# EDGAR Filing Document

**Accession Number:** 0000354707
**File Stem:** 0000354707-23-000036
**Filing Date:** 2023-3
**Character Count:** 147269
**Document Hash:** 8bd2ed4d4b439a4ed6424716436ae950
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354707-23-000036.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0000354707-23-000036

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230320

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN ELECTRIC INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000354707
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 990208097
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08503
- **FILM NUMBER:** 23746377

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 BISHOP STREET, SUITE 2900
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085435662

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 730
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96808-0730
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN ELECTRIC CO INC
- **CENTRAL INDEX KEY:** 0000046207
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 990040500
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04955
- **FILM NUMBER:** 23746378

**BUSINESS ADDRESS:**
- **STREET 1:** 1099 ALAKEA STREET, SUITE 2200
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085437771

**MAIL ADDRESS:**
- **STREET 1:** 1099 ALAKEA STREET, SUITE 2200
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HAWAIIAN ELECTRIC CO LTD
- **DATE OF NAME CHANGE:** 19670212

?xml version="1.0" ? he-20230320

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 20, 2023

---

| | | |
|:---|:---|:---|
| Exact Name of Registrant | Commission | I.R.S. Employer |
| <u>as Specified in Its Charter</u> | <u>File Number</u> | <u>Identification No.</u> |
| 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)

1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code:

(808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;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:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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

Securities registered pursuant to 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Hawaiian Electric Industries, Inc. Common Stock, Without Par Value HE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

------

**Item 7.01. Regulation FD Disclosure.**

HEI is furnishing its unaudited 2022 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated Hawaiian Electric and American Savings Bank, F.S.B. (ASB), and other selected data.

HEI will post the 2022 Statistical Supplement on its website, www.hei.com, under the headings "Investor Relations," "SEC Filings" and "Statistical Supplement."

HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's, Hawaiian Electric's and ASB's press releases, HEI's and Hawaiian Electric's SEC filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's other SEC filings.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

<u>[Exhibit 99](exhibit992022statsupp.htm)</u> HEI 2022 Statistical Supplement <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;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) |
| <u>/s/ Paul K. Ito</u> | <u>/s/ Tayne S. Y. Sekimura</u> |
| Paul K. Ito | Tayne S. Y. Sekimura |
| Executive Vice President, Chief Financial Officer | Senior Vice President, |
| and Treasurer | Chief Financial Officer and Treasurer |
| Date: March 20, 2023 | Date: March 20, 2023 |

---

## Ex-99

Exhibit 99

![hei-statisticalxcoverx0308a.jpg](hei-statisticalxcoverx0308a.jpg)

------

**Hawaiian Electric Industries, Inc.**

**2022 Statistical Supplement** 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  | Page |
| HEI Consolidated | HEI Consolidated |
| Selected Financial Information | 1 |
| Consolidated Statements of Income & Comprehensive Income Information | 2 |
| Consolidated Balance Sheets Information | 3 |
| Consolidated Statements of Changes in Shareholders' Equity Information | 4 |
| Consolidated Statements of Cash Flows Information | 5 |
| Consolidated Capital Structure | 7 |
| GAAP Earnings and Return on Average Common Equity | 8 |
| Hawaiian Electric Company | Hawaiian Electric Company |
| Selected Financial Information | 9 |
| Consolidated Statements of Income and Retained Earnings Information | 10 |
| Consolidated Balance Sheets Information | 11 |
| Consolidated Statements of Cash Flows Information | 12 |
| Cumulative Preferred Stock Not Subject to Mandatory Redemption | 13 |
| Long-term Debt | 14 |
| Customer, Sales and Revenue Information | 17 |
| Power Supply Information | 19 |
| American Savings Bank | American Savings Bank |
| Selected Information | 21 |
| Statements of Income Information | 22 |
| Balance Sheets Information | 23 |
| Other | Other |
| State of Hawaii Information | 24 |

