Document:

<PAGE>

                                                                    Exhibit 4(q)

                       HAWAIIAN ELECTRIC INDUSTRIES, INC.

                        Officers' Certificate Pursuant to
                    Sections 2.01 and 13.06 of the Indenture

                  The undersigned hereby certify, pursuant to the Junior
Indenture, dated as of February 1, 1997 (the "Indenture"), between Hawaiian
Electric Industries, Inc., a Hawaii corporation (the "Company"), and The Bank of
New York, a New York banking corporation, as Trustee (the "Trustee"), that:

                  A.       There has been established pursuant to Board
Resolutions duly adopted by the Board of Directors of the Company at its meeting
held on __________ ___, 200__, a series of Debentures to be issued under the
Indenture, which Debentures shall be in the form and shall include the
Certificate of Authentication attached hereto and shall have the following
(terms defined in the Indenture but not herein shall have the meanings given to
such terms in the Indenture):

                           1.       The title of the Debentures of such series
         is "Junior Subordinated Debentures, Series ___, Due __________" (the
         "Series ___ Debentures");

                           2.       The limit upon the aggregate principal
         amount of the Series ___ Debentures which may be authenticated and
         delivered under the Indenture (except for the Series ___ Debentures
         authenticated and delivered upon registration of transfer of, or in
         exchange for, or in lieu of, other Series ___ Debentures) is
         $_______________;

                           3.       The Series ___ Debentures will be issued at
         ___% of their principal amount. The date on which the principal of the
         Series ___ Debentures is payable shall be __________ ___, _____ (the
         "Stated Maturity");

                           4.       The Series ___ Debentures will bear interest
         at the rate of _____% per annum (the "Stated Rate");

                           5.       The principal of (and premium, if any) and
         interest on the Series ___ Debentures shall be payable and the Series
         ___ Debentures shall be surrendered for registration of transfer or
         exchange at the offices and agencies of the Company maintained for that
         purpose in the Borough of Manhattan, the City and State of New York, or
         at such other location or locations selected by the Company, agreed to
         by the Trustee and consistent with the Indenture. Payment of the
         principal (and premium, if any) and interest due with respect to the
         Series ___ Debentures on any date on which the principal thereof
         becomes due and payable by its terms (whether at the Stated Maturity,
         upon earlier redemption or acceleration or otherwise) ( "Maturity")
         will be made in immediately available funds upon surrender of the
         Series ___ Debentures at the place or

                                       1
<PAGE>

         places provided hereinabove, provided that the Series ___ Debentures
         are presented to the Paying Agent in time for the Paying Agent to make
         such payments in such funds in accordance with its normal procedures.
         Payments of interest other than at Maturity will be made at the place
         or places provided hereinabove; provided that payment of interest on
         Debentures that are not registered to a Hawaiian Electric Industries
         Capital Trust may be made at the option of the Company by check mailed
         to the address of the Person entitled thereto as it appears on the
         Debenture Register or by wire transfer to an account appropriately
         designated by the Person entitled thereto as it appears on the
         Debenture Register;

                           6.       Interest shall accrue from the original date
         of issuance of the Series ___ Debentures until the principal thereof
         becomes due and payable, and on any overdue principal and, to the
         extent that payment of such interest is enforceable under applicable
         law, on any overdue installment of interest at the Stated Rate, payable
         quarterly in arrears on ________ ___, ________ ___, __________ ___, and
         ___________ ___ of each year (each, an "Interest Payment Date"),
         commencing on __________ ___, 200__ to holders of record as they appear
         on the Debenture Register on the _____ day of the month in which an
         Interest Payment Date shall occur;

