Preferred stock	1.4			1.3			1.1			1.0			0.8			0.7
Common stock	56.3			55.4			56.9			57.0			57.2			57.3
Total capitalization	100.0			100.0			100.0			100.0			100.0			100.0

(1)	Forecast as of December 12, 2011 prior to the final HELCO 2010 test year decision & order (issued on 2/08/12) where the PUC approved a 10.0% return on common equity for the 2010 test year.
(2)	May not include those securities sold at the company’s option, the proceeds of which are used to repay long-term obligations prior to their maturity.

20

FORECAST: 2012 - 2016  ELECTRIC UTILITY COMPANIES

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Forecast as of December 12, 2011

Years ended December 31	2011		2012		2013		2014		2015		2016
	actual
CONSOLIDATED SALES AND GENERATION DATA
Sales (millions of KWH)
HECO (Oahu)	7,242		7,530		7,628		7,673		7,681		7,696
HELCO (Hawaii)(1)	1,104		1,120		1,134		1,151		1,167		1,182
MECO (Maui, Lanai, Molokai)	1,181		1,202		1,209		1,216		1,230		1,243
Total	9,527		9,852		9,971		10,040		10,078		10,121
Peak load (MW) (2)	1,530		1,625		1,649		1,671		1,680		1,683
Increase (decrease) from previous year	-2.0	%	6.2	%	1.5	%	1.3	%	0.6	%	0.2	%
Generating capability at year-end (MW)	1,787		1,795		1,795		1,795		1,795		1,795
Firm purchased capacity at year-end (MW)	540		575		575		575		559		559
Generating capability and firm purchased capacity at year-end (MW)	2,327		2,370		2,370		2,370		2,354		2,354
Firm purchased capacity (%)	23.2		24.3		24.3		24.3		23.7		23.7
Reserve margin (%) (2)	56.1		45.9		43.7		41.8		40.1		39.9
Load factor (%) (2)	74.8		72.9		72.9		72.4		72.3		72.2
Net KWH generated and purchased (millions)
Company generated	6,022		5,857		5,955		5,650		5,601		5,608
Purchased power	4,010		4,544		4,572		4,949		5,038		5,074
Total	10,032		10,401		10,527		10,600		10,639		10,682
CONSOLIDATED GENERATION MIX BY SOURCE (%) (3)
Fuel oil	75.7		72.9		72.4		69.0		67.4		65.8
Coal	13.8		15.1		13.7		14.6		14.5		14.5
Wind	3.4		3.9		3.6		5.2		6.2		6.2
Solid waste	3.2		4.0		4.8		4.8		4.8		4.8
Geothermal and other, including Biofuel and PV	3.9		4.1		5.5		6.4		7.1		8.7
Total	100.0		100.0		100.0		100.0		100.0		100.0

(1)	In January 2012, HELCO’s sales forecast was updated and 2012 sales are expected to increase by 0.2% over 2011 instead of the 1.4% increase reflected in the sales data above.
(2)	Noncoincident and nonintegrated
(3)	Includes company-owned and purchased generation

HAWAII PUBLIC UTILITIES COMMISSION

The Governor, with the consent of the Senate, appoints three full-time commissioners to staggered six-year terms. Commissioners can serve no more than 12 consecutive years.  Statutes provide for the rendering of an “interim decision” in rate cases within 11 months of the filing of a complete application by the company.  There is no statutory deadline for rendering a final decision.

In March 2011, former State Representative Hermina Morita became the Chair of the PUC (for a term that expires in June 2014).  The other commissioners are John E. Cole (for a term that expires in June 2012), who previously served as the Executive Director of the Division of Consumer Advocacy, and Michael E. Champley (for a term that expires in June 2016), previously an energy consultant and former executive with DTE Energy.  Mr. Champley began serving on the PUC on an interim basis in September 2011, pending confirmation by the State Senate (a confirmation hearing has been scheduled for March 1, 2012).  On February 17, 2012, Governor Neil Abercrombie nominated attorney Lorraine Akiba (for a term that expires in June 2018) to succeed Mr. Cole, pending confirmation by the State Senate.  From 1995 to 2000, Ms. Akiba served as state Director of Labor and Industrial Relations. 

CONSUMER ADVOCATE

Jeffery T. Ono was appointed executive director of the Division of Consumer Advocacy effective December 16, 2010.  Prior to becoming the executive director, Mr. Ono worked as an attorney in private practice.

21

SELECTED DATA

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

Years ended December 31	2011		2010	2009		2008		2007
REGULATORY CAPITAL (%)
Tangible capital
ASB	9.04		9.21	8.99		8.48		7.78
Requirement	1.50		1.50	1.50		1.50		1.50
Core (leverage) capital
ASB	9.04		9.21	8.99		8.48		7.78
Requirement	4.00		4.00	4.00		4.00		4.00
Risk-based capital
ASB	12.92		13.85	14.06		12.76		14.68
Requirement	8.00		8.00	8.00		8.00		8.00
KEY STATISTICS (%)
Return on assets (1)
ASB	1.23		1.20	0.43		0.29		0.78
Peers (2)	0.91		0.52	0.16		0.65		0.92
High performing peers (2)	1.16		1.09	0.85		0.99		1.14
Net interest margin
ASB	4.12		4.23	4.19		3.62		3.05
Peers (2)	3.83		3.62	3.43		3.53		3.52
High performing peers (2)	4.08		4.21	3.89		3.88		3.73
Efficiency ratio
ASB	57		56	72		85		66
Peers (2)	62		61	64		60		60
High performing peers (2)	54		54	54		54		54
Revenue growth
ASB	(4.73	)	13.48	(8.67	)	(4.69	)	1.27
Peers (2)	1.71		4.60	12.19		3.29		3.59
High performing peers (2)	4.46		4.32	14.43		8.00		3.89
Net charge-offs to loans outstanding
ASB	0.49		0.61	0.66		0.11		0.17
Peers (2)	0.75		1.34	1.18		0.58		0.22
High performing peers (2)	0.42		0.76	0.70		0.57		0.21
OTHER DATA
Branch locations *	57		57	60		63		63
Employees *	1,096		1,075	1,119		1,313		1,330

* At December 31

(1)	2009 net income included $19 million after tax charge related to the sale of private-issue mortgage-related securities. 2008 net income included $36 million after tax charge related to the balance sheet restructuring.
(2)	2009-2011 peer group includes all publicly traded banks and thrifts between $3.5 billion and $8.0 billion in total assets. 2007-2008 peer group includes all publicly traded banks and thrifts between $4.0 and $9.0 billion in total assets.

22

CONSOLIDATED BALANCE SHEETS

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

December 31	2011			2010			2009			2008			2007
(in thousands)
ASSETS
Cash and equivalents	$	219,678		$	206,118		$	427,375		$	169,298		$	204,023
Available-for-sale investment and mortgage-related securities	624,331			678,152			432,881			657,717			2,140,772
Investment in stock of Federal Home Loan Bank of Seattle	97,764			97,764			97,764			97,764			97,764
Loans receivable, net	3,652,419			3,497,729			3,670,493			4,206,492			4,101,193
Real estate acquired in settlement of loans, net	7,260			4,292			3,959			1,492			—
Other and other intangibles, net	226,332			230,514			226,323			222,167			234,661
Goodwill	82,190			82,190			82,190			82,190			83,080
	$	4,909,974		$	4,796,759		$	4,940,985		$	5,437,120		$	6,861,493
LIABILITIES AND SHAREHOLDER’S EQUITY
Deposit liabilities	$	4,070,032		$	3,975,372		$	4,058,760		$	4,180,175		$	4,347,260
Other borrowings	233,229			237,319			297,628			680,973			1,810,669
Other	118,078			90,683			92,129			98,598			108,800
	4,421,339			4,303,374			4,448,517			4,959,746			6,266,729
Common stock	331,880			330,562			329,439			328,162			325,467
Retained earnings	166,126			169,111			172,655			197,235			287,710
Accumulated other comprehensive loss, net of tax benefits	(9,371		)	(6,288		)	(9,626		)	(48,023		)	(18,413		)
	488,635			493,385			492,468			477,374			594,764
	$	4,909,974		$	4,796,759		$	4,940,985		$	5,437,120		$	6,861,493