---

i

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION** | **SELECTED FINANCIAL INFORMATION** | | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) |  |  |  |  |  |
| **Results of operations** | **Results of operations** |  |  |  |  |  |
| Revenues | Revenues | $3741985 | $2850379 | $2579775 | $2873948 | $2860849 |
| Net income for common stock | Net income for common stock | 241138 | 246166 | 197824 | 217882 | 201774 |
| Basic earnings per common share | Basic earnings per common share | 2.20 | 2.25 | 1.81 | 2.00 | 1.85 |
| Diluted earnings per common share | Diluted earnings per common share | 2.20 | 2.25 | 1.81 | 1.99 | 1.85 |
| Dividends per common share | Dividends per common share | 1.40 | 1.36 | 1.32 | 1.28 | 1.24 |
| **Operating income (loss)** | **Operating income (loss)** |  |  |  |  |  |
| Electric utility | Electric utility | $299191 | $279558 | $268550 | $254378 | $241661 |
| Bank | Bank | 101518 | 128203 | 61809 | 110909 | 108235 |
| Other | Other | (19636) | (21695) | (18866) | (17266) | (16540) |
|  |  | $381073 | $386066 | $311493 | $348021 | $333356 |
| **Assets** <sup>1</sup> | **Assets** <sup>1</sup> |  |  |  |  |  |
| Electric utility | Electric utility | $6597467 | $6491625 | $6457373 | $6388682 | $5967503 |
| Bank | Bank | 9545970 | 9181603 | 8396533 | 7233017 | 7027894 |
| Other | Other | 140807 | 149409 | 150101 | 123552 | 108654 |
|  |  | $16284244 | $15822637 | $15004007 | $13745251 | $13104051 |
| **Capital structure** <sup>1, 2</sup> | **Capital structure** <sup>1, 2</sup> |  |  |  |  |  |
| Short-term borrowings - other than bank | Short-term borrowings - other than bank | $172568 | $53998 | $129379 | $185710 | $73992 |
| Long-term debt, net - other than bank | Long-term debt, net - other than bank | 2384980 | 2321937 | 2119129 | 1964365 | 1879641 |
| Preferred stock of subsidiaries | Preferred stock of subsidiaries | 34293 | 34293 | 34293 | 34293 | 34293 |
| Common stock equity | Common stock equity | 2202499 | 2390884 | 2337502 | 2280260 | 2162280 |
|  |  | $4794340 | $4801112 | $4620303 | $4464628 | $4150206 |
| **Capital structure ratios** <sup>1, 2</sup> | **Capital structure ratios** <sup>1, 2</sup> |  |  |  |  |  |
| Short-term borrowings - other than bank | Short-term borrowings - other than bank | 3.6% | 1.1% | 2.8% | 4.2% | 1.8% |
| Long-term debt, net - other than bank | Long-term debt, net - other than bank | 49.8 | 48.4 | 45.9 | 44.0 | 45.3 |
| Preferred stock of subsidiaries | Preferred stock of subsidiaries | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 |
| Common stock equity | Common stock equity | 45.9 | 49.8 | 50.6 | 51.0 | 52.1 |
|  |  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| **Key financial ratios** | **Key financial ratios** |  |  |  |  |  |
| Market price to book value per common share <sup>1</sup> | Market price to book value per common share <sup>1</sup> | 208% | 190% | 165% | 224% | 184% |
| Price earnings ratio <sup>3</sup> | Price earnings ratio <sup>3</sup> | 19.0x | 18.4x | 19.6x | 23.5x | 19.8x |
| Return on average common equity | Return on average common equity | 10.5% | 10.4% | 8.6% | 9.8% | 9.5% |
| Indicated annual dividend yield<sup>1</sup> | Indicated annual dividend yield<sup>1</sup> | 3.3% | 3.3% | 3.7% | 2.7% | 3.4% |
| Dividend payout ratio | Dividend payout ratio | 64% | 60% | 73% | 64% | 67% |
| **Full-time employees** | **Full-time employees** |  |  |  |  |  |
| HEI (includes Pacific Current) | HEI (includes Pacific Current) | 79 | 49 | 49 | 50 | 46 |
| Hawaiian Electric and its subsidiaries | Hawaiian Electric and its subsidiaries | 2511 | 2469 | 2579 | 2675 | 2704 |
| ASB | ASB | 1050 | 1079 | 1064 | 1111 | 1148 |
|  |  | 3640 | 3597 | 3692 | 3836 | 3898 |
| Note: | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  | This report should be read in conjunction with HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.  |
| <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  | <sup>1</sup> At December 31.  |
| <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. | <sup>2</sup> Excludes ASB's deposit liabilities and other borrowings. |
| <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME INFORMATION** | | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) |  |  |  |  |  |
| **Revenues** | **Revenues** |  |  |  |  |  |
| Electric utility | Electric utility | $3408587 | $2539636 | $2265320 | $2545942 | $2546525 |
| Bank | Bank | 321068 | 306398 | 313511 | 327917 | 314275 |
| Other | Other | 12330 | 4345 | 944 | 89 | 49 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total revenues** | **&nbsp;&nbsp;&nbsp;&nbsp; Total revenues** | 3741985 | 2850379 | 2579775 | 2873948 | 2860849 |
| **Expenses** | **Expenses** |  |  |  |  |  |
| Electric utility | Electric utility | 3109396 | 2260078 | 1996770 | 2291564 | 2304864 |
| Bank | Bank | 219550 | 178195 | 251702 | 217008 | 206040 |
| Other | Other | 31966 | 26040 | 19810 | 17355 | 16589 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total expenses** | **&nbsp;&nbsp;&nbsp;&nbsp; Total expenses** | 3360912 | 2464313 | 2268282 | 2525927 | 2527493 |
| **Operating income (loss)** | **Operating income (loss)** |  |  |  |  |  |
| Electric utility | Electric utility | 299191 | 279558 | 268550 | 254378 | 241661 |
| Bank | Bank | 101518 | 128203 | 61809 | 110909 | 108235 |
| Other | Other | (19636) | (21695) | (18866) | (17266) | (16540) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total operating income** | **&nbsp;&nbsp;&nbsp;&nbsp; Total operating income** | 381073 | 386066 | 311493 | 348021 | 333356 |
| Retirement defined benefits credit (expense)—other than service costs | Retirement defined benefits credit (expense)—other than service costs | 4411 | 5848 | (3210) | (2806) | (5962) |
| Interest expense, net—other than on deposit liabilities and other bank borrowings | Interest expense, net—other than on deposit liabilities and other bank borrowings | (103402) | (94363) | (88694) | (90899) | (88677) |
| Allowance for borrowed funds used during construction | Allowance for borrowed funds used during construction | 3416 | 3250 | 2992 | 4453 | 4867 |
| Allowance for equity funds used during construction | Allowance for equity funds used during construction | 10574 | 9534 | 8768 | 11987 | 10877 |
| Gain on sale of investment securities, net and equity-method investments | Gain on sale of investment securities, net and equity-method investments | 8123 | 528 | 9275 | 653 |  |
| **Income before income taxes** | **Income before income taxes** | 304195 | 310863 | 240624 | 271409 | 254461 |
| Income taxes | Income taxes | 61167 | 62807 | 40910 | 51637 | 50797 |
| **Net income** | **Net income** | 243028 | 248056 | 199714 | 219772 | 203664 |
| Preferred stock dividends of subsidiaries | Preferred stock dividends of subsidiaries | 1890 | 1890 | 1890 | 1890 | 1890 |
| **Net income for common stock** | **Net income for common stock** | $241138 | $246166 | $197824 | $217882 | $201774 |
| **Basic earnings per common share** | **Basic earnings per common share** | $2.20 | $2.25 | $1.81 | $2.00 | $1.85 |
| **Diluted earnings per common share** | **Diluted earnings per common share** | $2.20 | $2.25 | $1.81 | $1.99 | $1.85 |
| **Weighted-average number of common shares outstanding** | **Weighted-average number of common shares outstanding** | 109434 | 109282 | 109140 | 108949 | 108855 |
| **Weighted-average shares assuming dilution** | **Weighted-average shares assuming dilution** | 109778 | 109580 | 109356 | 109407 | 109146 |
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |
| **Net income for common stock** | **Net income for common stock** | $241138 | $246166 | $197824 | $217882 | $201774 |
| **Other comprehensive income (loss), net of taxes:** | **Other comprehensive income (loss), net of taxes:** |  |  |  |  |  |
| Net unrealized gains (losses) on available-for-sale investment securities: | Net unrealized gains (losses) on available-for-sale investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes | &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes | (300860) | (51636) | 19143 | 27382 | (9472) |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for net realized gains included in net income, net of taxes | &nbsp;&nbsp;&nbsp;Reclassification adjustment for net realized gains included in net income, net of taxes |  | (387) | (1638) | (478) |  |
| &nbsp;&nbsp;&nbsp;Amortization of unrealized holding losses on held-to-maturity securities | &nbsp;&nbsp;&nbsp;Amortization of unrealized holding losses on held-to-maturity securities | 3993 |  |  |  |  |
| Derivatives qualified as cash flow hedges: | Derivatives qualified as cash flow hedges: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized interest rate hedging losses, net of tax benefits | &nbsp;&nbsp;&nbsp;Unrealized interest rate hedging losses, net of tax benefits | 5457 | (312) | (1750) | (1177) | (436) |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income, net of taxes | &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income, net of taxes | 172 | 37 |  |  |  |
| Retirement benefit plans: | Retirement benefit plans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net gains (losses) arising during the period, net of taxes | &nbsp;&nbsp;&nbsp;Net gains (losses) arising during the period, net of taxes | 188020 | 153121 | (60529) | 10914 | (28101) |
| &nbsp;&nbsp;&nbsp;Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | &nbsp;&nbsp;&nbsp;Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 19659 | 19253 | 23689 | 10107 | 21015 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | &nbsp;&nbsp;&nbsp;Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (199936) | (171345) | 39860 | (16177) | 8325 |
| **Other comprehensive income (loss), net of taxes** | **Other comprehensive income (loss), net of taxes** | (283495) | (51269) | 18775 | 30571 | (8669) |
| **Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.** | **Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.** | $(42357) | $194897 | $216599 | $248453 | $193105 |
| Note: | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation. |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS INFORMATION** | **CONSOLIDATED BALANCE SHEETS INFORMATION** | | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| December 31 | December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |
| **ASSETS** | **ASSETS** |  |  |  |  |  |
| Cash and cash equivalents | Cash and cash equivalents | $199877 | $305551 | $341421 | $196813 | $169208 |
| Restricted cash | Restricted cash | 5050 | 5911 | 17558 | 30872 |  |
| Accounts receivable and unbilled revenues, net | Accounts receivable and unbilled revenues, net | 511903 | 344213 | 281216 | 300794 | 325672 |
| Available-for-sale investment securities, at fair value | Available-for-sale investment securities, at fair value | 1429667 | 2574618 | 1970417 | 1232826 | 1388533 |
| Held-to-maturity investment securities, at amortized cost | Held-to-maturity investment securities, at amortized cost | 1251747 | 522270 | 226947 | 139451 | 141875 |
| Stock in Federal Home Loan Bank, at cost | Stock in Federal Home Loan Bank, at cost | 26560 | 10000 | 8680 | 8434 | 9958 |
| Loans, net | Loans, net | 5907514 | 5150388 | 5260917 | 5080107 | 4792707 |
| Property, plant and equipment, net | Property, plant and equipment, net | 5687003 | 5392068 | 5265735 | 5109628 | 4830118 |
| Operating lease right-of-use assets <sup>1</sup> | Operating lease right-of-use assets <sup>1</sup> | 115684 | 122416 | 153069 | 199171 |  |
| Regulatory assets | Regulatory assets | 242513 | 565543 | 766708 | 715080 | 833426 |
| Other | Other | 824536 | 747469 | 629149 | 649885 | 530364 |
| Goodwill | Goodwill | 82190 | 82190 | 82190 | 82190 | 82190 |
|  | **Total assets** | $16284244 | $15822637 | $15004007 | $13745251 | $13104051 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| **Liabilities** | **Liabilities** |  |  |  |  |  |
| Accounts, interest and dividends payable | Accounts, interest and dividends payable | $272793 | $225433 | $205894 | $245574 | $243027 |
| Deposit liabilities | Deposit liabilities | 8169696 | 8172212 | 7386957 | 6271902 | 6158852 |
| Short-term borrowings - other than bank | Short-term borrowings - other than bank | 172568 | 53998 | 129379 | 185710 | 73992 |
| Other bank borrowings | Other bank borrowings | 695120 | 88305 | 89670 | 115110 | 110040 |
| Long-term debt, net - other than bank | Long-term debt, net - other than bank | 2384980 | 2321937 | 2119129 | 1964365 | 1879641 |
| Deferred income taxes | Deferred income taxes | 262462 | 384760 | 395089 | 379324 | 372518 |
| Operating lease liabilities <sup>1</sup> | Operating lease liabilities <sup>1</sup> | 126604 | 136760 | 160432 | 199571 |  |
| Financing lease liabilities | Financing lease liabilities | 48709 |  |  |  |  |
| Regulatory liabilities | Regulatory liabilities | 1055650 | 996768 | 959786 | 972310 | 950236 |
| Defined benefit pension and other postretirement benefit plans liability | Defined benefit pension and other postretirement benefit plans liability | 71813 | 348072 | 567438 | 513287 | 538384 |
| Other | Other | 787057 | 669215 | 618438 | 583545 | 580788 |
|  | **Total liabilities** | 14047452 | 13397460 | 12632212 | 11430698 | 10907478 |
| Preferred stock of subsidiaries - not subject to mandatory redemption | Preferred stock of subsidiaries - not subject to mandatory redemption | 34293 | 34293 | 34293 | 34293 | 34293 |
| **Shareholders' equity** | **Shareholders' equity** |  |  |  |  |  |
| Common stock | Common stock | 1692697 | 1685496 | 1678368 | 1678257 | 1669267 |
| Retained earnings | Retained earnings | 845830 | 757921 | 660398 | 622042 | 543623 |
| Accumulated other comprehensive loss, net of tax benefits | Accumulated other comprehensive loss, net of tax benefits | (336028) | (52533) | (1264) | (20039) | (50610) |
|  | **Total shareholders' equity** | 2202499 | 2390884 | 2337502 | 2280260 | 2162280 |
|  | **Total liabilities and shareholders' equity** | $16284244 | $15822637 | $15004007 | $13745251 | $13104051 |
| Note: | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |
| <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | <sup>1</sup> HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  | Accumulated |  |
| Unaudited |  |  |  | other |  |
|  | Common stock | Common stock | Retained | comprehensive |  |
| (in thousands, except per share amounts) | Shares | Amount | earnings | income (loss) | Total |
| **Balance, December 31, 2017** | 108788 | 1662491 | 476836 | (41941) | 2097386 |
| Net income for common stock |  |  | 201774 |  | 201774 |
| Other comprehensive loss, net of tax benefits |  |  |  | (8669) | (8669) |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 91 | 2650 |  |  | 2650 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | 4126 |  |  | 4126 |
| Common stock dividends ($1.24 per share) |  |  | (134987) |  | (134987) |
| **Balance, December 31, 2018** | 108879 | 1669267 | 543623 | (50610) | 2162280 |
| Net income for common stock |  |  | 217882 |  | 217882 |
| Other comprehensive income, net of tax benefits |  |  |  | 30571 | 30571 |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 94 | 3092 |  |  | 3092 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | 5898 |  |  | 5898 |
| Common stock dividends ($1.28 per share) |  |  | (139463) |  | (139463) |
| **Balance, December 31, 2019** | 108973 | 1678257 | 622042 | (20039) | 2280260 |
| Impact of adoption of ASU No. 2016-13 |  |  | (15372) |  | (15372) |
| Balance, January 1, 2020, after the adoption of ASU No. 2016-13 | 108973 | 1678257 | 606670 | (20039) | 2264888 |
| Net income for common stock |  |  | 197824 |  | 197824 |
| Other comprehensive income, net of tax benefits |  |  |  | 18775 | 18775 |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 208 | 3973 |  |  | 3973 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | (3862) |  |  | (3862) |
| Common stock dividends ($1.32 per share) |  |  | (144096) |  | (144096) |
| **Balance, December 31, 2020** | 109181 | 1678368 | 660398 | (1264) | 2337502 |
| Net income for common stock |  |  | 246166 |  | 246166 |
| Other comprehensive loss, net of tax benefits |  |  |  | (51269) | (51269) |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 131 | 5027 |  |  | 5027 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | 2101 |  |  | 2101 |
| Common stock dividends ($1.36 per share) |  |  | (148643) |  | (148643) |
| **Balance, December 31, 2021** | 109312 | 1685496 | 757921 | (52533) | 2390884 |
| Net income for common stock |  |  | 241138 |  | 241138 |
| Other comprehensive loss, net of tax benefits |  |  |  | (283495) | (283495) |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 159 | 5831 |  |  | 5831 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | 1370 |  |  | 1370 |
| Common stock dividends ($1.40 per share) |  |  | (153229) |  | (153229) |
| **Balance, December 31, 2022** | 109471 | $1692697 | $845830 | $(336028) | $2202499 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION** | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |
| Unaudited |  |  |  |
| Years ended December 31 | 2022 | 2021 | 2020 |
| (in thousands) |  |  |  |
| **Cash flows from operating activities** |  |  |  |
| Net income | $243028 | $248056 | $199714 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |
| Depreciation of property, plant and equipment | 256069 | 246158 | 238114 |
| Other amortization | 38772 | 32544 | 52664 |
| Provision for credit losses | 2037 | (25825) | 50811 |
| Loans originated, held for sale | (128195) | (340986) | (564525) |
| Proceeds from sale of loans, held for sale | 136504 | 364848 | 567652 |
| Gain on sale of investment securities, net | (8123) | (528) | (9275) |
| Gain on sale of loans | (1692) | (9305) | (23734) |
| Deferred income taxes | (32502) | (5398) | (1706) |
| Share-based compensation expense | 10366 | 9135 | 5810 |
| Allowance for equity funds used during construction | (10574) | (9534) | (8768) |
| Other | (7580) | (7060) | 1366 |
| Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in accounts receivable and unbilled revenues, net | (151551) | (73811) | 2533 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in fuel oil stock | (87569) | (45819) | 34202 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in regulatory assets | 34600 | (13874) | 1007 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in regulatory liabilities | 44888 | 15358 | (16562) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts, interest and dividends payable | 28169 | 9925 | (20068) |
| &nbsp;&nbsp;&nbsp;Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | 121636 | 41331 | (35610) |
| &nbsp;&nbsp;&nbsp;Decrease in defined benefit pension and other postretirement benefit plans liability | (5191) | (6660) | (2029) |
| &nbsp;&nbsp;&nbsp;Change in other assets and liabilities, net | (28616) | (52882) | (42189) |
| **Net cash provided by operating activities** | 454476 | 375673 | 429407 |
| **Cash flows from investing activities** |  |  |  |
| Available-for-sale investment securities purchased | (366177) | (1464644) | (1361594) |
| Principal repayments on available-for-sale investment securities | 342354 | 583238 | 478351 |
| Proceeds from sale of available-for-sale investment securities |  | 197354 | 169157 |
| Purchases of held-to-maturity investment securities |  | (349579) | (146738) |
| Proceeds from repayments or maturities of held-to-maturity investment securities | 29432 | 53654 | 59894 |
| Purchase of stock from Federal Home Loan Bank | (173768) | (33022) | (27350) |
| Redemption of stock from Federal Home Loan Bank | 157208 | 31702 | 27104 |
| Net decrease (increase) in loans held for investment | (661492) | 72489 | (229311) |
| Proceeds from sale of residential loans |  | 59844 |  |
| Proceeds from sale of real estate held for sale | 3806 |  |  |
| Purchase of loans held for investment | (102504) |  |  |
| Capital expenditures | (344037) | (314524) | (383895) |
| Proceeds from sale of low income housing investments |  |  | 6725 |
| Contributions to low income housing investments | (844) | (16131) | (9403) |
| Acquisition of business | (25706) |  |  |
| Other, net | 13046 | 27 | 3412 |
| **Net cash used in investing activities** | $(1128682) | $(1179592) | $(1413648) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Continued on next page) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Continued on next page) |