                           7.       The Company shall have the right at any time
         during the term of the Series ___ Debentures, from time to time, to
         extend the interest payment period of the Series ___ Debentures for a
         period (including any extensions thereof) not exceeding ____
         consecutive quarters (each, an "Extension Period"), during which
         Extension Period interest will accumulate and compound quarterly (to
         the extent permitted by applicable law) at the Stated Rate and the
         Company shall have the right to make partial payments of interest on
         any Interest Payment Date, and at the end of which Extension Period the
         Company shall pay all interest then accrued and unpaid (together with
         Additional Interest thereon to the extent that payment of such interest
         is permitted by applicable law). Prior to the termination of any such
         Extension Period, the Company may further extend the interest payment
         period, provided that such Extension Period together with all such
         previous and further extensions thereof shall not exceed ____
         consecutive quarters or extend beyond the Stated Maturity. Upon the
         termination of any such Extension Period and upon the payment of all
         accrued and unpaid interest and any Additional Interest then due, the
         Company may select a new Extension Period, subject to the foregoing
         requirements. No interest shall be due and payable during an Extension
         Period except at the end thereof. The Company shall give the holders of
         Series ___ Debentures and the Trustee written notice of its selection
         of an Extension Period at least one Business Day prior to [the earlier
         of (i)] the next Interest Payment Date [and (ii) the date Hawaiian
         Electric Industries Capital Trust ___, a Delaware statutory trust (the
         "Trust"), is required to give notice to the New York Stock Exchange or
         other applicable self-regulatory organization or to holders of its
         Trust Preferred Securities of the record date or the date distributions
         thereon are payable, but in any event not less than one Business Day
         prior to such record date];

                           8.       At any time on or after __________, _____,
         the Company shall have the right to redeem the Series ___ Debentures,
         in whole or in part, from time to time,

                                       2
<PAGE>

         at a redemption price equal to ___% of the principal amount of the
         Series ___ Debentures to be redeemed plus accrued but unpaid interest,
         including any Additional Interest, if any, to the redemption date (the
         "Redemption Price") upon not less than 30 nor more than 60 days'
         notice. [Add any trust related redemption provisions.]

                           9.       There is no obligation of the Company to
         redeem or purchase the Series ___ Debentures pursuant to any sinking
         fund or analogous provision, or at the option of the holder thereof;

                           10.      The form of Series ___ Debentures, including
         the form of Certificate of Authentication, is attached hereto;

                           11.      The Series ___ Debentures will [not] be
         issued as a Global Debenture and there shall [not] be a Depository for
         a Global Debenture for the Series ___ Debentures;

                           12.      The Series ___ Debentures will not be
         deposited as partnership assets in any partnership;

                           13.      The Series A Debentures will [not] be
         deposited as trust assets in the Trust;

                           14.      The Series ___ Debentures [will only] [will
         not] be sold to Persons who are directly or indirectly owned or
         controlled by the Company and who are Affiliates of the Company; and

                           15.      In case of any conflict between this
         certificate and the Series ___ Debentures in the form attached hereto,
         or between the above-mentioned Board Resolutions and the Series ___
         Debentures in such forms, the Series ___ Debentures shall control.

                  B.       Each of the undersigned has read the Indenture,
including the provisions of Sections 2.01 and 13.06 thereof and the definitions
relating thereto, and the Board Resolutions referred to above. In the opinion of
each of the undersigned, he or she has made such examination or investigation as
is necessary to enable him or her to express an informed opinion as to whether
or not all conditions precedent provided in the Indenture relating to the
establishment of the title and terms of a series of Debentures under the
Indenture, designated as the Series ___ Debentures in this Officers'
Certificate, and to the authentication and delivery by the Trustee of the Series
___ Debentures, have been complied with. In the opinion of the undersigned, all
such conditions precedent have been complied with.

                  IN WITNESS WHEREOF, the undersigned has hereunto executed this
Officers' Certificate as of the _____ day of __________, __________.

                                       3
<PAGE>

                                 HAWAIIAN ELECTRIC INDUSTRIES, INC.