Note: See Note 4 to HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

23

CONSOLIDATED STATEMENTS OF INCOME

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

Years ended December 31	2011		2010		2009			2008			2007
(in thousands)
Interest and dividend income
Interest and fees on loans	$	184,485	$	195,192	$	217,838		$	247,210		$	245,593
Interest and dividends on investment and mortgage-related securities	14,568		14,946		26,977			65,208			111,470
	199,053		210,138		244,815			312,418			357,063
Interest expense
Interest on deposit liabilities	8,983		14,696		34,046			61,483			81,879
Interest on other borrowings	5,486		5,653		9,497			43,941			78,019
	14,469		20,349		43,543			105,424			159,898
Net interest income	184,584		189,789		201,272			206,994			197,165
Provision for loan losses	15,009		20,894		32,000			10,334			5,700
Net interest income after provision (reversal of allowance) for loan losses	169,575		168,895		169,272			196,660			191,465
Noninterest income
Fee income on deposit liabilities	18,026		26,369		30,713			28,332			26,342
Fees from other financial services	28,881		27,280		25,267			24,846			27,916
Fee income on other financial products	6,704		6,487		5,833			6,683			7,418
Net gains (losses) on sale of securities	371		—		(32,034		)	(17,376		)	1,109
Net losses on available-for-sale securities	—		—		(15,444		)	(7,764		)	—
Other income	11,372		12,419		15,569			11,414			5,647
	65,354		72,555		29,904			46,135			68,432
Noninterest expense
Compensation and employee benefits	71,137		71,476		73,990			77,858			61,937
Loss on early extinguishment of debt	—		—		760			39,843			—
Occupancy and equipment	24,057		23,168		30,906			34,434			35,468
Services	7,396		6,594		11,189			16,706			29,173
Data processing	8,155		13,213		14,382			10,678			10,458
Other expense	32,648		34,487		36,244			36,485			38,872
	143,393		148,938		167,471			216,004			175,908
Income before income taxes	91,536		92,512		31,705			26,791			83,989
Income taxes	31,693		34,056		9,938			8,964			30,882
Net income for common stock	$	59,843	$	58,456	$	21,767	(1)	$	17,827	(2)	$	53,107

(1)	Includes $19 million after tax charge related to the sale of private-issue mortgage-related securities.
(2)	Includes $36 million after tax charge related to the balance sheet restructuring.

Note: See Note 4 to HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

24

EX-99.2

Exhibit 99.2

Financial Community Meetings March 6-16, 2012

Building strength through Partnering to make Hawaii a better place to live Leadership Richard M. Rosenblum President and Chief Executive Officer Hawaiian Electric Company, Inc. Mr. Rosenblum, 61, was named president and chief executive officer of Hawaiian Electric Company, Inc. effective January 1, 2009, and on February 23, 2009 he was appointed a director of the HECO Board. Mr. Rosenblum was born in New York City and raised in Scarsdale, New York. He earned a bachelor of science degree as well as a master of science degree in nuclear engineering from Rensselaer Polytechnic University. Mr. Rosenblum has 32 years of experience in all facets of the utility business at Southern California Edison (SCE), California’s largest electric utility. He had retired on June 1, 2008 as senior vice president of generation and chief nuclear officer responsible for all power generating facilities, including nuclear and related fuel supplies. During that tenure, he helped initiate the world’s largest solar photovoltaic project which aims to install 250 megawatts of solar generating capacity on commercial rooftops in Southern California. Previously, he served as senior vice president of SCE’s transmission and distribution business unit, responsible for high-voltage bulk transmission and retail distribution of electricity in their 50,000 square mile service territory of 4.6 million customers. He has also held the positions of vice president of engineering and technical services responsible for engineering construction, safety oversight, and other engineering support activities; and vice president of SCE’s distribution business unit, including responsibility for customer service. Richard F. Wacker President and Chief Executive Officer American Savings Bank, F.S.B. Mr. Wacker, 49, was named president and chief executive officer of American Savings Bank effective November 15, 2010. He also serves as a director on the ASB Board. Prior to joining ASB, Mr. Wacker was the chairman of Korea Exchange Bank (KEB), the fifth largest Korean bank with $90 billion in assets and operations in 22 countries. He joined KEB in February 2004 as chief operating officer and served as president and chief executive officer from 2005 to 2009. He also served as the chairman of the KEB Foundation. Mr. Wacker was recognized in 2008 as one of Korea’s “Most Respected CEOs.” Earlier, Mr. Wacker worked for General Electric (GE), domestically and abroad, for 20 years in a wide range of senior leadership positions in both GE’s industrial and financial services businesses. He was a company officer and member of GE’s Corporate Executive Council, the top leadership group in GE. Originally from St. Louis, Mr. Wacker graduated from the University of Missouri with a bachelor of science degree in mechanical engineering. Mr. Wacker is a member of the Hawaii Business Round Table and the Hawaii Banker’s Association, and he serves on the board of directors of Child and Family Service. He is also a member of the board of trustees of the University of Hawaii Foundation.

Constance H. Lau Chairman American Savings Bank, F.S.B. President and Chief Executive Officer Hawaiian Electric Industries, Inc. Chairman Hawaiian Electric Company, Inc. Ms. Lau, 59, was named president and chief executive officer of Hawaiian Electric Industries, Inc. in May 2006. She also serves as chairman of Hawaiian Electric Company, Inc. and chairman of American Savings Bank. Born and raised in Honolulu, Hawaii, Ms. Lau joined the HEI companies in 1984, serving first as assistant corporate counsel and treasurer of Hawaiian Electric Company, Inc. and then as treasurer of HEI. In 1999, she became a director and senior executive vice president and chief operating officer of American Savings Bank, rising to president and chief executive officer in June 2001. She also served as an HEI director from 2001 through 2004, and has been serving as an HEI director since May 2006. Prior to joining the HEI companies, Ms. Lau practiced law in San Francisco, California. She has a bachelor of science degree from Yale College, a juris doctor degree from the University of California Hastings College of the Law and a master’s degree in business administration from the Stanford Graduate School of Business. James A. Ajello Executive Vice President, Chief Financial Officer and Treasurer Hawaiian Electric Industries, Inc. Mr. Ajello, 58, joined Hawaiian Electric Industries, Inc. in January 2009. Prior to joining HEI, Mr. Ajello was senior vice president - business development at Reliant Energy, Inc. (Reliant). He joined Reliant in 2000 as president of Reliant Energy Solutions LLC and was named Reliant’s senior vice president and general manager of commercial & industrial marketing in 2004. Mr. Ajello’s experience prior to joining Reliant includes serving as senior banker/managing director of the business development/corporate finance group of UBS Securities, Inc. and as managing director of the energy & natural resources group of UBS Warburg/UBS Securities LLC. He also worked at Enron North America, and was responsible for a team originating business with large industrial clients. Before Enron, his work experience included a project management role at the U.S. Synthetic Fuels Corporation and as a management intern with the U.S. Department of Energy focusing on renewable energy development and naval nuclear reactors. Mr. Ajello holds a bachelor’s degree from the State University of New York and an MPA from Syracuse University. In addition, he is a graduate of the Advanced Management Program of the European Institute of Business Administration in Fontainebleau, France. Mr. Ajello is Chairman of the U.S. Department of Energy’s Environmental Management Advisory Board. He is also a board member of the Hawaii Pacific University Board of Trustees and its affiliate, the Oceanic Institute, as well as a member of the Board of Trustees of Enterprise Honolulu (Oahu Economic Development Board). Shelee M.T. Kimura Manager, Investor Relations & Strategic Planning Hawaiian Electric Industries, Inc. Ms. Kimura, 38, was named manager, investor relations & strategic planning of HEI in November 2009. She joined HEI as director, corporate finance and investments in August 2004. Prior to joining HEI, Ms. Kimura was a consulting manager with Arthur Andersen LLP and KMH LLP in Honolulu. She was a University of Hawaii Presidential Scholar and graduated summa cum laude with a bachelor of business administration degree in accounting in 1995. She is a certified public accountant.