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)** | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |
| Unaudited |  |  |  |
| Years ended December 31 | 2022 | 2021 | 2020 |
| (in thousands) |  |  |  |
| **Cash flows from financing activities** |  |  |  |
| Net increase (decrease) in deposit liabilities | $(2516) | $785255 | $1115055 |
| Net increase (decrease) in short-term borrowings with original maturities of three months or less | 83652 | (10493) | (71219) |
| Proceeds from issuance of short-term debt | 35000 |  | 165000 |
| Repayment of short-term debt |  | (65000) | (150000) |
| Net increase (decrease) in other bank borrowings with original maturities of three months or less | 606815 | (1365) | (25440) |
| Proceeds from issuance of other bank borrowings |  |  | 30000 |
| Repayments of other bank borrowings |  |  | (30000) |
| Proceeds from issuance of long-term debt | 227312 | 285886 | 415997 |
| Repayment of long-term debt and funds transferred for repayment of long term debt | (221910) | (82262) | (178969) |
| Withheld shares for employee taxes on vested share-based compensation | (3165) | (2006) | (5700) |
| Common stock dividends | (153229) | (148643) | (144096) |
| Preferred stock dividends of subsidiaries | (1890) | (1890) | (1890) |
| Other | (2398) | (3080) | (3203) |
| **Net cash provided by financing activities** | 567671 | 756402 | 1115535 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | (106535) | (47517) | 131294 |
| Cash, cash equivalents and restricted cash, January 1 | 311462 | 358979 | 227685 |
| Cash, cash equivalents and restricted cash, December 31 | 204927 | 311462 | 358979 |
| Less: Restricted cash | (5050) | (5911) | (17558) |
| Cash and cash equivalents, December 31 | $199877 | $305551 | $341421 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED CAPITAL STRUCTURE** | **CONSOLIDATED CAPITAL STRUCTURE** | | | | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |  |  |
| December 31 | December 31 |  |  | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |  |  |
| **Short-term borrowings - other than bank** <sup>1</sup> | **Short-term borrowings - other than bank** <sup>1</sup> |  |  | $172568 | $53998 | $129379 | $185710 | $73992 |
| **Long-term debt - other than bank** <sup>1</sup> | **Long-term debt - other than bank** <sup>1</sup> |  |  |  |  |  |  |  |
| Long-term debt of electric utility subsidiaries <sup>2</sup> | Long-term debt of electric utility subsidiaries <sup>2</sup> |  |  | 1684816 | 1676402 | 1561302 | 1497667 | 1418802 |
| HEI 5.67% senior notes, due 2021 | HEI 5.67% senior notes, due 2021 |  |  |  |  | 50000 | 50000 | 50000 |
| HEI 2.99% term loan, paid in 2022 | HEI 2.99% term loan, paid in 2022 |  |  |  | 150000 | 150000 | 150000 | 150000 |
| HEI 3.99% senior notes, due 2023 | HEI 3.99% senior notes, due 2023 |  |  | 50000 | 50000 | 50000 | 50000 | 50000 |
| HEI 4.58% senior notes, due 2025 | HEI 4.58% senior notes, due 2025 |  |  | 50000 | 50000 | 50000 | 50000 | 50000 |
| HEI 4.72% senior notes, due 2028 | HEI 4.72% senior notes, due 2028 |  |  | 100000 | 100000 | 100000 | 100000 | 100000 |
| HEI 2.82% senior notes, due 2028 | HEI 2.82% senior notes, due 2028 |  |  | 24000 | 24000 |  |  |  |
| HEI 2.48% senior notes, due 2028 | HEI 2.48% senior notes, due 2028 |  |  | 30000 | 30000 |  |  |  |
| HEI 2.98% senior notes, due 2030 | HEI 2.98% senior notes, due 2030 |  |  | 50000 | 50000 | 50000 |  |  |
| HEI 3.15% senior notes, due 2031 | HEI 3.15% senior notes, due 2031 |  |  | 51000 | 51000 |  |  |  |
| HEI 2.78% senior notes, due 2031 | HEI 2.78% senior notes, due 2031 |  |  | 25000 | 25000 |  |  |  |
| HEI 2.98% senior notes, due 2032 | HEI 2.98% senior notes, due 2032 |  |  | 30000 |  |  |  |  |
| HEI 5.43% senior notes, due 2032 | HEI 5.43% senior notes, due 2032 |  |  | 75000 |  |  |  |  |
| HEI 5.43% senior notes, due 2034 | HEI 5.43% senior notes, due 2034 |  |  | 35000 |  |  |  |  |
| HEI 3.74% senior notes, due 2051 | HEI 3.74% senior notes, due 2051 |  |  | 20000 | 20000 |  |  |  |
| HEI 3.94% senior notes, due 2052 | HEI 3.94% senior notes, due 2052 |  |  | 20000 |  |  |  |  |
| Hamakua Energy 4.02% non-recourse notes, due 2030 | Hamakua Energy 4.02% non-recourse notes, due 2030 | Hamakua Energy 4.02% non-recourse notes, due 2030 |  | 49048 | 52166 | 56030 | 59699 | 63438 |
| Mauo LIBOR + 1.375% loan, due 2023 | Mauo LIBOR + 1.375% loan, due 2023 |  |  | 11060 | 21702 | 41046 | 9349 |  |
| Mauo 4.90% non-recourse loan, due 2034 | Mauo 4.90% non-recourse loan, due 2034 |  |  | 17692 | 12686 |  |  |  |
| Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031 | Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031 | Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031 |  | 10936 | 12145 | 13000 |  |  |
| Mahipapa 1.90% non-recourse loan, due 2034 to 2036 | Mahipapa 1.90% non-recourse loan, due 2034 to 2036 | Mahipapa 1.90% non-recourse loan, due 2034 to 2036 |  | 58869 |  |  |  |  |
| Mahipapa 5.25% non-recourse unsecured loan, due 2027 | Mahipapa 5.25% non-recourse unsecured loan, due 2027 | Mahipapa 5.25% non-recourse unsecured loan, due 2027 |  | 724 |  |  |  |  |
| Less unamortized debt issuance cost and debt discount | Less unamortized debt issuance cost and debt discount | Less unamortized debt issuance cost and debt discount |  | (8165) | (3164) | (2249) | (2350) | (2599) |
|  |  |  |  | 2384980 | 2321937 | 2119129 | 1964365 | 1879641 |
| Preferred stock of subsidiaries - | Preferred stock of subsidiaries - |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;not subject to mandatory redemption | &nbsp;&nbsp;&nbsp;not subject to mandatory redemption |  |  | 34293 | 34293 | 34293 | 34293 | 34293 |
| **Shareholders' equity** | **Shareholders' equity** |  |  |  |  |  |  |  |
| Common stock | Common stock |  |  | 1692697 | 1685496 | 1678368 | 1678257 | 1669267 |
| Retained earnings | Retained earnings |  |  | 845830 | 757921 | 660398 | 622042 | 543623 |
| Accumulated other comprehensive loss, net of tax benefits | Accumulated other comprehensive loss, net of tax benefits | Accumulated other comprehensive loss, net of tax benefits |  | (336028) | (52533) | (1264) | (20039) | (50610) |
|  |  |  |  | 2202499 | 2390884 | 2337502 | 2280260 | 2162280 |
|  |  |  |  | $4794340 | $4801112 | $4620303 | $4464628 | $4150206 |
| **LONG-TERM DEBT MATURITIES as of December 31, 2022** | **LONG-TERM DEBT MATURITIES as of December 31, 2022** | **LONG-TERM DEBT MATURITIES as of December 31, 2022** |  |  |  |  |  |  |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |  |  |
|  |  | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total |
| (in thousands) | (in thousands) |  |  |  |  |  |  |  |
| **Long-term debt - other than bank** <sup>1</sup> | **Long-term debt - other than bank** <sup>1</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Electric utilities<sup>2</sup> | &nbsp;&nbsp;Electric utilities<sup>2</sup> | $100000 | $— | $47000 | $125000 | $100000 | $1320000 | $1692000 |
| &nbsp;&nbsp;&nbsp;HEI | &nbsp;&nbsp;&nbsp;HEI | 50000 |  | 50000 |  |  | 460000 | 560000 |
| &nbsp;&nbsp;&nbsp;Hamakua Energy | &nbsp;&nbsp;&nbsp;Hamakua Energy | 5353 | 4669 | 4733 | 3800 | 5112 | 25381 | 49048 |
| &nbsp;&nbsp;&nbsp;Mauo | &nbsp;&nbsp;&nbsp;Mauo | 11790 | 768 | 849 | 941 | 1028 | 13376 | 28752 |
| &nbsp;&nbsp;&nbsp;Ka`ie`ie Waho Company | &nbsp;&nbsp;&nbsp;Ka`ie`ie Waho Company | 1209 | 1209 | 1209 | 1209 | 1209 | 4891 | 10936 |
| &nbsp;&nbsp;&nbsp;Mahipapa | &nbsp;&nbsp;&nbsp;Mahipapa | 3990 | 6560 | 5289 | 5397 | 4062 | 34295 | 59593 |
| &nbsp;&nbsp;&nbsp;Less unamortized debt issuance cost | &nbsp;&nbsp;&nbsp;Less unamortized debt issuance cost |  |  |  |  |  |  | (15349) |
|  |  | $172342 | $13206 | $109080 | $136347 | $111411 | $1857943 | $2384980 |
| Note: | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |
| <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. | <sup>1</sup> Excludes deposit liabilities, other bank borrowings and intercompany borrowings. |
| <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. | <sup>2</sup> See pages 14 to 16 for additional information. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** | **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** | **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** | **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** | **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** | **GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY** |
| Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries | Hawaiian Electric Industries, Inc. and Subsidiaries |
| Unaudited |  |  |  |  |  |
| Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (dollars in thousands, except per share amounts) |  |  |  |  |  |
| **Net income (loss) for common stock by company** |  |  |  |  |  |
| Electric utilities |  |  |  |  |  |
| Hawaiian Electric | $141436 | $132289 | $121836 | $113673 | $98260 |
| Hawaii Electric Light | 21816 | 21180 | 27493 | 20817 | 24481 |
| Maui Electric | 25677 | 24173 | 20011 | 22350 | 20912 |
| Utilities consolidated | 188929 | 177642 | 169340 | 156840 | 143653 |
| ASB | 79989 | 101234 | 57583 | 88973 | 82509 |
| HEI and other | (27780) | (32710) | (29099) | (27931) | (24388) |
| Consolidated HEI | $241138 | $246166 | $197824 | $217882 | $201774 |
| **Diluted earnings per common share** | $2.20 | $2.25 | $1.81 | $1.99 | $1.85 |
| **Return on average common equity by company** (simple average) |  |  |  |  |  |
| Electric utilities |  |  |  |  |  |
| Hawaiian Electric | 8.5% | 8.5% | 8.2% | 8.0% | 7.4% |
| Hawaii Electric Light | 6.4 | 6.5 | 8.9 | 7.0 | 8.4 |
| Maui Electric | 7.3 | 7.4 | 6.6 | 7.8 | 7.6 |
| Utilities consolidated | 8.2 | 8.1 | 8.1 | 7.8 | 7.6 |
| ASB<sup>1</sup> | 14.1 | 13.8 | 8.1 | 13.5 | 13.5 |
| Consolidated HEI | 10.5% | 10.4% | 8.6% | 9.8% | 9.5% |
| <sup>1</sup> Calculated using average daily balance | <sup>1</sup> Calculated using average daily balance | <sup>1</sup> Calculated using average daily balance |  |  |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION** | **SELECTED FINANCIAL INFORMATION** | | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 |  | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |  |
| **CAPITAL STRUCTURE**<sup>1</sup> | **CAPITAL STRUCTURE**<sup>1</sup> |  |  |  |  |  |  |
| Short-term borrowings, net | Short-term borrowings, net | $87967 |  | $— | $49979 | $88987 | $25000 |
| Long-term debt, net, including current portion | Long-term debt, net, including current portion | 1684816 |  | 1676402 | 1561302 | 1497667 | 1418802 |
| Preferred stock | Preferred stock | 34293 |  | 34293 | 34293 | 34293 | 34293 |
| Common stock equity | Common stock equity | 2344170 |  | 2261899 | 2141918 | 2047352 | 1957641 |
|  |  | $4151246 |  | $3972594 | $3787492 | $3668299 | $3435736 |
| **CAPITAL STRUCTURE RATIOS (%)** <sup>1</sup> | **CAPITAL STRUCTURE RATIOS (%)** <sup>1</sup> |  |  |  |  |  |  |
| Short-term borrowings, net | Short-term borrowings, net | 2.1 |  |  | 1.3 | 2.4 | 0.7 |
| Long-term debt, net, including current portion | Long-term debt, net, including current portion | 40.6 |  | 42.2 | 41.2 | 40.8 | 41.3 |
| Preferred stock | Preferred stock | 0.8 |  | 0.9 | 0.9 | 1.0 | 1.0 |
| Common stock equity | Common stock equity | 56.5 |  | 56.9 | 56.6 | 55.8 | 57.0 |
|  |  | 100.0 |  | 100.0 | 100.0 | 100.0 | 100.0 |
| **KEY FINANCIAL RATIOS (%)** | **KEY FINANCIAL RATIOS (%)** |  |  |  |  |  |  |
| Authorized return on rate base <sup>2</sup> | Authorized return on rate base <sup>2</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 7.37 |  | 7.37 | 7.37 | 7.57 | 7.57 |
|  | Hawaii Electric Light | 7.52 |  | 7.52 | 7.52 | 7.52 | 7.80 |
|  | Maui Electric | 7.43 |  | 7.43 | 7.43 | 7.43 | 7.43 |
| Earned rate-making return on simple average rate base <sup>3</sup> | Earned rate-making return on simple average rate base <sup>3</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 7.32 |  | 7.28 | 6.94 | 6.90 | 6.55 |
|  | Hawaii Electric Light | 5.76 |  | 5.96 | 7.09 | 5.97 | 6.98 |
|  | Maui Electric | 6.53 |  | 6.61 | 5.82 | 6.37 | 6.26 |
| Authorized return on simple average common equity <sup>2</sup> | Authorized return on simple average common equity <sup>2</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 9.50 |  | 9.50 | 9.50 | 9.50 | 9.50 |
|  | Hawaii Electric Light | 9.50 |  | 9.50 | 9.50 | 9.50 | 9.50 |
|  | Maui Electric | 9.50 |  | 9.50 | 9.50 | 9.50 | 9.50 |
| Earned rate-making return on simple average common equity <sup>4</sup> | Earned rate-making return on simple average common equity <sup>4</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 9.67 |  | 9.38 | 9.01 | 8.80 | 7.89 |
|  | Hawaii Electric Light | 6.87 |  | 7.02 | 9.23 | 6.72 | 8.08 |
|  | Maui Electric | 8.23 |  | 8.22 | 7.11 | 7.95 | 7.38 |
| Book return on simple average common equity <sup>5</sup> | Book return on simple average common equity <sup>5</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 8.76 |  | 8.53 | 8.20 | 8.02 | 7.36 |
|  | Hawaii Electric Light | 6.44 |  | 6.51 | 8.92 | 7.00 | 8.41 |
|  | Maui Electric | 7.33 |  | 7.41 | 6.65 | 7.79 | 7.59 |
| **RATE BASE (in millions, simple average)** | **RATE BASE (in millions, simple average)** |  |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | $2613 | <sup>6</sup> | $2510 | $2425 | $2289 | $2125 |
| Hawaii Electric Light | Hawaii Electric Light | 573 | <sup>6</sup> | 560 | 540 | 521 | 505 |
| Maui Electric | Maui Electric | 559 | <sup>6</sup> | 531 | 514 | 493 | 462 |
|  |  | $3745 |  | $3601 | $3479 | $3303 | $3092 |
| **DEPRECIATION AND AFUDC (%)** | **DEPRECIATION AND AFUDC (%)** |  |  |  |  |  |  |
| Composite annual depreciation rate | Composite annual depreciation rate | 3.2 |  | 3.2 | 3.2 | 3.2 | 3.2 |
| Accumulated depreciation as percent of gross plant <sup>1</sup> | Accumulated depreciation as percent of gross plant <sup>1</sup> | 36.9 |  | 36.8 | 36.4 | 35.9 | 36.3 |
| Weighted-average AFUDC rate | Weighted-average AFUDC rate | 7.1 |  | 7.1 | 7.1 | 7.4 | 7.3 |
| <sup>1</sup> | At December 31. |  |  |  |  |  |  |
| <sup>2</sup> | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. |
| <sup>3</sup> | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. |
| <sup>4</sup> | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. |
| <sup>5</sup> | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. |
| <sup>6</sup> | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. | The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively. |