                                 By: ______________________________________
                                     Name:
                                     Title:

                                 By: ______________________________________
                                     Name:
                                     Title:

                                        4
<PAGE>
                           (FORM OF FACE OF DEBENTURE)

                                 No. __________

                       HAWAIIAN ELECTRIC INDUSTRIES, INC.

                _____% JUNIOR SUBORDINATED DEBENTURE, SERIES ___,
                                    DUE _____

                        $_______________ PRINCIPAL AMOUNT

            HAWAIIAN ELECTRIC INDUSTRIES, INC., a Hawaii corporation (the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
___________________ or registered assigns, the principal sum of
_____________________ Dollars ($_______________) on __________, _____ (the
"Stated Maturity"), and to pay interest on said principal sum from the original
date of issuance or from the most recent interest payment date (each such date,
an "Interest Payment Date") to which interest has been paid or duly provided
for, quarterly (subject to deferral as set forth herein) in arrears on ________
___, __________ ___, ____________ ___ and ___________ ___ of each year
commencing _________ ___, 200__, at the rate of _____% per annum (the "Stated
Rate"), plus Additional Interest, if any, until the principal hereof shall have
become due and payable, and on any overdue principal and premium, if any. The
amount of interest payable on any Interest Payment Date shall be computed on the
basis of a 360-day year of twelve 30-day months, except that, for any period
shorter than a full 90-day quarter, interest will be computed on the basis of
the actual number of days elapsed in such 90-day quarter. In the event that any
date on which interest is payable on this Debenture is not a Business Day (as
defined in the Indenture), then payment of interest payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (without any reduction in interest or other
payments in respect of such early payment), in each case with the same force and
effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture referred to below, be paid to the person in whose name
this Debenture (or one or more Predecessor Debentures, as defined in the
Indenture) is registered at the close of business on the regular record date for
such interest installment.

            Any interest on this Debenture which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date for
Debentures of the same series (herein called "Defaulted Interest") shall
forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder; and such Defaulted Interest
shall be paid by the Company, at its election, as provided in clause (1) or
clause (2) below:

            (1) The Company may make payment of any Defaulted Interest on this
      Debenture to the Person or Persons in whose names this Debenture (or one
      or more Predecessor Debentures) are registered at the close of business on
      a special record date

                                       5
<PAGE>
      for the payment of such Defaulted Interest, which shall be fixed in the
      following manner: the Company shall notify the Trustee in writing of the
      amount of Defaulted Interest proposed to be paid on this Debenture and the
      date of the proposed payment, and at the same time the Company shall
      deposit with the Trustee an amount of money equal to the aggregate amount
      proposed to be paid in respect of such Defaulted Interest or shall make
      arrangements satisfactory to the Trustee for such deposit prior to the
      date of the proposed payment, such money when deposited to be held in
      trust for the benefit of the persons entitled to such Defaulted Interest
      as in this clause provided. Thereupon the Trustee shall fix a special
      record date for the payment of such Defaulted Interest which shall not be
      more than 15 nor less than 10 days prior to the date of the proposed
      payment and not less than 10 days after the receipt by the Trustee of the
      notice of the proposed payment. The Trustee shall promptly notify the
      Company of such special record date and, in the name and at the expense of
      the Company, shall cause notice of the proposed payment of such Defaulted
      Interest and the special record date therefor to be mailed, first class
      postage prepaid, to each Debentureholder at his or her address as it
      appears in the Debenture Register, not less than 10 days prior to such
      special record date. Notice of the proposed payment of such Defaulted
      Interest and the special record date therefor having been mailed as
      aforesaid, such Defaulted Interest shall be paid to the person or persons
      in whose names this Debenture (or one or more Predecessor Debentures) is
      registered on such special record date and shall be no longer payable
      pursuant to the following clause (2).

            (2) The Company may make payment of any Defaulted Interest on this
      Debenture in any other lawful manner not inconsistent with the
      requirements of any securities exchange on which this Debenture may be
      listed, and upon such notice as may be required by such exchange, if,
      after notice given by the Company to the Trustee of the proposed payment
      pursuant to this clause, such manner of payment shall be deemed
      practicable by the Trustee.