FORWARD-LOOKING STATEMENTS

This presentation and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (HECO) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:

·international, national and local economic conditions, including the state of the Hawaii tourism, defense and construction industries, the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by American Savings Bank, F.S.B. (ASB), which could result in higher loan loss provisions and write-offs), decisions concerning the extent of the presence of the federal government and military in Hawaii, the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal and state responses to those conditions, and the potential impacts of global developments (including unrest, conflict and the overthrow of governmental regimes in North Africa and the Middle East, terrorist acts, the war on terrorism, continuing U.S. presence in Afghanistan and potential conflict or crisis with North Korea or Iran);

·weather and natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes and the potential effects of global warming, such as more severe storms and rising sea levels), including their impact on Company operations and the economy (e.g., the effect of the March 2011 natural disasters in Japan on its economy and tourism in Hawaii);

·the timing and extent of changes in interest rates and the shape of the yield curve;

·the ability of the Company to access credit markets to obtain commercial paper and other short-term and long-term debt financing (including lines of credit) and to access capital markets to issue HEI common stock under volatile and challenging market conditions, and the cost of such financings, if available;

·the risks inherent in changes in the value of pension and other retirement plan assets and securities available for sale;

·changes in laws, regulations, market conditions and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;

·the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and of the rules and regulations that the Dodd-Frank Act requires to be promulgated;

·increasing competition in the banking industry (e.g., increased price competition for deposits, or an outflow of deposits to alternative investments, which may have an adverse impact on ASB’s cost of funds);

·the implementation of the Energy Agreement with the State of Hawaii and Consumer Advocate (Energy Agreement) setting forth the goals and objectives of a Hawaii Clean Energy Initiative (HCEI), revenue decoupling and the fulfillment by the electric utilities of their commitments under the Energy Agreement (given the Public Utilities Commission of the State of Hawaii (PUC) approvals needed; the PUC’s potential delay in considering (and potential disapproval of actual or proposed) HCEI-related costs; reliance by the Company on outside parties like the state, independent power producers (IPPs) and developers; potential changes in political support for the HCEI; and uncertainties surrounding wind power, the proposed undersea cables, biofuels, environmental assessments and the impacts of implementation of the HCEI on future costs of electricity);

·capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management (DSM), distributed generation (DG), combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;

·the risk to generation reliability when generation peak reserve margins on Oahu are strained;

·fuel oil price changes, performance by suppliers of their fuel oil delivery obligations and the continued availability to the electric utilities of their energy cost adjustment clauses (ECACs);

·the impact of fuel price volatility on customer satisfaction and political and regulatory support for the utilities;

·the risks associated with increasing reliance on renewable energy, as contemplated under the Energy Agreement, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;

·the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);

·the ability of the electric utilities to negotiate, periodically, favorable fuel supply and collective bargaining agreements;

·new technological developments that could affect the operations and prospects of HEI and its subsidiaries (including HECO and its subsidiaries and ASB) or their competitors;

·cyber security risks and the potential for cyber incidents, including potential incidents at HEI, ASB and HECO and their subsidiaries (including at ASB branches and at the electric utility plants) and incidents at data processing centers they use, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general information technology controls;

·federal, state, county and international governmental and regulatory actions, such as changes in laws, rules and regulations applicable to HEI, HECO, ASB and their subsidiaries (including changes in taxation, increases in capital requirements, regulatory changes resulting from the HCEI, environmental laws and regulations, the regulation of greenhouse gas (GHG) emissions, governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);

·decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);

·decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions and restrictions and penalties that may arise, such as with respect to environmental conditions or renewable portfolio standards (RPS));

·potential enforcement actions by the Office of the Comptroller of the Currency, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);

·ability to recover increasing costs and earn a reasonable return on capital investments not covered by revenue adjustment mechanisms;

·the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);

·changes in accounting principles applicable to HEI, HECO, ASB and their subsidiaries, including the possible adoption of International Financial Reporting Standards or new U.S. accounting standards, the potential discontinuance of regulatory accounting and the effects of potentially required consolidation of variable interest entities (VIEs) or required capital lease accounting for PPAs with IPPs;

·changes by securities rating agencies in their ratings of the securities of HEI and HECO and the results of financing efforts;

·faster than expected loan prepayments that can cause an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;

·changes in ASB’s loan portfolio credit profile and asset quality which may increase or decrease the required level of allowance for loan losses and charge-offs;

·changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;

·the final outcome of tax positions taken by HEI, HECO, ASB and their subsidiaries;

·the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits); and

·other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or HECO with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, HECO, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Hawaiian Electric Industries, Inc. Financial Community Meetings March 6-16, 2012 2 HEI: A Compelling Investment Above Average Dividend Yield Reduced Risk and Volatility Attractive Earnings Growth .5.0% HEI dividend yield above average EEI companies dividend yield of 4.1% (as of 02/29/12) HEI has historically paid an above average yield and has continuously paid a dividend for 110 years Strong utility regulatory framework supported by state’s broader clean energy public policy New utility regulatory model expected to improve earned ROE Opportunity for utility rate base growth of ~7% to 9% CAGR over 5 years A unique combination of: .Bank targeting modest loan growth and shift in mix to shorter duration, adjustable rate assets; lower credit costs with improving economy Bank’s simple business model with a low risk profile, low cost deposit base and efficient operations provide for less volatility and higher profitability

2 Company Overview Providing Essential Electric and Financial Services Ensuring a Brighter and Greener Future for the Communities We Serve 4 HEI Profile*Based on closing price of $25.05 on 2/29/12 Data above as of 12/31/11 unless otherwise indicated Market capitalization* $2.4B Total enterprise value $3.7B 2011 consolidated net income $138M 2011 EPS (diluted) $1.44 Indicated annual yield* 5.0% 2011 total return to shareholders 22% NYSE HE HE is included in the following indices: S&P Mid-Cap 400, Russell 1000 Utility 63% Bank 37% 2011 Subsidiary Company Contributions to Net Income** Our strategies are expected to increase the utility’s relative contribution over time -- expect the utility to contribute ~65% to 70% between 2012 and 2014** Data excludes holding and other companies’ net loss.