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|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |
| **Revenues** | **Revenues** | $3408587 | $2539636 | $2265320 | $2545942 | $2546525 |
| **Expenses** | **Expenses** |  |  |  |  |  |
| Fuel oil | Fuel oil | 1265614 | 644349 | 515274 | 720709 | 760528 |
| Purchased power | Purchased power | 793584 | 670494 | 568749 | 633256 | 639307 |
| Other operation and maintenance | Other operation and maintenance | 497601 | 475412 | 474192 | 481737 | 461491 |
| Depreciation | Depreciation | 235424 | 229469 | 222733 | 215731 | 203626 |
| Taxes, other than income taxes | Taxes, other than income taxes | 317173 | 240354 | 215822 | 240131 | 239912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3109396 | 2260078 | 1996770 | 2291564 | 2304864 |
| Operating income | Operating income | 299191 | 279558 | 268550 | 254378 | 241661 |
| Allowance for equity funds used during construction | Allowance for equity funds used during construction | 10574 | 9534 | 8768 | 11987 | 10877 |
| Retirement defined benefits credit (expense) - other than service costs | Retirement defined benefits credit (expense) - other than service costs | 3835 | 3890 | (763) | (2836) | (3631) |
| Interest expense and other charges, net | Interest expense and other charges, net | (76416) | (72447) | (67794) | (70842) | (73348) |
| Allowance for borrowed funds used during construction | Allowance for borrowed funds used during construction | 3416 | 3250 | 2992 | 4453 | 4867 |
| Income before income taxes | Income before income taxes | 240600 | 223785 | 211753 | 197140 | 180426 |
| Income taxes | Income taxes | 49676 | 44148 | 40418 | 38305 | 34778 |
| **Net income** | **Net income** | 190924 | 179637 | 171335 | 158835 | 145648 |
| Preferred stock dividends of subsidiaries | Preferred stock dividends of subsidiaries | 915 | 915 | 915 | 915 | 915 |
| **Net income attributable to Hawaiian Electric** | **Net income attributable to Hawaiian Electric** | 190009 | 178722 | 170420 | 157920 | 144733 |
| Preferred stock dividends of Hawaiian Electric | Preferred stock dividends of Hawaiian Electric | 1080 | 1080 | 1080 | 1080 | 1080 |
| **Net income for common stock** | **Net income for common stock** | 188929 | 177642 | 169340 | 156840 | 143653 |
| **Retained earnings, January 1** | **Retained earnings, January 1** | 1348277 | 1282335 | 1220129 | 1164541 | 1124193 |
| Common stock dividends | Common stock dividends | (125900) | (111700) | (107134) | (101252) | (103305) |
| **Retained earnings, December 31** | **Retained earnings, December 31** | $1411306 | $1348277 | $1282335 | $1220129 | $1164541 |
| Note: | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |

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|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS INFORMATION** | **CONSOLIDATED BALANCE SHEETS INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| December 31 | December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) | (in thousands) |  |  |  |  |  |
| **ASSETS** | **ASSETS** |  |  |  |  |  |
| **Property, plant and equipment** | **Property, plant and equipment** |  |  |  |  |  |
| Utility property, plant and equipment | Utility property, plant and equipment | $8355294 | $7992489 | $7749296 | $7485178 | $7092483 |
| Less accumulated depreciation | Less accumulated depreciation | (3086499) | (2940517) | (2819079) | (2690157) | (2577342) |
|  | Utility property, plant and equipment, net | 5268795 | 5051972 | 4930217 | 4795021 | 4515141 |
| Nonutility property, plant and equipment, less accumulated depreciation | Nonutility property, plant and equipment, less accumulated depreciation | 6945 | 6949 | 6953 | 6956 | 6961 |
|  | **Total property, plant and equipment, net** | 5275740 | 5058921 | 4937170 | 4801977 | 4522102 |
| **Current assets** | **Current assets** |  |  |  |  |  |
| Cash and cash equivalents | Cash and cash equivalents | 39242 | 52169 | 47360 | 11022 | 35877 |
| Restricted cash | Restricted cash |  | 3089 | 15966 | 30872 |  |
| Customer accounts receivable, net | Customer accounts receivable, net | 288338 | 186859 | 147832 | 152790 | 177896 |
| Accrued unbilled revenues, net | Accrued unbilled revenues, net | 183280 | 129155 | 101036 | 117227 | 121738 |
| Other accounts receivable, net | Other accounts receivable, net | 13567 | 7267 | 7673 | 11568 | 6215 |
| Fuel oil stock, at average cost | Fuel oil stock, at average cost | 191530 | 104078 | 58238 | 91937 | 79935 |
| Materials and supplies, at average cost | Materials and supplies, at average cost | 79568 | 71877 | 67344 | 60702 | 55204 |
| Prepayments and other | Prepayments and other | 33482 | 46031 | 44083 | 116980 | 32118 |
| Regulatory assets | Regulatory assets | 52273 | 66664 | 30435 | 30710 | 71016 |
|  | **Total current assets** | 881280 | 667189 | 519967 | 623808 | 579999 |
| **Other long-term assets** | **Other long-term assets** |  |  |  |  |  |
| Operating lease right-of-use assets <sup>1</sup> | Operating lease right-of-use assets <sup>1</sup> | 89318 | 101470 | 127654 | 176809 |  |
| Regulatory assets | Regulatory assets | 190240 | 498879 | 736273 | 684370 | 762410 |
| Other | Other | 160889 | 165166 | 136309 | 101718 | 102992 |
|  | **Total other long-term assets** | 440447 | 765515 | 1000236 | 962897 | 865402 |
|  | **Total assets** | $6597467 | $6491625 | $6457373 | $6388682 | $5967503 |
| **CAPITALIZATION AND LIABILITIES** | **CAPITALIZATION AND LIABILITIES** |  |  |  |  |  |
| **Capitalization** | **Capitalization** |  |  |  |  |  |
| Common stock equity | Common stock equity | $2344170 | $2261899 | $2141918 | $2047352 | $1957641 |
| Cumulative preferred stock - not subject to mandatory redemption | Cumulative preferred stock - not subject to mandatory redemption | 34293 | 34293 | 34293 | 34293 | 34293 |
| Long-term debt, net | Long-term debt, net | 1584854 | 1624427 | 1561302 | 1401714 | 1418802 |
|  | **Total capitalization** | 3963317 | 3920619 | 3737513 | 3483359 | 3410736 |
| **Current liabilities** | **Current liabilities** |  |  |  |  |  |
| Current portion of operating lease liabilities <sup>1</sup> | Current portion of operating lease liabilities <sup>1</sup> | 19095 | 49368 | 64730 | 63707 |  |
| Current portion of long-term debt, net | Current portion of long-term debt, net | 99962 | 51975 |  | 95953 |  |
| Short-term borrowings from non-affiliate | Short-term borrowings from non-affiliate | 87967 |  | 49979 | 88987 | 25000 |
| Accounts payable | Accounts payable | 202492 | 160007 | 133849 | 187770 | 171791 |
| Interest and preferred dividends payable | Interest and preferred dividends payable | 17176 | 17325 | 20350 | 20728 | 23215 |
| Taxes accrued, including revenue taxes | Taxes accrued, including revenue taxes | 289902 | 208280 | 192524 | 207992 | 233333 |
| Regulatory liabilities | Regulatory liabilities | 31475 | 29760 | 37301 | 30724 | 17977 |
| Other | Other | 85596 | 71569 | 74262 | 67305 | 60003 |
|  | **Total current liabilities** | 833665 | 588284 | 572995 | 763166 | 531319 |
| **Deferred credits and other liabilities** | **Deferred credits and other liabilities** |  |  |  |  |  |
| Operating lease liabilities <sup>1</sup> | Operating lease liabilities <sup>1</sup> | 78715 | 65780 | 69494 | 113400 |  |
| Finance lease liabilities | Finance lease liabilities | 46048 |  |  |  |  |
| Deferred income taxes | Deferred income taxes | 384430 | 408634 | 397798 | 377150 | 383197 |
| Regulatory liabilities | Regulatory liabilities | 1024175 | 967008 | 922485 | 941586 | 932259 |
| Unamortized tax credits | Unamortized tax credits | 95300 | 103945 | 111915 | 117868 | 91522 |
| Defined benefit pension and other postretirement benefit plans liability | Defined benefit pension and other postretirement benefit plans liability | 49748 | 321780 | 530532 | 478763 | 503659 |
| Other | Other | 122069 | 115575 | 114641 | 113390 | 114811 |
|  | **Total deferred credits and other liabilities** | 1800485 | 1982722 | 2146865 | 2142157 | 2025448 |
|  | **Total capitalization and liabilities** | $6597467 | $6491625 | $6457373 | $6388682 | $5967503 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |
| <sup>1</sup> | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. | Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. |