            The Company shall have the right at any time during the term of this
Debenture, from time to time, to extend the interest payment period of this
Debenture for a period (including any extensions thereof) not exceeding ____
consecutive quarters (each, an "Extension Period"), during which Extension
Period interest will accumulate and compound quarterly (to the extent permitted
by applicable law) at the Stated Rate and the Company shall have the right to
make partial payments of interest on any Interest Payment Date, and at the end
of which Extension Period the Company shall pay all interest then accrued and
unpaid (together with Additional Interest thereon to the extent that payment of
such interest is permitted by applicable law). Prior to the termination of any
such Extension Period, the Company may further extend the interest payment
period, provided that such Extension Period together with all such previous and
further extensions thereof shall not exceed ____ consecutive quarters or extend
beyond the Stated Maturity. Upon the termination of any such Extension Period
and upon the payment of all accrued and unpaid interest and any Additional
Interest then due, the Company may select a new Extension Period, subject to the
foregoing requirements. No interest shall be due and payable during an Extension
Period except at the end thereof. The Company shall give the holder of this
Debenture and the Trustee written notice of its selection of an Extension Period
at least one Business Day prior to [the earlier of (i)] the next Interest
Payment Date [and (ii) the date

                                       6
<PAGE>
[Hawaiian Electric Industries Capital Trust ___, a Delaware statutory trust (the
"Trust"),] is required to give notice to the New York Stock Exchange or other
applicable self-regulatory organization or to holders of its Trust Preferred
Securities of the record date or the date such distributions are payable, but in
any event not less than one Business Day prior to such record date].

            The principal of (and premium, if any) and interest on this
Debenture shall be payable and this Debenture shall be surrendered for
registration of transfer or exchange at the offices and agencies of the Company
maintained for that purpose in the Borough of Manhattan, the City and State of
New York, or at such other location or locations selected by the Company, agreed
to by the Trustee and consistent with the Indenture. Payment of the principal
(and premium, if any) and interest due with respect to this Debenture on any
date on which the principal hereof becomes due and payable by its terms (whether
at the Stated Maturity, upon earlier redemption or acceleration or otherwise)
("Maturity") will be made in immediately available funds upon surrender of this
Debenture at the place or places provided hereinabove, provided that this
Debenture is presented to the Paying Agent in time for the Paying Agent to make
such payments in such funds in accordance with its normal procedures. Payments
of interest other than at Maturity will be made at the place or places provided
hereinabove; provided that payment of interest on this Debenture if not
registered to a Hawaiian Electric Industries Capital Trust may be made at the
option of the Company by check mailed to the address of the Person entitled
thereto as it appears on the Debenture Register or by wire transfer to an
account appropriately designated by the Person entitled thereto as it appears on
the Debenture Register.

            The indebtedness evidenced by this Debenture is, to the extent
provided in the Indenture, subordinate and junior in right of payment to the
prior payment in full of all Senior Indebtedness, and this Debenture is issued
subject to the provisions of the Indenture with respect thereto. Each holder of
this Debenture, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his, her or its behalf to
take such action as may be necessary or appropriate to acknowledge or effectuate
the subordination so provided and (c) appoints the Trustee his or her
attorney-in-fact for any and all such purposes. Each holder hereof, by his, her
or its acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder of Senior Indebtedness upon said provisions.

            This Debenture shall not be entitled to any benefit under the
Indenture hereinafter referred to, be valid or become obligatory for any purpose
until the Certificate of Authentication hereon shall have been signed by or on
behalf of the Trustee by manual signature.

            The provisions of this Debenture are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place.

            IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

                                       7
<PAGE>
IN WITNESS WHEREOF, the Company has caused this instrument to be executed.

Dated:                           HAWAIIAN ELECTRIC INDUSTRIES, INC.