5 Hawaiian Electric Company and American Savings Bank Service Area * Based upon assets As of 12/2011 .Utility: 100% Market Share for 95% of state: 3 utilities, 5 separate grids 4 Kauai Oahu Molokai Maui Hawaii MECO Serves islands of Maui, Molokai, and Lanai Customers: 68,000 Generating capability: 268 MW IPP firm contract power: 16 MW 39 1 7 6 Total Bank branches 57 .Bank: 3rd Largest Bank in the State*: ~$5B in assets HELCO Serves island of Hawaii Customers: 81,000 Generating capability: 197 MW IPP firm contract power: 90 MW HECO Serves island of Oahu Customers: 297,000 Generating capability: 1,322 MW IPP firm contract power: 434 MW 6 2011: Strong Year for HEI .Earnings: Diluted EPS up 19%, net income up 22% .Consolidated ROE: 9.2% in 2011 vs 7.8% in 2010 .Total return: 22% in 2011, above the EEI Index of 20% .Strategic milestones: .Regulatory restructuring of Oahu utility largely complete .Bank continues strong performance in challenging interest rate and regulatory environment 3

Solid Capital Base at All Companies .HEI consolidated common equity to total capitalization – 52%* .HECO consolidated common equity to total capitalization – 56%* .ASB .Tier-1 leverage ratio of 9.0* .Total risk-based capital ratio of 12.9%* .Tangible common equity to total assets of 8.3%* .HEI, HECO and ASB have investment grade ratings from S&P and Moody’s *As of 12/31/11 HEI does not expect to require additional equity issuances, other than DRIP, through 2012 .Hawaii’s tourism industry, a significant driver of Hawaii’s economy, continued a positive growth trend in 2011 compared to 2010: .Visitor arrivals increased by 3.8% .Visitor expenditures increased 15.6%; 20 consecutive months of increases .Hawaii’s unemployment rate remains low at 6.6% vs the nation at 8.5% in December 2011 .Hawaii economy expected to continue modest growth in 2012 Hawaii Economic Trends* * Additional references in the appendix Year-over-year percent change 2012 2013 2014 Real State GDP 2.3 3.3 3.7 Unemployment 6.2 5.5 4.9 Visitor Arrivals 4.1 2.4 1.9 Source: University of Hawaii Economic Research Organization (UHERO) February 10, 2012 report. Figures for 2012 - 2014 are forecasts.

Hawaiian Electric Company Executing on its Clean Energy Plan 10 Utility’s Clean Energy Strategy Aligned with Public Policy Hawaii Clean Energy Agreement .An October 2008 agreement between the state and the utility .Covers the state’s clean energy strategy to reduce Hawaii’s dependence on imported oil .Accelerates the move to renewable energy, 40% renewable electric generation by 2030 .Includes our energy strategy as a vertically-integrated utility comprised of a mix of IPP, customer, and utility generation assets .Provides for supportive regulatory changes; recognizes need for a financially sound utility to execute plan 5

11 Oahu Residential Bill (600 kwh) December 2010 – December 2011 Fuel cost makes up the majority of customer bills and the increase in bills in 2011 12 Hawaii oil prices have become significantly higher than the crude oil prices on the mainland U.S Hawaii oil prices based on Hawaiian Electric low sulfur fuel oil inventory prices Crude oil prices based on West Texas Intermediate (WTI) prices 2011 Fuel Prices Hawaii Low Sulfur Fuel Oil vs Crude Oil 6

13 0.10 0.15 0.20 0.25 0.30 0.35 0.40 Energy Cost ($/kWh) Dec 2011**Wind Solar Forecasted ~ 2030*** Biomass Energy costs subject to volatile oil prices Renewables: long-term fixed price contracts with predetermined escalators Dec 2010* Range of HECO Companies fossil fuel energy cost Range of contracted renewable energy cost* Oil price for LSFO of $83/bbl** Oil price assumption for LSFO of $132/bbl*** Oil price assumption for LSFO of $180/bbl Renewable Energy is Cost Competitive in Hawaii 14 Decoupling Components*Benefits and Details of Mechanisms* Sales decoupling via a revenue balancing account (RBA) Predictable revenue stream •Net revenues fixed at the level approved in the last rate case •Revenues are no longer linked to KWH sales/electricity usage Revenue adjustment mechanism for O&M expenses (O&M RAM) Annual escalation of revenues to recover general “inflation” of O&M expenses between rate cases •Annual indexed adjustments: •Labor exp: labor exp approved in rates (excluding merit employees) x union contract escl. rate less 0.76% productivity factor •Non-labor exp: non-labor exp approved in rates x GDPPI Revenue adjustment mechanism for plant additions (Rate Base RAM) Annual escalation of revenues for plant additions between rate cases •Annual adjustment for plant additions, associated rate base items and depreciation expense •Rate base RAM = rate base additions x RORB .Projects > $2.5M: based on PUC approved amt. .Projects < $2.5M: based on 5-yr historical avg. •Change in depreciation expense New Improved Regulatory Model* Details of mechanisms, calculations and implementation at HECO Oahu included in the appendix .Effective for HECO Oahu and recently approved for HELCO .MECO implementation pending PUC’s allowed ROE decision Existing Balancing Accounts, Trackers and/or Surcharges Energy Cost Adjustment Clause (ECAC): Fuel & Energy-Related Purchased Power; Purchased Power Adjustment Clause (PPAC); Pension & OPEB Trackers; DSM Surcharge; and Renewable Energy Infrastructure Surcharge. 7

0% 20% 40% 60% 80% 100% HECO HELCO MECO Improving ROE Consolidated Book ROE: 7.3% Allowed vs. Actual ROACE Year Ended December 31, 2011* Based on PUC decisions in effect on December 31, 2011** Calculated using GAAP net income divided by average common equity, simple average method (a) Allowed ROE reflects decoupling at HECO (b) Allowed ROE will be reduced to 10.00% at HELCO when the rates from the final D&O dated February 8, 2012 become effective(c)Allowed ROE is expected to be lower at MECO with the implementation of decoupling HELCO’s ROE includes ~100bps related to fuel efficiency savings of which some or all may not continue when the heat rate deadband under decoupling and final 2010 test year rates are implemented. Book**6.4% 9.7% 7.7% Allowed* 10.00% (a) 10.50% (b) 10.50% (c) ROE Goal for HECO Oahu (under existing mechanisms): 8.5% for the full year 2012 Appendix includes additional details of the decoupling mechanisms and implementation Actual ROACE as a % of Allowed 16 Utility 2012 Agenda .Major regulatory priority items: 1. Decoupling implementation for MECO 2. MECO 2012 rate case 3. Resolution of regulatory audits* .Continue work with PUC and others on timely recovery of costs: .Five month lag in rate case interim decisions .Five month lag in revenue adjustment mechanisms .Recovery of software projects .Align operations with new decoupling business model .Achieve HECO Oahu’s ROE goal of 8.5% *PUC ordered regulatory audits on the reasonableness of costs incurred for Campbell Industrial Park (CIP) combustion turbine No. 1 (CT-1) project, Customer Information System project and HECO’s East Oahu Transmission Project (EOTP) 8

Rate Case Schedule HELCO 2010 Test Year HECO 2011 Test Year 2010 2011 2012 2013 2014 Nov 2010 –Interim D&O $6.0M***;ROE 10.5%; Final D&O –Filed revised Rev Req. Feb. 2012 July 2011 –Interim D&O $53.2M; ROE 10%; Final D&O –No statutory deadline HELCO 2013 Test Year MECO 2012 Test Year* MECO 2010 Test Year* July 2010 –Interim D&O $10.3M**; ROE 10.5%; Final D&O –No statutory deadline HECO 2014 Test Year Requested –$27.5M Expected Interim –June 2012 To be filed in mid-2012 To be filed in 2013*The next opportunity for MECO to receive decoupling implementation is either its final 2010 D&O or its next rate case interim decision. **In January 2011, the PUC approved the adjustment from $10.3M to $8.5M to account for the final rates in the MECO 2007 test year rate case. ***In January 2011, the PUC approved the adjustment from $6.0M to $5.2M to incorporate the bargaining unit benefit adjustments that went into effect on January 1, 2012. 18 300 400 600 800 900 - 100 200 300 400 500 600 700 800 900 1,000 2012 2013 2014 2015 2016 Capex in millions ~7-9% rate base growth (5-yr CAGR) Growth in Capital Expenditures* As We Invest in Clean Energy & Reliability Forecast as of December 12, 2011. This forecast is only updated annually. * Gross capital expenditures excluding contributions in aid of construction** For the purposes of this forecast, more than 80% of these project expenditures are assumed in 2015 to 2016, but could change over time 5-Year Capital Expenditures Forecast* .Routine system capital and other: ~$1.2B .Significant items that could change over time: $1.4B -$1.8B .New generation (subject to competitive bidding): $600M to $800M, more than 80% assumed in 2015- 2016 and primarily at HECO .Environmental compliance: $500M to $600M** .Fuel infrastructure: $250M to $300M** .Interisland wind shore-side facilities: $70M to $100M**