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|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION** | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |
| Unaudited |  |  |  |
| Years ended December 31 | 2022 | 2021 | 2020 |
| (in thousands) |  |  |  |
| **Cash flows from operating activities** |  |  |  |
| Net income | $190924 | $179637 | $171335 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |
| Depreciation of property, plant and equipment | 235424 | 229469 | 222733 |
| Other amortization | 25320 | 21737 | 33746 |
| Deferred income taxes | (41415) | (3829) | 3151 |
| State refundable credit | (10999) | (10582) | (9961) |
| Bad debt expense | 6027 | 2183 | 2115 |
| Allowance for equity funds used during construction | (10574) | (9534) | (8768) |
| Bill credits |  | 2000 |  |
| Accrued environmental reserve |  |  | 6556 |
| Other | (139) | 1350 | 2610 |
| Changes in assets and liabilities |  |  |  |
| Increase in accounts receivable | (91742) | (50090) | (7286) |
| Decrease (increase) in accrued unbilled revenues  | (54023) | (27464) | 15285 |
| Decrease (increase) in fuel oil stock | (87452) | (45840) | 33699 |
| Increase in materials and supplies | (7691) | (4533) | (6642) |
| Decrease (increase) in regulatory assets | 34600 | (13874) | 1007 |
| Increase (decrease) in regulatory liabilities | 44888 | 15358 | (16562) |
| Increase (decrease) in accounts payable | 22355 | 17671 | (33129) |
| Change in prepaid and accrued income taxes, tax credits and revenue taxes | 103198 | 26930 | (37180) |
| Decrease in defined benefit pension and other postretirement benefit plans liability | (4828) | (5154) | (4306) |
| Change in other assets and liabilities | (25943) | (52302) | (31852) |
| **Net cash provided by operating activities** | 327930 | 273133 | 336551 |
| **Cash flows from investing activities** |  |  |  |
| Capital expenditures | (329457) | (292000) | (350864) |
| Other | 5372 | 6035 | 6070 |
| **Net cash used in investing activities** | (324085) | (285965) | (344794) |
| **Cash flows from financing activities** |  |  |  |
| Common stock dividends | (125900) | (111700) | (107134) |
| Preferred stock dividends of Hawaiian Electric and subsidiaries | (1995) | (1995) | (1995) |
| Proceeds from issuance of common stock | 13101 | 54400 | 34000 |
| Proceeds from issuance of long-term debt | 60000 | 115000 | 255000 |
| Repayment of long-term debt and funds transferred for repayment of long-term debt | (52000) |  | (109000) |
| Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original |  |  |  |
| maturities of three months or less | 87967 |  | (38987) |
| Proceeds from issuance of short-term debt |  |  | 100000 |
| Repayment of short-term debt |  | (50000) | (100000) |
| Payments of obligations under finance leases | (670) |  |  |
| Other | (364) | (941) | (2209) |
| **Net cash provided by (used in) financing activities** | (19861) | 4764 | 29675 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (16016) | (8068) | 21432 |
| Cash, cash equivalents and restricted cash, January 1 | 55258 | 63326 | 41894 |
| Cash, cash equivalents and restricted cash, December 31 | 39242 | 55258 | 63326 |
| Less: Restricted cash |  | (3089) | (15966) |
| **Cash and cash equivalents, December 31** | $39242 | $52169 | $47360 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.<br>and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.<br>and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.<br>and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.<br>and subsidiaries' Form 10-K for each year. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited | Unaudited |  |  |  |  |  |  |  |
| December 31 | December 31 | December 31 |  |  | 2022 | 2021 | 2020 | 2019 | 2018 |
| (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) |  |  |  |  |  |
|  |  |  |  | Shares outstanding |  |  |  |  |  |
| Series | Series | Par value | Company | 12/31/2022 |  |  |  |  |  |
| C | 4.25% | $20 | Hawaiian Electric | 150000 | $3000 | $3000 | $3000 | $3000 | $3000 |
| D | 5.00% | 20 | Hawaiian Electric | 50000 | 1000 | 1000 | 1000 | 1000 | 1000 |
| E | 5.00% | 20 | Hawaiian Electric | 150000 | 3000 | 3000 | 3000 | 3000 | 3000 |
| H | 5.25% | 20 | Hawaiian Electric | 250000 | 5000 | 5000 | 5000 | 5000 | 5000 |
| I | 5.00% | 20 | Hawaiian Electric | 89657 | 1793 | 1793 | 1793 | 1793 | 1793 |
| J | 4.75% | 20 | Hawaiian Electric | 250000 | 5000 | 5000 | 5000 | 5000 | 5000 |
| K | 4.65% | 20 | Hawaiian Electric | 175000 | 3500 | 3500 | 3500 | 3500 | 3500 |
| G | 7.625% | 100 | Hawaii Electric Light | 70000 | 7000 | 7000 | 7000 | 7000 | 7000 |
| H | 7.625% | 100 | Maui Electric | 50000 | 5000 | 5000 | 5000 | 5000 | 5000 |
|  |  |  |  | 1234657 | $34293 | $34293 | $34293 | $34293 | $34293 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) |  |  |  |  |  |
| **OBLIGATIONS TO THE STATE OF HAWAII FOR THE** |  |  |  |  |  |
| **REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS** |  |  |  |  |  |
| **Hawaiian Electric** |  |  |  |  |  |
| Series 2009, 6.50%, due 2039 - redeemed in 2019 | $— | $— | $— | $— | $90000 |
| Refunding series 2015, 3.25%, due 2025 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Refunding series 2017A, 3.10%, due 2026 | 62000 | 62000 | 62000 | 62000 | 62000 |
| Refunding series 2017B, 4.00%, due 2037 | 100000 | 100000 | 100000 | 100000 | 100000 |
| Refunding series 2019, 3.20%, due 2039 | 90000 | 90000 | 90000 | 90000 |  |
| Series 2019, 3.50%, due 2049 | 70000 | 70000 | 70000 | 70000 |  |
|  | 362000 | 362000 | 362000 | 362000 | 292000 |
| **Hawaii Electric Light** |  |  |  |  |  |
| Series 2009, 6.50%, due 2039 - redeemed in 2019 |  |  |  |  | 60000 |
| Refunding series 2015, 3.25%, due 2025 | 5000 | 5000 | 5000 | 5000 | 5000 |
| Refunding series 2017A, 3.10%, due 2026 | 8000 | 8000 | 8000 | 8000 | 8000 |
| Refunding series 2017B, 4.00%, due 2037 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Refunding series 2019, 3.20%, due 2039 | 60000 | 60000 | 60000 | 60000 |  |
| Series 2019, 3.50%, due 2049 | 2500 | 2500 | 2500 | 2500 |  |
|  | 95500 | 95500 | 95500 | 95500 | 93000 |
| **Maui Electric** |  |  |  |  |  |
| Refunding series 2015, 3.25%, due 2025 | 2000 | 2000 | 2000 | 2000 | 2000 |
| Refunding series 2017A, 3.10%, due 2026 | 55000 | 55000 | 55000 | 55000 | 55000 |
| Refunding series 2017B, 4.00%, due 2037 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2019, 3.50%, due 2049 | 7500 | 7500 | 7500 | 7500 |  |
|  | 84500 | 84500 | 84500 | 84500 | 77000 |
| Total obligations to the State of Hawaii | $542000 | $542000 | $542000 | $542000 | $462000 |
|  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) |  |  |  |  |  |
| **OTHER LONG-TERM DEBT (UNSECURED)** |  |  |  |  |  |
| Taxable unsecured senior notes: |  |  |  |  |  |
| **Hawaiian Electric** |  |  |  |  |  |
| Series 2012B, 4.03%, due 2020 | $— | $— | $— | $62000 | $62000 |
| Series 2012C, 4.55%, due 2023 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2012D, 4.72%, due 2029 | 35000 | 35000 | 35000 | 35000 | 35000 |
| Series 2012E, 5.39%, due 2042 | 150000 | 150000 | 150000 | 150000 | 150000 |
| Series 2012F, 4.53%, due 2032 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2013A, 4.45%, due 2022 |  | 40000 | 40000 | 40000 | 40000 |
| Series 2013B, 4.84%, due 2027 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2013C, 5.65%, due 2043 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2015A, 5.23%, due 2045 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2016A, 4.54%, due 2046 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2017A, 4.31%, due 2047 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2018A, 4.38%, due 2028 | 52000 | 52000 | 52000 | 52000 | 52000 |
| Series 2018B, 4.53%, due 2033 | 12500 | 12500 | 12500 | 12500 | 12500 |
| Series 2018C, 4.72%, due 2048 | 10500 | 10500 | 10500 | 10500 | 10500 |
| Series 2019A, 4.21%, due 2034 | 30000 | 30000 | 30000 | 30000 |  |
| Series 2020A, 3.31%, due 2030 | 50000 | 50000 | 50000 |  |  |
| Series 2020B, 3.31%, due 2030 | 40000 | 40000 | 40000 |  |  |
| Series 2020C, 3.96%, due 2050 | 20000 | 20000 | 20000 |  |  |
| Series 2020D, 3.28%, due 2040 | 30000 | 30000 |  |  |  |
| Series 2020E, 3.51%, due 2050 | 30000 | 30000 |  |  |  |
| Series 2022A, 3.70%, due 2032 | 40000 |  |  |  |  |
|  | 820000 | 820000 | 760000 | 712000 | 682000 |
| **Hawaii Electric Light** |  |  |  |  |  |
| Series 2012B, 4.55%, due 2023 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2013A, 3.83%, due 2020 |  |  |  | 14000 | 14000 |
| Series 2013B, 4.45%, due 2022 |  | 12000 | 12000 | 12000 | 12000 |
| Series 2013C, 4.84%, due 2027 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2015A, 5.23%, due 2045 | 25000 | 25000 | 25000 | 25000 | 25000 |
| Series 2018A, 4.38%, due 2028 | 9000 | 9000 | 9000 | 9000 | 9000 |
| Series 2018B, 4.53%, due 2033 | 3000 | 3000 | 3000 | 3000 | 3000 |
| Series 2018C, 4.72%, due 2048 | 3000 | 3000 | 3000 | 3000 | 3000 |
| Series 2019A, 4.21%, due 2034 | 10000 | 10000 | 10000 | 10000 |  |
| Series 2020A, 3.96%, due 2050 | 10000 | 10000 | 10000 |  |  |
| Series 2020B, 3.28%, due 2040 | 15000 | 15000 |  |  |  |
| Series 2020C, 3.51%, due 2050 | 15000 | 15000 |  |  |  |
| Series 2022A, 3.70%, due 2032 | 10000 |  |  |  |  |
|  | $150000 | $152000 | $122000 | $126000 | $116000 |
|  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) |  |  |  |  |  |
| **OTHER LONG-TERM DEBT (UNSECURED)** |  |  |  |  |  |
| Taxable unsecured senior notes: |  |  |  |  |  |
| **Maui Electric** |  |  |  |  |  |
| Series 2012B, 4.03%, due 2020 | $— | $— | $— | $20000 | $20000 |
| Series 2012C, 4.55%, due 2023 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2013A, 4.84%, due 2027 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2013B, 5.65%, due 2043 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2015A, 5.23%, due 2045 | 5000 | 5000 | 5000 | 5000 | 5000 |
| Series 2017A, 4.31%, due 2047 | 10000 | 10000 | 10000 | 10000 | 10000 |
| Series 2018A, 4.38%, due 2028 | 6500 | 6500 | 6500 | 6500 | 6500 |
| Series 2018B, 4.53%, due 2033 | 2000 | 2000 | 2000 | 2000 | 2000 |
| Series 2018C, 4.72%, due 2048 | 1500 | 1500 | 1500 | 1500 | 1500 |
| Series 2019A, 4.21%, due 2034 | 10000 | 10000 | 10000 | 10000 |  |
| Series 2020A, 3.31%, due 2030 | 20000 | 20000 | 20000 |  |  |
| Series 2020B, 3.96%, due 2050 | 20000 | 20000 | 20000 |  |  |
| Series 2020C, 3.51%, due 2050 | 25000 | 25000 |  |  |  |
| Series 2020A, 3.70%, due 2032 | 10000 |  |  |  |  |
|  | 180000 | 170000 | 145000 | 125000 | 115000 |
| Total taxable unsecured senior notes | 1150000 | 1142000 | 1027000 | 963000 | 913000 |
| 6.50%, series 2004, Junior subordinated deferrable interest |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;debentures, due 2034 - redeemed in 2019 |  |  |  |  | 51546 |
| Long-term debt, including amounts due within one year | 1692000 | 1684000 | 1569000 | 1505000 | 1426546 |
| Less current portion of long-term debt, net | (99962) | (51975) |  | (95953) |  |
| Less unamortized debt issuance costs | (7184) | (7598) | (7698) | (7333) | (7744) |
| Long-term debt, net | $1584854 | $1624427 | $1561302 | $1401714 | $1418802 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CUSTOMER, SALES AND REVENUE INFORMATION** | **CUSTOMER, SALES AND REVENUE INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **SERVICE AREA** <sup>1</sup> | **SERVICE AREA** <sup>1</sup> |  |  |  |  |  |
| Service area (square miles) | Service area (square miles) | 5815 | 5815 | 5815 | 5815 | 5815 |
| Service area population (estimated, in thousands) | Service area population (estimated, in thousands) | n/a | 1368 | 1335 | 1344 | 1348 |
| **CUSTOMER ACCOUNTS** <sup>2</sup> | **CUSTOMER ACCOUNTS** <sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 413744 | 414713 | 412484 | 409689 | 407505 |
| Commercial | Commercial | 55228 | 55201 | 54861 | 55077 | 54888 |
| Industrial | Industrial | 696 | 698 | 694 | 700 | 696 |
|  |  | 469668 | 470612 | 468039 | 465466 | 463089 |