                                 By: ____________________________________
                                     Name:
                                     Title:

                                 By: ____________________________________
                                     Name:
                                     Title:

                                       8
<PAGE>
                         (FORM OF REVERSE OF DEBENTURE)

                     This Debenture is one of a duly authorized series of
Debentures of the Company (herein sometimes referred to as the "Debentures"),
limited in aggregate principal amount to $_______________, all issued or to be
issued in one or more series under and pursuant to a Junior Indenture dated as
of February 1, 1997 (as it may be amended or supplemented from time to time, the
"Indenture") duly executed and delivered between the Company and The Bank of New
York, as Trustee (the "Trustee", which term includes any successor trustee under
the Indenture), and pursuant to an Officers' Certificate dated __________, _____
(the "Officers' Certificate") duly executed by _______________, _______________,
and _______________, _______________, of the Company, to which Indenture and
said Officers' Certificate thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the holders of the Debentures and of the terms
upon which the Debentures are, and are to be, authenticated and delivered. By
the terms of the Indenture, the Debentures are issuable in series that may vary
as to amount, date of maturity, rate of interest and in other respects as
provided in the Indenture.

            At any time on or after __________, _____, the Company shall have
the right to redeem the Debentures of this series, in whole or in part, from
time to time, at a redemption price equal to ___% of the principal amount of
Debentures to be redeemed plus accrued but unpaid interest, including any
Additional Interest, if any, to the redemption date (the "Redemption Price")
upon not less than 30 nor more than 60 days' notice.

            [Add any trust related redemption provisions.]

            In the event of redemption of this Debenture in part only, a new
Debenture or Debentures for the unredeemed portion hereof will be issued in the
name of the holder hereof upon the cancellation hereof.

            In case an Event of Default with respect to the Debentures of this
series shall have occurred and be continuing, the principal of all of the
Debentures of this series may be declared, and upon such declaration shall
become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

            The Indenture contains provisions for satisfaction and discharge at
any time of the entire indebtedness of this Debenture upon compliance by the
Company with certain conditions set forth in the Indenture.

            The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Debentures of each series affected at the time
Outstanding [(and such consent of the holders of the Trust Preferred Securities
and the Trust Common Securities of the Trust as may be required under the Trust
Agreement of the Trust)] to modify the Indenture in a manner affecting the
rights of the holders of the Debentures of such series; provided, however, that
no such modification may, without the consent of the holder of each Debenture
[(and such consent of the holders of the Trust Preferred Securities and the
Trust Common Securities of the Trust as may be required

                                       9
<PAGE>
under the Trust Agreement of the Trust)] then Outstanding and affected thereby,
(i) extend the fixed maturity of any Debentures of any series, or reduce the
principal amount thereof (including in the case of a discounted Debenture the
amount payable thereon in the event of acceleration or the amount provable in
bankruptcy) or any premium thereon, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable upon the redemption
thereof, or make the principal of or interest or premium, if any, on the
Debentures of such series payable in any coin or currency other than that
provided in the Debentures of such series, or impair or affect the right of any
Debentureholder to institute suit for the payment thereof or the right of
prepayment, if any, at the option of the Debentureholder, (ii) reduce the
aforesaid percentage of Debentures of such series, the holders of which are
required to consent to any such modification, or (iii) otherwise adversely
affect the interest of the holders of the Debentures of such series.

            No reference herein to the Indenture and no provision of this
Debenture or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
premium, if any, and interest on this Debenture at the time and place and at the
rate and in the currency herein prescribed, in accordance with the terms of the
Indenture, this Debenture and the Officers' Certificate.

            As provided in the Indenture and subject to certain limitations
therein set forth, this Debenture is transferable by the registered holder
hereof on the Debenture Register of the Company, upon surrender of this
Debenture for registration of transfer at the office or agency provided by the
Company for that purpose accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company or the Trustee duly executed by the
registered holder hereof or such holder's attorney duly authorized in writing,
and thereupon one or more new Debentures of authorized denominations and for the
same aggregate principal amount and series will be issued to the designated
transferee or transferees. No service charge will be made for any such transfer,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in relation thereto, subject to certain
limitations set forth in the Indenture.