19 Utility Summary of Key Earnings Drivers for 2012 O&M .Decoupling implementation for MECO .MECO 2012 TY Rate Case .Projects subject to regulatory audits .Timely recovery of software projects .February 2012 HELCO 2010 final decision expected to result in slightly lower revenues (~$0.7M annually) .O&M expected to be approximately 6% higher than 2011 .2012 expected rate base growth of 4% to 5% CapEx/ Rate Base MECO KWH Sales Regulatory .Align operations with decoupling model .Oahu RAMs effective June 2012, subject to PUC review .HELCO revenues based on 2010 rate case (until 2013 interim), once final rates become effective Decoupling .2012 KWH sales is expected to be approximately 1% to 2% higher than 2011 for MECO American Savings Bank Sound, profitable and efficient franchise to maintain high-performing status

21 Bank Agenda .Prudently grow the franchise while further diversifying our asset mix and maintaining our efficient cost structure .Focus on strong profitability metrics as a high performing community bank .2012 targets*: .ROA of 1.15% to 1.20% .Low to mid-single digit loan growth .NIM ~4% .Efficiency ratio in mid-50s .Pretax preprovision income of $100M -$105M *Targets assume no other regulatory changes or impacts from the Durbin Amendment or significant changes in the interest rate environment. 22 1.26 0.84 1.09 1.17 1.20 108 145 146 57 64 57 60 4.16 3.81 3.94 3.04ASBPeers11Peer group includes publicly traded banks and thrifts between $3.5B and $8B in total assets 2 Subset of peer group for 10 high performing banks 3 Peer data based upon core return on average assets which excludes nonrecurring items Note: Quarterly information is annualized. Source for peer data: SNL Financial (4Q11 data based upon data available as of February 29, 2012) High Performing Peers2 Bank of Hawaii .4Q11 Profitability metrics better or in line with the performance of our high performing peers Bank Agenda: Maintain Status as High Performing Community Bank ASB 4Q11 Peers 4Q11 ASB 4Q11 Peers 4Q11 ASB 4Q11 Peers 4Q11 Return on Assets3 (%) Efficiency Ratio (%) Net Interest Margin (%) Noninterest Expense ($) Pretax Preprovision Income ($) ASB Target ASB 4Q11 ASB 4Q11 ~4% mid-50s $110-$120M Target Target Target Target Target

23 Quality Balance Sheet Compared to Industry Peers .Overall loan-to-deposit ratio of 90% .96% of ASB loans funded with low-cost core deposits 9/30/11 (%) 12/31/11 (%) Peer Banks1 ASB Avg yield on earning assets 4Q11:4.44% Avg cost of funds 4Q11:0.29% Median yield on earning assets 3Q11: 4.63% Median cost of funds 3Q11: 0.83% Other liabilities 7 Loans 741 Peer group based on publicly traded banks and thrifts between $3.5B and $8B in total assets. Source for peer data: SNL Financial (3Q11 data based upon data available as of February 29, 2012) Core Deposits 72 Certificates of Deposit 11 Other Liab. 7 Equity 10 Loans 75 Other 10 Investment Securities 15 Core Deposits 53 Certificates of Deposit 22 Other Liabilities 14 Equity 11 Loans 63 Other 14 Investment Securities 23 24 Consumer HELOC Commercial Markets Commercial Real Estate Commercial Construction ASB Asset Quality: Lower Risk Loan Mix .Predominate exposure to lower risk residential mortgages Total loans December 31, 2011 -$3.7B2 1% $42M 9% $332M1 15% $536M 2%, $93M Residential Land Loans 1%, $45M* Residential Construction 1%, $3M 19% $717M 1 Includes approximately $84 million of owner-occupied commercial real estate 2 Before deferred fees, discounts and allowance for loan losses Residential 1-4 Family 52% Oahu $1,200 Neighbor Islands 650* Mainland 77* $1,927M *Primary risks in three isolated areas

25 Loan growth of 4.2% in 2011 $3,546 $3,606 $3,675 $3,635 $3,695 $3,300 $3,500 $3,700-7.0% 0.0% 7.0% ASB Loan Balance ASB Qtr-Qtr % Change Annualized Peers Qtr-Qtr % Change Annualized (1) High Performing Peers Qtr-Qtr % Change Annualized (2) Quarterly Loan Growth 1 Peer group based on publicly traded banks and thrifts between $3.5B and $8B in total assets. See appendix. 2 Subset of peer group for 10 high performing banks. See appendix. Source for peer data: SNL Financial (based upon data available as of February 29, 2012) 4Q10 1Q11 2Q11 3Q11 Loans Receivable in Thousands Annualized Quarter vs. Quarter % Change 4Q11 26 Provision for Loan Losses Remain Low and Improves Over Prior Year $8.6 $4.6 $3.8 $4.1 $2.5 $0.0 $5.0 $10.0 4Q10 1Q11 2Q11 3Q11 4Q11 ($M) Annual Quarter $20.9 $15.0 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2010 2011 ($M)

27 Nonperforming Assets Ratio Low Compared to Peers 0.49% 0.52% 0.46% 0.45% 1.49% 1.23%1.28%1.30% 1.57% 0.44% 0% 1% 2% 3% 4% 5% 4Q10 1Q11 2Q11 3Q11 4Q11 All Other ASB Loans Residential Lot Loans Peers (1)High Performing Peers (2) $17.5 $18.9 $16.6 $16.3 $58.1 $55.0 $44.6 $46.7 $45.3 $16.9 4Q10 1Q11 2Q11 3Q11 4Q11 Percentages represent regulatory nonperforming assets to regulatory end of period loans and real estate owned. Dollars are in millions at the end of the period. 1 Peer group based on publicly traded banks and thrifts between $3.5B and $8B in total assets. See appendix. 2 Subset of peer group for 10 high performing banks. See appendix. Source for peer data: SNL Financial (based upon data available as of February 29, 2012) Percentages Dollars 1.82% $65.6 1.69% 1.77% $62.8 $61.5 1.94% $71.6 2.01% $74.4 ($M) 280.72% 0.49% 0.45% 0.48% 0.54% 0.0% 0.7% 1.4% 4Q10 1Q11 2Q11 3Q11 4Q11 ASB $6.3 $4.3 $4.1 $4.9 $4.4 $0.0 $5.0 $10.0 4Q10 1Q11 2Q11 3Q11 4Q11 2011 Net Loan Charge-offs Decline Annualized quarterly net loan charge-offs ratio reflected as a percentage of average loans held during the period. Charge-off dollars are in millions. 1 Peer group based on publicly traded banks and thrifts between $3.5B and $8B in total assets. See appendix. 2 Subset of peer group for 10 high performing banks. See appendix. Source for peer data: SNL Financial (based upon data available as of February 29, 2012) Percentages Dollars High Performing Peers (2) Peers (1) ($M)

29 .NIM to decline but remain at ~4% .Low-interest rate environment to persist .Expect low to mid-single digit loan growth .Shift to shorter duration, adjustable rate products to improve interest rate risk Bank Summary of Key Earnings Drivers in 2012 Net Interest Income Provision for loan losses .Focus on expanding fee based products and services .Gains on sales will depend on interest rates and loan origination volumes .~$1M lower interchange revenue .Estimate approximately $13M -$16M in 2012 .Assumes continued modest improvement in the economy Noninterest Expense .Approximately $145M in 2011 Expect net income to be 3% to 5% lower than 2011, however, low- cost funding base, reduced cost structure and lower risk profile should continue to benefit our relative performance to the industry Noninterest Income 30 HEI: A Compelling Investment Above Average Dividend Yield Reduced Risk and Volatility Attractive Earnings Growth .5.0% HEI dividend yield above average EEI companies dividend yield of 4.1% (as of 02/29/12) .HEI has historically paid an above average yield and has continuously paid a dividend for 110 years .Strong utility regulatory framework supported by state’s broader clean energy public policy .New utility regulatory model expected to improve earned ROE .Opportunity for utility rate base growth of ~7% to 9% CAGR over 5 years A unique combination of: .Bank targeting modest loan growth and shift in mix to shorter duration, adjustable rate assets; lower credit costs with improving economy .Bank’s simple business model with a low risk profile, low cost deposit base and efficient operations provide for less volatility and higher profitability