| **CUSTOMER ACCOUNTS BY COMPANY** <sup>2</sup> | **CUSTOMER ACCOUNTS BY COMPANY** <sup>2</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 306978 | 308721 | 307378 | 306368 | 305456 |
| Hawaii Electric Light | Hawaii Electric Light | 88757 | 88103 | 87357 | 86576 | 85758 |
| Maui Electric | Maui Electric | 73933 | 73788 | 73304 | 72522 | 71875 |
| Consolidated | Consolidated | 469668 | 470612 | 468039 | 465466 | 463089 |
| **MEGAWATTHOUR SALES (thousands)**<sup>2</sup> | **MEGAWATTHOUR SALES (thousands)**<sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 2415 | 2492 | 2525 | 2439 | 2411 |
| Commercial | Commercial | 2643 | 2595 | 2477 | 2834 | 2853 |
| Industrial | Industrial | 3296 | 3174 | 3118 | 3467 | 3425 |
|  |  | 8354 | 8261 | 8120 | 8740 | 8689 |
| **MEGAWATTHOUR SALES MIX (%)**<sup>2</sup> | **MEGAWATTHOUR SALES MIX (%)**<sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 28.9 | 30.2 | 31.1 | 27.9 | 27.7 |
| Commercial | Commercial | 31.6 | 31.4 | 30.5 | 32.4 | 32.9 |
| Industrial | Industrial | 39.5 | 38.4 | 38.4 | 39.7 | 39.4 |
|  |  | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| **MEGAWATTHOUR SALES BY COMPANY (thousands)** | **MEGAWATTHOUR SALES BY COMPANY (thousands)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 6211 | 6169 | 6183 | 6563 | 6526 |
| Hawaii Electric Light | Hawaii Electric Light | 1054 | 1044 | 978 | 1050 | 1064 |
| Maui Electric | Maui Electric | 1089 | 1048 | 959 | 1127 | 1099 |
| Consolidated | Consolidated | 8354 | 8261 | 8120 | 8740 | 8689 |
| **MEGAWATTHOUR SALES GROWTH BY COMPANY (%)** | **MEGAWATTHOUR SALES GROWTH BY COMPANY (%)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 0.7 | (0.2) | (6.1) | 0.6 | (0.4) |
| Hawaii Electric Light | Hawaii Electric Light | 0.9 | 6.3 | (7.4) | (1.4) | 1.6 |
| Maui Electric | Maui Electric | 3.8 | 8.5 | (17.5) | 2.5 | 0.4 |
| Consolidated | Consolidated | 1.1 | 1.7 | (7.6) | 0.6 |  |
| **RENEWABLE GENERATION RPS (%)** <sup>3</sup> | **RENEWABLE GENERATION RPS (%)** <sup>3</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 28 | 33 | 31 | 25 | 22 |
| Hawaii Electric Light <sup>4</sup> | Hawaii Electric Light <sup>4</sup> | 48 | 60 | 43 | 35 | 44 |
| Maui Electric | Maui Electric | 36 | 50 | 51 | 41 | 38 |
| Consolidated | Consolidated | 32 | 38 | 35 | 28 | 27 |
| <sup>1</sup> | Source: State of Hawaii Data Book 2021 (prior years) |  |  |  |  |  |
| <sup>2</sup> | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. |
| <sup>3</sup> | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. | In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology. |
| 4 | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. |
| n/a: Not available | n/a: Not available |  |  |  |  |  |
|  |  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CUSTOMER, SALES AND REVENUE INFORMATION (Continued)** | **CUSTOMER, SALES AND REVENUE INFORMATION (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **REVENUES (thousands)**<sup>1</sup> | **REVENUES (thousands)**<sup>1</sup> |  |  |  |  |  |
| Electric sales revenue | Electric sales revenue |  |  |  |  |  |
|  | Residential | $1069974 | $843655 | $770135 | $791398 | $788028 |
|  | Commercial | 1085405 | 810658 | 714620 | 840915 | 855736 |
|  | Industrial | 1211242 | 853293 | 754775 | 884722 | 882443 |
| Total electric sales revenues | Total electric sales revenues | 3366621 | 2507606 | 2239530 | 2517035 | 2526207 |
| Other revenues | Other revenues | 41966 | 32030 | 25790 | 28907 | 20318 |
| **Total revenues** | **Total revenues** | $3408587 | $2539636 | $2265320 | $2545942 | $2546525 |
| Less: | Less: |  |  |  |  |  |
| Fuel oil | Fuel oil | 1265614 | 644349 | 515274 | 720709 | 760528 |
| Purchased power | Purchased power | 793584 | 670494 | 568749 | 633256 | 639307 |
| Taxes, other than income taxes | Taxes, other than income taxes | 317173 | 240354 | 215822 | 240131 | 239912 |
| **Net revenues** | **Net revenues** | $1032216 | $984439 | $965475 | $951846 | $906778 |
| **REVENUES BY COMPANY (thousands)** | **REVENUES BY COMPANY (thousands)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | $2452969 | $1793372 | $1608305 | $1803698 | $1802550 |
| Hawaii Electric Light | Hawaii Electric Light | 485590 | 381033 | 334221 | 364590 | 375493 |
| Maui Electric | Maui Electric | 470355 | 365256 | 323430 | 378202 | 368700 |
| Eliminations | Eliminations | (327) | (25) | (636) | (548) | (218) |
| Consolidated | Consolidated | $3408587 | $2539636 | $2265320 | $2545942 | $2546525 |
| **AVERAGE REVENUE PER KWH SOLD (cents)**<sup>1</sup> | **AVERAGE REVENUE PER KWH SOLD (cents)**<sup>1</sup> |  |  |  |  |  |
| Residential | Residential | 44.30 | 33.86 | 30.50 | 32.44 | 32.69 |
| Commercial | Commercial | 40.99 | 31.21 | 28.83 | 29.68 | 30.00 |
| Industrial | Industrial | 36.75 | 26.88 | 24.21 | 25.52 | 25.76 |
| Other | Other | 55.24 | 34.19 | 31.01 | 29.39 | 29.47 |
|  |  | 40.30 | 30.35 | 27.58 | 28.80 | 29.07 |
| **AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)** | **AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 39.00 | 28.72 | 25.76 | 27.20 | 27.42 |
| Hawaii Electric Light | Hawaii Electric Light | 45.51 | 36.00 | 33.65 | 34.30 | 34.93 |
| Maui Electric | Maui Electric | 42.67 | 34.33 | 33.16 | 33.00 | 33.21 |
| Consolidated | Consolidated | 40.30 | 30.35 | 27.58 | 28.80 | 29.07 |
| **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 5761 | 6013 | 6358 | 6006 | 5921 |
| Hawaii Electric Light | Hawaii Electric Light | 5644 | 5795 | 5441 | 5467 | 5652 |
| Maui Electric | Maui Electric | 6298 | 6339 | 6064 | 6402 | 6258 |
| Consolidated | Consolidated | 5821 | 6022 | 6145 | 5967 | 5923 |
| Average monthly electric sales revenue per residential customer | Average monthly electric sales revenue per residential customer | $215 | $170 | $156 | $161 | $161 |
| <sup>1</sup> | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **POWER SUPPLY INFORMATION** | **POWER SUPPLY INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** |  |  |  |
| Net generated | Net generated |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel oil | &nbsp;&nbsp;&nbsp;&nbsp;Fuel oil |  |  |  |  |  |
|  | Conventional oil-fired steam units | 3701 | 3288 | 3429 | 3693 | 3743 |
|  | Dual train combined-cycle unit | 795 | 749 | 757 | 799 | 884 |
|  | Diesel internal combustion engine | 323 | 304 | 318 | 364 | 214 |
|  | Simple-cycle combustion turbines | 133 | 89 | 53 | 46 | 44 |
|  |  | 4952 | 4430 | 4557 | 4902 | 4885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | 16 | 25 | 28 | 54 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 6 | 9 | 5 | 11 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;&nbsp;Solar | 38 | 37 | 39 | 5 |  |
| Total net generated<sup>1</sup> | Total net generated<sup>1</sup> | 5012 | 4501 | 4629 | 4972 | 4966 |
| Purchased | Purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>2</sup> | 2066 | 2470 | 2541 | 2990 | 2847 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>3,4</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>3,4</sup> | 1684 | 1684 | 1355 | 1179 | 1292 |
| Total purchased<sup>1</sup> | Total purchased<sup>1</sup> | 3750 | 4154 | 3896 | 4169 | 4139 |
| Customer-sited solar | Customer-sited solar | 1522 | 1418 | 1326 | 1225 | 948 |
|  |  | 10284 | 10073 | 9851 | 10366 | 10053 |
| **GENERATION MIX (%)** | **GENERATION MIX (%)** |  |  |  |  |  |
| Fuel oil | Fuel oil |  |  |  |  |  |
|  | Conventional oil-fired steam units | 36.0 | 32.6 | 34.8 | 35.6 | 37.3 |
|  | Dual train combined-cycle unit | 7.7 | 7.4 | 7.7 | 7.7 | 8.8 |
|  | Diesel internal combustion engine | 3.1 | 3.0 | 3.2 | 3.5 | 2.1 |
|  | Simple-cycle combustion turbines | 1.3 | 0.9 | 0.5 | 0.5 | 0.4 |
|  |  | 48.1 | 43.9 | 46.2 | 47.3 | 48.6 |
| Biodiesel internal combustion engine | Biodiesel internal combustion engine | 0.2 | 0.2 | 0.3 | 0.5 | 0.6 |
| Hydro | Hydro | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Solar | Solar | 0.4 | 0.4 | 0.4 |  |  |
| Total generation<sup>1</sup> | Total generation<sup>1</sup> | 48.8 | 44.6 | 47.0 | 47.9 | 49.4 |
| Purchased | Purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>2</sup> | 20.1 | 24.6 | 25.8 | 28.8 | 28.3 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>3,4</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>3,4</sup> | 16.3 | 16.7 | 13.7 | 11.5 | 12.9 |
| Total purchased<sup>1</sup> | Total purchased<sup>1</sup> | 36.4 | 41.3 | 39.5 | 40.3 | 41.2 |
| Customer-sited solar | Customer-sited solar | 14.8 | 14.1 | 13.5 | 11.8 | 9.4 |
|  |  | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| <sup>1</sup> | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. | The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation. |
| <sup>2</sup> | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. |
| <sup>3</sup> | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. |
| <sup>4</sup> | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. |
|  |  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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|:---|:---|:---|:---|:---|:---|:---|
| **POWER SUPPLY INFORMATION (Continued)** | **POWER SUPPLY INFORMATION (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **SYSTEM CAPABILITY (MW)** <sup>1, 2</sup> | **SYSTEM CAPABILITY (MW)** <sup>1, 2</sup> |  |  |  |  |  |
| Company-owned generation | Company-owned generation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Conventional oil-fired steam units | &nbsp;&nbsp;&nbsp;&nbsp;Conventional oil-fired steam units | 1086 | 1086 | 1086 | 1086 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simple-cycle combustion turbines <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Simple-cycle combustion turbines <sup>3</sup> | 279 | 279 | 279 | 279 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dual train combined-cycle unit | &nbsp;&nbsp;&nbsp;&nbsp;Dual train combined-cycle unit | 170 | 170 | 170 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diesel internal combustion engine | &nbsp;&nbsp;&nbsp;&nbsp;Diesel internal combustion engine | 146 | 146 | 146 | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine <sup>3</sup> | 57 | 57 | 57 | 57 | 57 |
|  |  | 1738 | 1738 | 1738 | 1738 | 1739 |
| Firm purchase power contracts <sup>4</sup> | Firm purchase power contracts <sup>4</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>5</sup> | 268 | 448 | 448 | 448 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable <sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Renewable <sup>6</sup> | 94 | 92 | 68 | 68 | 69 |
|  |  | 362 | 540 | 516 | 516 | 517 |
|  |  | 2100 | 2278 | 2254 | 2254 | 2256 |
| **SYSTEM CAPABILITY BY COMPANY (MW)** <sup>1, 2</sup> | **SYSTEM CAPABILITY BY COMPANY (MW)** <sup>1, 2</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 1564 | 1744 | 1744 | 1744 | 1745 |
| Hawaii Electric Light | Hawaii Electric Light | 268 | 266 | 242 | 242 | 242 |
| Maui Electric | Maui Electric | 268 | 268 | 268 | 268 | 269 |
|  |  | 2100 | 2278 | 2254 | 2254 | 2256 |
| **SYSTEM PEAK LOAD BY COMPANY (MW)** <sup>7</sup> | **SYSTEM PEAK LOAD BY COMPANY (MW)** <sup>7</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 1072 | 1072 | 1087 | 1193 | 1190 |
| Hawaii Electric Light | Hawaii Electric Light | 188 | 194 | 183 | 192 | 191 |
| Maui Electric | Maui Electric | 207 | 205 | 201 | 217 | 217 |
|  |  | 1467 | 1471 | 1471 | 1602 | 1598 |
| **FUEL OIL DATA** | **FUEL OIL DATA** |  |  |  |  |  |
| Barrels of fuel oil consumed (thousands) | Barrels of fuel oil consumed (thousands) | 8945 | 8048 | 8180 | 8771 | 8653 |
| Average fuel oil cost per barrel | Average fuel oil cost per barrel | $141.49 | $80.06 | $63.00 | $82.17 | $87.90 |
| Average fuel oil cost per million BTU (cents) | Average fuel oil cost per million BTU (cents) | 2310.9 | 1305.4 | 1028.7 | 1337.6 | 1420.2 |
| Fuel oil cost per net KWH generated (cents) | Fuel oil cost per net KWH generated (cents) | 25.283 | 14.344 | 11.144 | 14.527 | 15374 |