            Prior to due presentment for registration of transfer of this
Debenture, the Company, the Trustee, any Paying Agent and the Debenture
Registrar may deem and treat the registered holder hereof as the absolute owner
hereof (whether or not this Debenture shall be overdue and notwithstanding any
notice of ownership or writing hereon made by anyone other than the Debenture
Registrar) for the purpose of receiving payment of or on account of the
principal hereof and premium, if any, and interest due hereon and for all other
purposes, and neither the Company nor the Trustee nor any paying agent nor any
Debenture Registrar shall be affected by any notice to the contrary.

            No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

                                       10
<PAGE>
            The Debentures of this series are issuable only in registered form
without coupons in denominations of $_____ and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations herein and therein
set forth, the Debentures of this series so issued are exchangeable for a like
aggregate principal amount of Debentures of this series of a different
authorized denomination, as requested by the holder surrendering the same.

            All terms used in this Debenture that are defined in the Indenture
and the Officers' Certificate shall have the meanings assigned to them in the
Indenture and the Officers' Certificate.

            THIS DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

                                       11
<PAGE>
                     (FORM OF CERTIFICATE OF AUTHENTICATION)

                          CERTIFICATE OF AUTHENTICATION

      This is one of the Debentures of the series designated herein referred to
in the within-mentioned Indenture and Officers' Certificate.

THE BANK OF NEW YORK
as Trustee

By:    __________________________
       Authorized Officer

                                       12
<PAGE>
                                   ASSIGNMENT

           FOR VALUE RECEIVED, the undersigned assigns and transfers this
Debenture to:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
        (INSERT ASSIGNEE'S SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(INSERT ADDRESS AND ZIP CODE OF ASSIGNEE)

and irrevocably appoints

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
agent to transfer this Debenture on the books of the Company. The agent may
substitute another to act for him or her.

Date:
      ----------------------------------------

Signature:
           -----------------------------------
(SIGN EXACTLY AS YOUR NAME APPEARS IN THIS DEBENTURE)

                                       13<PAGE>

                                                                    EXHIBIT 4(v)

================================================================================

                 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

                  HAWAIIAN ELECTRIC INDUSTRIES CAPITAL TRUST II

                          DATED AS OF ________ __, 200_

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
                                             ARTICLE I
                                   DEFINITIONS AND INTERPRETATION

SECTION 1.1   Definitions and Interpretation...............................................      1

                                             ARTICLE II
                                        TRUST INDENTURE ACT

SECTION 2.1   Trust Indenture Act; Application.............................................      4

SECTION 2.2   Lists of Holders of Securities...............................................      4

SECTION 2.3   Reports by the Trust Guarantee Trustee.......................................      5

SECTION 2.4   Periodic Reports to the Trust Guarantee Trustee..............................      5

SECTION 2.5   Evidence of Compliance with Conditions Precedent.............................      5

SECTION 2.6   Events of Default; Waiver....................................................      5

SECTION 2.7   Event of Default; Notice.....................................................      5

SECTION 2.8   Conflicting Interests........................................................      6

                                            ARTICLE III
                      POWERS, DUTIES AND RIGHTS OF THE TRUST GUARANTEE TRUSTEE

SECTION 3.1   Powers and Duties of the Trust Guarantee Trustee.............................      6

SECTION 3.2   Certain Rights of the Trust Guarantee Trustee................................      7

SECTION 3.3   Not Responsible for Recitals or Issuance of the Trust Guarantee..............      9

                                             ARTICLE IV
                                    THE TRUST GUARANTEE TRUSTEE

SECTION 4.1   The Trust Guarantee Trustee; Eligibility.....................................      9