31

Hawaiian Electric Industries, Inc. Appendices Strategic Progress Utility 2011 Strategic Progress A1 Progress on Clean Energy Agreement A1 Utility: On Track to Achieve 2015 RPS A2 Decoupling Summary A2 Plant Additions – Baseline by Co. & Consolidated Major Projects A3 HECO Oahu Rate Relief and Decoupling Considerations: 2012 to 2014 A4 HECO: Adjustment Mechanisms A4 Rate Case Summaries Public Utilities Commission of the State of Hawaii – Commissioner Biographies A5 Hawaiian Electric Company, Inc. HECO Rate Case: 2011 Test Year A5 Maui Electric Company, Limited MECO Rate Case: 2012 Test Year A6 MECO Rate Case: 2010 Test Year A6 Hawaii Electric Light Company, Inc. HELCO Rate Case: 2010 Test Year A7 Financial Results – Supplemental Information A7 Hawaii Economy – Supplemental Information A9

A1 32 .Decoupling for Oahu: .RBA effective March 1, 2011 .RAM effective June 1, 2011 .HECO Oahu 2011 Test Year (TY) Interim Decision and Order, effective July 26, 2011 .Filed MECO 2012 TY rate case .Initiated programs approved by PUC .Electric vehicle incentive rates .Feed-in-tariff Tier 3 .Contracted 146 MW of renewables in 2011: wind, solar and geothermal Utility 2011 Strategic Progress New Regulatory Model Rate Cases Clean Energy Significant Progress on Clean Energy Agreement -- Commitments and Regulatory Elements Clean Energy Commitments Status Status 1. "Big Wind" and implementation studies v 1. Decoupling with trackers v 2. Renewables v 2. Commercial energy efficiency DSM v 3. Solar Plus v 3. AMI v 4. Net energy metering v 4. Smart grid v 5. Biofuels v 5. Firming/backup power v 6. No new fossil fuel plants v 6. DG investments v 7. Retirements v 7. Energy cost adjustment clause (the PPAC) v 8. Feed-in tariffs v 8. Infrastructure support v 9. System Benefit Fund v 9. Clean Energy Infrastructure Surcharge v = RPS at 40% = New Regulatory Compact v Key steps completed or substantially completed v Commitments made v In progress Additional Elements of New Regulatory Compact

A2 Existing RE, 10.2% Expiration of IPP Contract 0.5%. New NEM/FIT/SIA 2.3%. New RE Approved by PUC But Not in Operation, 4.2% New RE Contracts Submitted to PUC for Approval 0.1%. New RE Projects Under Negotiations 2.7%. New Biofuel Contracts, 1.2%. 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% RPS (%) Projected Renewable Energy (RE) Biomass NEM/FIT/SIA Waste-to-Energy PV Wind Geothermal Biofuel Utility: On Track to Achieve 2015 RPS *Represents the estimated 2015 RPS contribution of existing RE projects based on 2015 projected sales Net Energy Metering (NEM) / Feed-in-Tariff (FIT) / Standard Interconnection Agreement (SIA) * 2015 Goal of 15% 35 Decoupling Summary (Hawaii PUC Docket number: 2008-0274) 2. Revenue adjustment mechanism (RAM) for expenses .Annually adjusts revenues for indexed changes in Base Expenses .Base expenses = expense levels in the last approved rate case (interim or final), adjusted for annual indexed increases, and excluding expenses covered by a separate tracking mechanism 1 and labor expense for merit employees .Union labor escalation rate = rate per the union labor agreement less 0.76% productivity factor .Non-labor escalation rate = consensus estimated annual change in GDPPI per the Blue Chip Economic Indicators published each February .O&M in excess of the last rate case level and/or the indexed increases, is not covered by the RAM .Annually, request adjustment by 3/31 and adjusted rates commence on 6/1 for 12 month period, if not suspended 1. Sales decoupling via a revenue balancing account (RBA) .Delinks utility revenues from electricity usage .GAAP revenue = revenue approved in the last rate case (interim or final) .Recorded revenues adjusted monthly in the RBA .Target (decoupling) revenues will be allocated as follows: 1Q: 23.46%; 2Q: 24.75%; 3Q: 26.49%; 4Q: 25.30% .On a cash basis, RBA trued-up in rates annually in June of the following year Components 1 Includes fuel, purchased power, DSM, pension, other post employment benefits, approved projects under the clean energy infrastructure surcharge and the purchased power adjustment clause.

36 Components 3. RAM for rate base .Annual adjustment for plant additions, associated rate base items and depreciation expense .Major Capital Projects (> $2.5M): average annual amount based on prior year ending balance (at project amounts not to exceed amounts approved by the PUC) and projected ending balance for the current year (based on approved projects scheduled to be in service by Sep 30th of the current year, at amounts approved by the PUC) .Baseline Capital Projects (<$2.5M): average annual amount based on the prior year ending balance (actual) and projected ending balance for the current year (based on simple average of preceding 5 years) .Offset by avg balances for accumulated depreciation, contributions in aid of construction and plant related deferred income taxes .Recovery of incremental depreciation and contributions in aid of construction amortization related to prior year rate base changes .Annually, request adjustment by 3/31 and adjusted rates commence on 6/1 for 12 month period, if not suspended Decoupling – Summary (cont.) (Hawaii PUC Docket number: 2008-0274) • Non-labor O&M increases > GDPPI • Non-union labor exp increases • Costs for large capital projects > PUC approved estimate • Costs for base-level capital projects > 5-year historical average, until following year • Investments other than plant (e.g., software projects, fuel inventory) Examples of items not covered in mechanisms: 37 93 85 94 99 143 189 38 39 35 32 39 46 28 38 33 29 30 51 16 19 289 81 34 52 - 50 100 150 200 250 300 350 400 450 500 2007 Actual 2008 Actual 2009 Actual 2010 Actual 2011 Actual 2012 Forecast HECO Baseline HELCO Baseline MECO Baseline Major Projects Plant Additions – Baseline by Co. & Consolidated Major Projects 5-year (2007 – 2011) historical average baseline projects: HECO: $103 HELCO: $ 37 MECO: $ 31 Total: $171 Major Projects = PUC approved projects > $2.5M