| BTU per net KWH generated by company | BTU per net KWH generated by company |  |  |  |  |  |
|  | Hawaiian Electric | 10943 | 10962 | 10808 | 10852 | 10894 |
|  | Hawaii Electric Light | 11680 | 11876 | 11209 | 11605 | 11067 |
|  | Maui Electric | 10501 | 10543 | 10639 | 10460 | 10406 |
|  | Consolidated | 10941 | 10988 | 10834 | 10860 | 10826 |
| **OTHER DATA** | **OTHER DATA** |  |  |  |  |  |
| Losses and system uses (%) | Losses and system uses (%) | 4.1 | 4.3 | 4.5 | 4.2 | 4.4 |
| Reserve margin (%) <sup>7</sup> | Reserve margin (%) <sup>7</sup> | 43.1 | 54.8 | 53.2 | 40.7 | 42.8 |
| Annual load factor (%) <sup>7</sup> | Annual load factor (%) <sup>7</sup> | 68.2 | 67.2 | 66.2 | 65.2 | 65.0 |
| Average cost per KWH purchased from IPPs (cents) | Average cost per KWH purchased from IPPs (cents) | 21.160 | 16.142 | 14.597 | 15.191 | 15.445 |
| <sup>1</sup> | At December 31. |  |  |  |  |  |
| <sup>2</sup> | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. |
| <sup>3</sup> | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. | In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary. |
| <sup>4</sup> | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. |
| <sup>5</sup> | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. |
| <sup>6</sup> | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. | In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022. |
| <sup>7</sup> | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SELECTED INFORMATION** | **SELECTED INFORMATION** | | | | | |
| American Savings Bank, F.S.B. | American Savings Bank, F.S.B. |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **CAPITAL RATIOS (%)**<sup>1</sup> | **CAPITAL RATIOS (%)**<sup>1</sup> |  |  |  |  |  |
| Common equity tier 1 | Common equity tier 1 |  |  |  |  |  |
|  | ASB | 12.15 | 13.29 |  | 13.18 | 12.80 |
|  | Requirement | 4.50 | 4.50 |  | 4.50 | 4.50 |
| Tier 1 capital | Tier 1 capital |  |  |  |  |  |
|  | ASB | 12.15 | 13.29 |  | 13.18 | 12.80 |
|  | Requirement | 6.00 | 6.00 |  | 6.00 | 6.00 |
| Total capital | Total capital |  |  |  |  |  |
|  | ASB | 13.14 | 14.31 |  | 14.31 | 13.93 |
|  | Requirement | 8.00 | 8.00 |  | 8.00 | 8.00 |
| Tier 1 leverage | Tier 1 leverage |  |  |  |  |  |
|  | ASB | 7.78 | 7.86 | 8.38 | 9.06 | 8.70 |
|  | Requirement | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| **KEY STATISTICS (%)** | **KEY STATISTICS (%)** |  |  |  |  |  |
| Return on average assets | Return on average assets |  |  |  |  |  |
|  | ASB | 0.86 | 1.15 | 0.74 | 1.25 | 1.20 |
|  | Peers <sup>2</sup> | 1.23 | 1.36 | 0.96 | 1.26 | 1.27 |
| Return on average equity | Return on average equity |  |  |  |  |  |
|  | ASB | 14.08 | 13.76 | 8.11 | 13.48 | 13.51 |
|  | Peers <sup>2</sup> | 11.42 | 12.45 | 9.08 | 10.60 | 10.51 |
| Net interest margin | Net interest margin |  |  |  |  |  |
|  | ASB | 2.89 | 2.91 | 3.29 | 3.85 | 3.83 |
|  | Peers <sup>2</sup> | 3.28 | 3.21 | 3.30 | 3.59 | 3.69 |
| Revenue growth | Revenue growth |  |  |  |  |  |
|  | ASB | 2.54 | (3.14) | (2.87) | 7.42 | 4.64 |
|  | Peers <sup>2</sup> | 4.99 | 6.56 | 8.61 | 6.73 | 10.26 |
| Efficiency ratio | Efficiency ratio |  |  |  |  |  |
|  | ASB | 66.31 | 65.31 | 61.47 | 57.77 | 59.39 |
|  | Peers <sup>2</sup> | 56.71 | 55.64 | 56.38 | 56.19 | 55.97 |
| Net charge-offs to loans outstanding | Net charge-offs to loans outstanding |  |  |  |  |  |
|  | ASB | 0.03 | 0.07 | 0.40 | 0.45 | 0.34 |
|  | Peers <sup>2</sup> | 0.02 | 0.07 | 0.07 | 0.09 | 0.07 |
| **OTHER DATA** | **OTHER DATA** |  |  |  |  |  |
| Dividend paid to HEI (via ASB Hawaii) ($ in millions) | Dividend paid to HEI (via ASB Hawaii) ($ in millions) | 42 | 59 | 31 | 56 | 50 |
| Loan Growth (%) | Loan Growth (%) | 15.01 | (2.32) | 4.39 | 5.72 | 3.68 |
| Branch locations <sup>3</sup> | Branch locations <sup>3</sup> | 38 | 42 | 42 | 49 | 49 |
| Number of ATMs  | Number of ATMs  | 122 | 122 | 112 | 111 | 113 |
| <sup>1</sup> | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. | Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021. |
| <sup>2</sup> | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. | Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually. |
| <sup>3</sup> | At December 31. |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENTS OF INCOME INFORMATION** | | | | | |
| American Savings Bank, F.S.B. |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| Years ended December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) |  |  |  |  |  |
| **Interest and dividend income** |  |  |  |  |  |
| Interest and fees on loans | $207830 | $198802 | $214134 | $233632 | $220463 |
| Interest and dividends on investment securities | 58044 | 43464 | 30529 | 32922 | 37762 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total interest and dividend income** | 265874 | 242266 | 244663 | 266554 | 258225 |
| **Interest expense** |  |  |  |  |  |
| Interest on deposit liabilities | 7327 | 4981 | 10654 | 16830 | 13991 |
| Interest on other borrowings | 5974 | 59 | 460 | 1610 | 1548 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense** | 13301 | 5040 | 11114 | 18440 | 15539 |
| **Net interest income** | 252573 | 237226 | 233549 | 248114 | 242686 |
| Provision for loan losses | 2037 | (25825) | 50811 | 23480 | 14745 |
| **Net interest income after provision for loan losses** | 250536 | 263051 | 182738 | 224634 | 227941 |
| **Noninterest income** |  |  |  |  |  |
| Fees from other financial services | 19830 | 21225 | 16447 | 19275 | 18937 |
| Fee income on deposit liabilities | 18762 | 16663 | 16059 | 20877 | 21311 |
| Fee income on other financial products | 10291 | 8770 | 6381 | 6507 | 7052 |
| Gains on sale of investment securities, net |  | 528 | 9275 | 653 |  |
| Gain on sale of real estate | 1778 |  |  | 10762 |  |
| Mortgage banking income | 1692 | 9305 | 23734 | 4943 | 1493 |
| Other income, net | 4619 | 8169 | 6227 | 9761 | 7257 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest income** | 56972 | 64660 | 78123 | 72778 | 56050 |
| **Noninterest expense** |  |  |  |  |  |
| Compensation and employee benefits | 113839 | 113970 | 104443 | 103009 | 98387 |
| Occupancy and equipment | 34126 | 30094 | 30574 | 30032 | 24259 |
| Data processing | 17681 | 17634 | 14769 | 15306 | 14268 |
| Services | 10679 | 10327 | 11121 | 10239 | 10847 |
| Other expense | 28942 | 25127 | 30683 | 26792 | 29652 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense** | 205267 | 197152 | 191590 | 185378 | 177413 |
| **Income before income taxes** | 102241 | 130559 | 69271 | 112034 | 106578 |
| Income taxes | 22252 | 29325 | 11688 | 23061 | 24069 |
| **Net income** | $79989 | $101234 | $57583 | $88973 | $82509 |
| Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BALANCE SHEETS INFORMATION** | | | | | |
| American Savings Bank, F.S.B. |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
| (in thousands) |  |  |  |  |  |
| **ASSETS** |  |  |  |  |  |
| Cash and cash equivalents | $156149 | $251240 | $292726 | $178398 | $126284 |
| Investment securities |  |  |  |  |  |
| Available-for-sale investment securities, at fair value | 1429667 | 2574618 | 1970417 | 1232826 | 1388533 |
| Held-to-maturity investment securities, at amortized cost | 1251747 | 522270 | 226947 | 139451 | 141875 |
| Investment in stock of Federal Home Loan Bank, at cost | 26560 | 10000 | 8680 | 8434 | 9958 |
| Loans receivable, net | 5907514 | 5150388 | 5260917 | 5080107 | 4792707 |
| Real estate acquired in settlement of loans, net | 115 |  | 43 |  | 406 |
| Other and other intangibles, net | 692028 | 590897 | 554613 | 511611 | 485941 |
| Goodwill | 82190 | 82190 | 82190 | 82190 | 82190 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | $9545970 | $9181603 | $8396533 | $7233017 | $7027894 |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |  |  |  |  |
| Deposit liabilities | $8169696 | $8172212 | $7386957 | $6271902 | $6158852 |
| Other borrowings | 695120 | 88305 | 89670 | 115110 | 110040 |
| Other | 212269 | 193268 | 183731 | 146954 | 124613 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | 9077085 | 8453785 | 7660358 | 6533966 | 6393505 |
| Common stock | 355807 | 353896 | 351759 | 349454 | 347171 |
| Retained earnings | 449693 | 411704 | 369470 | 358259 | 325286 |
| Accumulated other comprehensive income (loss), net of tax benefits | (336615) | (37782) | 14946 | (8662) | (38068) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total shareholder's equity** | 468885 | 727818 | 736175 | 699051 | 634389 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholder's equity** | $9545970 | $9181603 | $8396533 | $7233017 | $7027894 |
| Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATE OF HAWAII INFORMATION** | | | | | |
| Unaudited |  |  |  |  |  |
| Years ended December 31, except as noted | 2022 | 2021 | 2020 | 2019 | 2018 |
| **POPULATION BY COUNTY (thousands)** <sup>1</sup> |  |  |  |  |  |
| Honolulu | n/a | 1001 | 1013 | 973 | 981 |
| Hawaii | n/a | 203 | 201 | 202 | 202 |
| Maui | n/a | 164 | 165 | 168 | 167 |
| Kauai | n/a | 73 | 73 | 72 | 72 |
|  |  | 1441 | 1452 | 1415 | 1422 |
| **VISITOR DATA** |  |  |  |  |  |
| Visitor arrivals by air (thousands) | 9152 | 6777 | 2678 | 10243 | 9827 |
| Visitor days by air (thousands) | 84794 | 65343 | 28517 | 89692 | 88009 |
| Visitor expenditures by air (dollars in millions) | $19251 | $12995 | $3915 | $17657 | $17778 |
| **Year-over-year change (%)** |  |  |  |  |  |
| Visitor arrivals by air | 35.0 | 153.1 | (73.8) | 5.3 | 5.9 |
| Visitor days | 29.8 | 129.1 | (68.2) | 2.9 | 5.4 |
| Visitor expenditures by air | 46.7 | 232.0 | (73.6) | 1.4 | 6.9 |
| **CONSTRUCTION INDUSTRY DATA (millions)** |  |  |  |  |  |
| Value of private building permits authorized <sup>2</sup> | $3579 | $3747 | $3108 | $3221 | $3268 |
| Government contracts awarded | $5961 | $5142 | $3081 | $594 | $1949 |
| Estimated value of completed construction | n/a | 10108 | $9757 | $9609 | $9456 |
| **OTHER DATA** |  |  |  |  |  |
| State real gross domestic product (millions of 2012 dollars) <sup>3</sup> | $76485 | $74547 | $70109 | $79175 | $82204 |
| Honolulu Consumer Price Index (% change) | 6.5 | 3.8 | 1.6 | 1.6 | 1.9 |
| Total non-agriculture wage and salary jobs (thousands) <sup>4</sup>  | 609 | 584 | 560 | 659 | 658 |
| Unemployment rate (average annual %) | 3.6 | 5.7 | 12.0 | 2.5 | 2.5 |
| Note: Columns may not foot due to rounding. |  |  |  |  |  |
| Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii | Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii | Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii | Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii | Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii | Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis. |
| <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. | <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. | <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. | <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. | <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. | <sup>1</sup> Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing. |
| <sup>2</sup> Excludes public construction. |  |  |  |  |  |
| <sup>3</sup> Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes. | <sup>3</sup> Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes. | <sup>3</sup> Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes. | <sup>3</sup> Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes. | <sup>3</sup> Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes. |  |
| <sup>4</sup> Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations). | <sup>4</sup> Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations). | <sup>4</sup> Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations). | <sup>4</sup> Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations). | <sup>4</sup> Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations). |  |
| n/a: Not available |  |  |  |  |  |

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