SECTION 4.2   Appointment, Removal and Resignation of the Trust Guarantee Trustee..........     10

SECTION 4.3   Successor to the Trust Guarantee Trustee by Merger, Consolidation or
              Succession to Business.......................................................     11

                                             ARTICLE V
                                        THE TRUST GUARANTEE

SECTION 5.1   Guarantee....................................................................     11

SECTION 5.2   Waiver of Notice and Demand..................................................     11

SECTION 5.3   Obligations Not Affected.....................................................     11

SECTION 5.4   Rights of Holders............................................................     12

SECTION 5.5   Guarantee of Payment.........................................................     13
</TABLE>

                                      (i)
<PAGE>

<TABLE>
<S>                                                                                             <C>
SECTION 5.6   Subrogation..................................................................     13

SECTION 5.7   Independent Obligations......................................................     13

                                             ARTICLE VI
                             LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1   Limitation of Transactions...................................................     13

SECTION 6.2   Ranking......................................................................     14

                                            ARTICLE VII
                                            TERMINATION

SECTION 7.1   Termination..................................................................     14

                                            ARTICLE VIII
                                  EXCULPATION AND INDEMNIFICATION

SECTION 8.1   Exculpation..................................................................     14

SECTION 8.2   Indemnification..............................................................     15

                                             ARTICLE IX
                                           MISCELLANEOUS

SECTION 9.1   Successors and Assigns.......................................................     15

SECTION 9.2   Amendments and Assignment....................................................     15

SECTION 9.3   Merger of the Guarantor......................................................     16

SECTION 9.4   Notices......................................................................     16

SECTION 9.5   Benefit......................................................................     17

SECTION 9.6   Governing Law................................................................     17
</TABLE>

                                      (ii)
<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
    Section of                                                                                    Section of
Trust Indenture Act                                                                               Guarantee
of 1939, as amended                                                                               Agreement
-------------------                                                                               ---------
<S>                                                                                             <C>
310(a) ....................................................................................     4.1(a)
310(b) ....................................................................................     2.8, 4.1(c)
310(c) ....................................................................................     Inapplicable
311(a) ....................................................................................     2.2(b)
311(b) ....................................................................................     2.2(b)
311(c) ....................................................................................     Inapplicable
312(a) ....................................................................................     2.2(a)
312(b) ....................................................................................     2.2(b)
313 .......................................................................................     2.3
314(a) ....................................................................................     2.4
314(b) ....................................................................................     Inapplicable
314(c) ....................................................................................     2.5
314(d) ....................................................................................     Inapplicable
314(e) ....................................................................................     1.1, 2.5, 3.2
314(f) ....................................................................................     2.1, 3.2
315(a) ....................................................................................     3.1(d)
315(b) ....................................................................................     2.7
315(c) ....................................................................................     3.1
315(d) ....................................................................................     3.1(d)
316(a) ....................................................................................     1.1, 2.6, 5.4
316(b) ....................................................................................     5.3
316(c) ....................................................................................     9.2
317(a) ....................................................................................     Inapplicable
317(b) ....................................................................................     Inapplicable
318(a) ....................................................................................     2.1(b)
318(b) ....................................................................................     2.1
318(c) ....................................................................................     2.1(a)
</TABLE>

-------------------------

*    This Cross-Reference Table does not constitute part of this Trust Preferred
     Securities Guarantee Agreement and shall not affect the interpretation of
     any of its terms or provisions.

                                     (iii)
<PAGE>

                 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

         This TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Trust
Guarantee"), dated as of ______ __, 200_, is executed and delivered by Hawaiian
Electric Industries, Inc., a Hawaii corporation (the "Guarantor" or the
"Company"), and The Bank of New York, a New York banking corporation, as trustee
(the "Trust Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Trust Preferred Securities (as defined herein)
of Hawaiian Electric Industries Capital Trust II, a Delaware statutory trust
(the "Trust").