38 HECO Oahu Rate Relief and Decoupling Considerations: 2012 to 2014 HECO 2012 2013 2014 Rate Case Considerations 2011 & 2014 test year rate cases PUC issued TY 2011 Interim D&O on July 22, 2011 .ROACE: 10.0% with decoupling and other cost-recovery mechanisms .File 2014 request .PUC TY 2014 Interim D&O Sales decoupling .July 26, 2011 to May 31, 2012: adjusted net revenue true-up to 2011 interim level (plus RAMs effective June 1, 2012) .Rates adjusted to collect/refund EOY 2011 RBA balance .Revenues adjusted for true-up to 2011 interim/final level plus RAMs .Rates adjusted to collect/refund EOY 2012 RBA balance .Revenues adjusted for true-up to 2011 interim/final level plus RAMs until interim D&O issued .Revenues adjusted for true-up to 2014 interim level .Rates adjusted to collect/refund EOY 2013 RBA balance O&M RAM .Labor: BU Labor O&M and payroll tax ($56M) approved for RAM in 2011 rate case x 2012 union contract 2.5% less 0.76% productivity factor x revenue tax gross up (1.0975) .Non-labor: O&M ($139M) level approved for RAM in 2011 rate case x Feb 2012 GDPPI consensus forecast x revenue tax gross up (1.0975) .No O&M RAM from January 1, 2012 – May 31, 2012 .Labor: BU Labor O&M and payroll tax ($56M) approved for RAM in 2011 rate case x ((2012 union contract 2.5% less 0.76% productivity factor) + (2013 union contract 3.0% less 0.76% productivity factor)) x revenue tax gross up (1.0975) .Non-labor: O&M ($139M) level approved for RAM in 2011 rate case x (Feb 2012 GDPPI consensus forecast + Feb 2013 GDPPI consensus forecast)) x revenue tax gross up (1.0975) .Labor: BU Labor O&M and payroll tax ($56M) approved for RAM in 2011 rate case x ((2012 union contract 2.5% less 0.76% productivity factor) + (2013 union contract 3.0% less 0.76% productivity factor ) + (2014 union contract subject to negotiation less 0.76% productivity factor)) x revenue tax gross up (1.0975) .Non-labor: O&M ($139M) level approved for RAM in 2011 rate case x (Feb 2012 GDPPI consensus forecast + Feb 2013 GDPPI consensus forecast + Feb 2014 GDPPI consensus forecast)) x revenue tax gross up (1.0975) .No O&M RAM from interim 2014 D&O – May 31, 2015 Rate base RAM .Total Oahu rate base growth forecasted: ~5% CAGR for 2012 .Baseline plant additions based on 5-year historical average: see Plant Additions slide for an indication of the historical baseline plant additions thru 2011 .No Rate Base RAM from January 1, 2012 – May 31, 2012 Same considerations as 2012 .Same considerations as 2012 .No Rate Base RAM from 2014 interim D&O – May 31, 2015 Existing Balancing Accounts, Trackers and/or Surcharges ECAC: Fuel & Energy-Related Purchased Power; Pension & OPEB Trackers; DSM Surcharge; Renewable Energy Infrastructure Surcharge and Purchased Power Adjustment Clause. 39 HECO: Adjustment Mechanisms .Sales Decoupling .Revenue Adjustment Mechanisms for O&M and rate base .Energy Cost Adjustment Clause: Fuel and energy-related purchased power .Purchased power adjustment clause .Pension & OPEB trackers .DSM surcharge .Renewable energy infrastructure surcharge

40 Public Utilities Commission of the State of Hawaii – Commissioner Biographies Hermina Morita, Chair .Began serving as Chair on March 15, 2011 .1st term to expire on June 30, 2014 .Prior to appointment, was a member of the State House of Representatives since 1997, representing Kauai, and most recently serving as chair of the Energy and Environmental Protection Committee .Kauai Police Commission, 1993-1996 .Kauai County Planning Commission, 1990-1993 .Attended George Washington University .Attended University of Hawaii John E. Cole* .Began serving on the Commission in July 2006 .1st term ends June 30, 2012 .Prior to appointment, was Executive Director of the Division of Consumer Advocacy, Department of Commerce and Consumer Affairs from May 2004 through June 2006 .Policy Analyst with the Office of the Governor .Staff Attorney for the Division of Consumer Advocacy .Staff Attorney for the Office of Information Practices .Attorney for the Hawaii House of Representatives Majority Leaders Ed Case and Marcus Oshiro .University of Hawaii at Manoa (BS, Biology, Cum laude) .Washington University School of Law in St. Louis, Missouri (JD) Michael E. Champley .Appointed as commissioner on interim basis on September 15, 2011 for a term to expire on June 30, 2016 .Appointment is subject to confirmation by the State Senate .Most recently, was a Maui-based energy consultant focused on clean energy resource integration in Hawaii .Prior work experience includes senior executive positions with DTE Energy, including Senior Vice President-Regulatory Affairs and Senior Vice President-Power Supply .University of Dayton (BS, Electrical Engineering) .Indiana University (MBA, Finance and Public Utility Economics and Regulation) * Lorraine Akibahas been nominated by Governor Abercrombie to succeed John E. Cole when his term ends in June 2012, pending confirmation by the Hawaii State Senate. HECO Rate Case: 2011 Test Year (Hawaii PUC Docket number: 2010-0080) Application (7/30/10) Interim D&O (7/22/11) Base Request New Programs $74M (4.3% increase) $40M (2.3% increase) $53.2M(2) (3.1% increase) Return on average common equity 10.75% with mechanisms 10.00% with mechanisms Common equity capitalization (%) 56.3% 56.3% Return on average rate base 8.54% 8.11% Average rate base amount(1) $1.569B $1.354B KWH sales (GWH) 7,470 7,470 (1) Current effective rates are based on the Final D&O in HECO’s 2009 test year rate case. Average rate base in that D&O was $1.25B. (2) Including the impact of $15M (0.9%) in annual revenues which were being recovered through the decoupling Revenue Adjustment Mechanism. Pending Commission’s decision to (1) reduce the interim increase granted by a net reduction of $0.5 million per the Joint Motion to Adjust Interim D&O (filed 11/30/11) and (2) increase of interim by $5 million per the Settlement Agreement relating to the East Oahu Transmission Project (EOTP) (filed 2/3/12). Upcoming Dates • No statutory deadline for ruling on motions and final decision Existing Balancing Accounts, Trackers and/or Surcharges Decoupling Revenue Balancing Account/Revenue Adjustment Mechanism; ECAC: Fuel & Purchased Energy; Pension & OPEB Trackers; DSM Surcharge; Renewable Energy Infrastructure Surcharge and Purchased Power Adjustment Clause.

MECO Rate Case: 2012 Test Year (Hawaii PUC Docket number: 2011-0092) Application (7/22/11) Base Request $27.5M(1) (6.7% increase) Return on average common equity 11% with mechanisms Common equity capitalization (%) 56.85% Return on average rate base 8.72% Average rate base amount(2) $393M KWH sales (GWH)1,201.8 (1) Increases consist of: • Return on rate base $ 3.0 M • O&M $19.5 M • Other, net $ 5.0 M (2) Current effective rates are based on MECO’s 2010 test year adjusted interim rate case D&O. Average rate base in that D&O was $387M. Upcoming Dates • March 2012 Discovery phase complete (CA’s direct testimonies and MECO’s rebuttal testimonies due 2/10/12 and 3/14/12) •April 2012 Possible submission of Joint Settlement Letter •May 2012 Evidentiary hearing • June 2012 Statutory deadline for interim decision and order 43 MECO Rate Case: 2010 Test Year (Hawaii PUC Docket number: 2009-0163) Application (09/30/09) Interim (07/27/10) Adj Interim (1/5/11) Amount requested $28.2M (9.7% increase) (1) $10.3M (3.3% increase) (1) $8.5M (2.7% increase) (2) Return on average common equity 10.75% 10.50% 10.50% Common equity capitalization (%) 56.9% 56.9% 56.9% Return on average rate base 8.57% 8.43% 8.43% Average rate base amount $390M $387M $387M KWH sales (GWH) 1,131.0 1,204.2 1,204.2 (1) Current effective rates are based on the Interim D&O in MECO’s 2007 test year rate case. Average rate base in that D&O was $383M. (2) Current effective rates are based on Final D&O in MECO’s 2007 test year rate case. Average rate base in that D&O was $383M. Upcoming Dates No statutory deadline for final decision Existing Balancing Accounts, Trackers and/or Surcharges ECAC: Fuel & Purchased Energy; Pension & OPEB Trackers; DSM Surcharge; Renewable Energy Infrastructure Surcharge.

44 HELCO Rate Case: 2010 Test Year (Hawaii PUC Docket number: 2009-0164) Application (12/9/09) Interim D&O (11/3/10) Adj Interim (1/1/12)(3) Final (2/8/12)(4) Amount requested $20.9M (6% increase)(1) $6.0M (1.7% increase)(2) $5.2M (1.5% increase)(2) $4.5M (1.3% increase)(2) Return on average common equity 10.75% with mechanisms 11% without 10.5% without mechanisms 10.5% without mechanisms 10.00% with mechanisms Common equity capitalization (%) 55.9% 55.9% 55.9% 55.9% Return on rate base 8.73% 8.59% 8.59% 8.31% Average rate base amount $487M(1) $465M(2) $465M(2) $465M(2) KWH sales (GWH) 1,122.6 1,122.6 1,122.6 1,122.6 (1) Current effective rates are based on the Interim D&O in HELCO’s 2006 TY rate case. Average rate base in that D&O was $357M. (2) Current effective rates are based on the Final rates in HELCO’s 2006 TY rate case. Average rate base in that D&O was $357M. (3) In January 2011, the PUC approved the adjustment from $6.0M to $5.2M to incorporate the bargaining unit benefit adjustments that went into effect on January 1, 2012. (4) Decision and Order No. 30168 directed HELCO to file as soon as reasonably practicable its revised results of operations and tariff sheets based on the newly approved depreciation rates, the ROE of 10.00% and other provisions of the D&O. On February 21, 2012, HELCO filed its revised results of operations and tariff sheets which are subject to PUC approval. Existing Balancing Accounts, Trackers and/or Surcharges ECAC: Fuel & Purchased Energy; Pension & OPEB Trackers; DSM Surcharge; Renewable Energy Infrastructure Surcharge. 45 19 13 (7) 25 26 15 (7) 34 (10) 0 10 20 30 40 Utility Bank Hold. Co. & Other Consol. $ in millions 4Q10 4Q11 77 58 (22) 114 100 60 (22) 138 (50) 0 50 100 150 Utility Bank Hold. Co. & Other Consol. $ in millions 2010 2011 Annual EPS* HECO ASB Cons 2011 $1.04 $0.62 $1.44 2010 $0.82 $0.62 $1.21 Full Year and 4th Quarter Net Income and EPS * Diluted 4Q EPS* HECO ASB Cons 2011 $0.27 $0.16 $0.36 2010 $0.20 $0.14 $0.26 Full Year 4th Quarter

46 19 77 26 100 0 40 80 120 4Q Annual $ in millions 2010 2011 2011 Utility & Bank Financial Highlights Utility Net Income 15 13 58 60 15 0 50 100 4Q 3Q Annual $ in millions 2010 2011 Bank Net Income Key bank earnings drivers fav/(unfav) ($ in millions) 4Q11 vs 3Q11 4Q11 vs 4Q10 2011 vs 2010 Net interest income -- -- ($3) Provision for loan losses -- $3 $4 Noninterest income -- -- ($4) Noninterest expense and other -- ($1) $4 Key utility earnings drivers favorable/(unfavorable) ($ in millions) 4Q11 vs 4Q10 2011 vs 2010 Revenues for rate relief, including Oahu decoupling $7 $27 HECO heat rate deadband and fuel efficiency savings -- ($4) HELCO/MECO fuel efficiency savings $1 $6 HELCO/MECO KWH sales ($1) ($1) O&M $9 -- Tax Related Items ($6) ($6) Transmission project settlement ($6) ($6) Depreciation $1 $4 47 0 50 100 150 200 250 300 350 400 HECO HELCO MECO Consolidated 2010* 2011* +4% -4% flat -12% Utility Operation and Maintenance Expenses By Company O&M, excluding DSM HECO HELCO MECO Consolidated 2010 252 58 65 375 2011 261 56 57 374 2012 Budget** 264 59 73 396 in $millions * Reflects O&M excluding DSM ** Forecast as of December 12, 2011; MECO’s increase in 2012 is for costs to safely and reliably integrate existing and future renewable energy resources into the Company’s three isolated, island electrical grids.

48 HEI Capital Structure and Financing * Based upon December 2011 forecast ** HECO’s credit agreement extension is subject to PUC approval .Strong capital structure with 52% consolidated equity to capitalization as of 12/31/11 .Based on our current assumptions, we do not expect to require additional equity other than DRIP thru 2012 .Utility has authorization to issue $170M of new debt and refinance $311M of existing debt .HEI and HECO amended and extended their combined $300M line of credit facilities to December 5, 2016** .HEI consolidated estimated pension contribution of $104M in 2012 and bonus depreciation tax cash benefits of $45M in 2012 External dividends 120 HEI investments in HECO 44 MTN maturities 7 HC int, exp & other 22 HECO dividends to HEI 73 ASB dividends to HEI 45 DRIP 44 ST Borrowings 31 0 50 100 150 200 Uses of Capital Sources of Capital $ in millions 2012 Holding Co. Sources & Uses* 49 Hawaii Economic Forecast Year-over-year percent change unless noted 2011 2012 2013 2014 Real state GDP 1.2 2.3 3.3 3.7 Real personal income 0.5 1.8 2.8 3.0 Unemployment (%) 6.3 6.2 5.5 4.9 Payroll jobs 1.2 1.8 2.3 2.1 Visitor arrivals 3.5 4.1 2.4 1.9 U.S. visitor arrivals 2.3 1.1 1.7 1.5 Japanese visitor arrivals (5.3) 7.3 2.2 1.8 Other visitor arrivals 17.8 11.9 4.8 3.2 Source: University of Hawaii Economic Research Organization (UHERO) February 10, 2012 report. Figures for 2012-2014 are forecasts. Except for visitor and labor market data, figures for 2011 are UHERO estimates.

50 400 600 800 1000 1200 1400 Jan '09 Jan '10 Jan '11 Jan '12 Visitor arrivals (in thousands) -45.00% -30.00% -15.00% 0.00% 15.00% 30.00% Year vs. Year % Change Yr-Yr% Change Visitor Arrivals Monthly Visitor Arrivals Year vs. Year % Change Hawaii Visitor Arrivals Up 7.7% and Visitor Expenditures Up 13.9% in January 2012 Continuing the Positive Trend from 2011 Source: Department of Business, Economic Development and Tourism 700 950 1200 1450 1700 1950 2200 Jan '09 Jan '10 Jan '11 Jan '12 Visitor Expenditures (in thousands) -45.00% -30.00% -15.00% 0.00% 15.00% 30.00% 45.00% Year vs. Year % Change Yr-Yr% Change Visitor Expenditures Monthly Visitor Expenditures Year vs. Year % Change 51 Hawaii December Unemployment Rate Remains Low at 6.6% 0 4 8 12 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Percent Hawaii U.S. Hawaii: 6.6% Seasonally adjusted US: 8.5% Jan ‘12: 8.3% 0 4 8 12 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Percent Honolulu Maui County Hawaii county Hawaii County: 9.2% Not seasonally adjusted Honolulu County: 5.3% Maui County: 7.3%

52 Median Sales Price Oahu, Maui, Hawaii, Kauai January 2007 - January 2012 $200,000 $375,000 $550,000 $725,000 $900,000 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Oahu Median Sales Price Maui Median Sales Price Hawaii Island Median Sales Price Kauai Median Sales Price 100 200 300 400 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Number of Sales Median Sales Price Hawaii Real Estate Number of sales Median price Oahu Number of Sales and Median Sales Price January 2007 – January 2012 Median price Source: Title Guaranty (2008-current) and local newspapers (2006-2007)

HAWAIIAN ELECTRIC INDUSTRIES, INC. Institutional Investor and Securities Analyst Inquiries Please direct inquiries to: Shelee M.T. Kimura Manager, Investor Relations & Strategic Planning Telephone: 808-543-7384 E-mail: skimura@hei.com Corporate Headquarters Hawaiian Electric Industries, Inc. 900 Richards Street Honolulu, Hawaii 96813 Telephone: 808-543-5662 Internet address: http://www.hei.com