         WHEREAS, pursuant to an Amended and Restated Trust Agreement (the
"Trust Agreement"), dated as of _______ __, 200_, among the trustees of the
Trust named therein, Hawaiian Electric Industries, Inc., as Sponsor and
Depositor, and the holders from time to time of undivided beneficial interests
in the assets of the Trust, the Trust is issuing on the date hereof __________
Trust Preferred Securities, having an aggregate liquidation amount of
$_________, designated the ____% Trust Preferred Securities (the "Trust
Preferred Securities") representing preferred undivided beneficial interests in
the assets of the Trust and having the terms set forth in the Trust Agreement;

         WHEREAS, as incentive for the Holders to purchase the Trust Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Trust Guarantee, to pay to the Holders of the Trust
Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein and;

         NOW, THEREFORE, in consideration of the purchase by each Holder of the
Trust Preferred Securities, which purchase the Guarantor hereby agrees shall
benefit the Guarantor both directly and indirectly, the Guarantor executes and
delivers this Trust Guarantee for the benefit of the Holders from time to time
of the Trust Preferred Securities.

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation

         In this Trust Guarantee, unless the context otherwise requires:

         (a)      capitalized terms used in this Trust Guarantee but not defined
in the preamble above have the respective meanings assigned to them in this
Section 1.1;

         (b)      capitalized terms used in this Trust Guarantee but not
otherwise defined herein shall have the meanings assigned to them in the Trust
Agreement;

         (c)      a term defined anywhere in this Trust Guarantee has the same
meaning throughout;

<PAGE>

         (d)      all references to "this Trust Guarantee" are to this Trust
Guarantee as modified, supplemented or amended from time to time;

         (e)      all references in this Trust Guarantee to Articles and
Sections are to Articles and Sections of this Trust Guarantee, unless otherwise
specified;

         (f)      a term defined in the Trust Indenture Act has the same meaning
when used in this Trust Guarantee, unless otherwise defined in this Trust
Guarantee or unless the context otherwise requires;

         (g)      a reference to the singular includes the plural and vice
versa; and

         (h)      the masculine, feminine or neuter genders used herein shall
include the masculine, feminine and neuter genders.

         "Affiliate" means, with respect to any specified Person, any other
Person that directly or indirectly controls or is controlled by, or is under
common control with, such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise,
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "Business Day" means any day other than a day on which banking
institutions in the City of New York, State of New York are authorized or
required by any applicable law to close.

         "Comparable Equity Interest" shall mean any preferred security
hereafter issued by any finance subsidiary of which the Company is the parent
company and the principal purpose of which is to lend the proceeds of the sale
thereof to the Company or to eligible affiliates of the Company.

         "Corporate Trust Office" means the principal trust office of the Trust
Guarantee Trustee at which, at any particular time, its corporate trust business
shall be administered, which office at the date hereof is located at 101 Barclay
Street, 8W, New York, New York 10286, Attention: Corporate Trust Administration.

         "Covered Person" means any Holder or beneficial owner of Trust
Preferred Securities.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Trust Guarantee.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Trust Preferred Securities, to the
extent not paid or made by the Trust: (i) any accumulated and unpaid
Distributions (as defined in the Trust Agreement) that are required to be paid
on such Trust Preferred Securities to the extent the Trust shall have funds
available therefor, (ii) the redemption price, including all accumulated and
unpaid Distributions to the date of redemption (the "Redemption Price") to the
extent the Trust has funds available therefor, with respect to any Trust
Preferred Securities called for redemption by the Trust, and (iii) upon a
voluntary or involuntary dissolution, winding-up or termination of the Trust
(other

                                       2
<PAGE>

than in connection with the distribution of the Debentures to the Holders as
provided in the Trust Agreement or the redemption of all of the Trust Preferred
Securities), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Trust Preferred Securities to the
date of payment and (b) the amount of assets of the Trust remaining available,
after satisfaction of all obligations of the Trust, for distribution to Holders
in liquidation of the Trust (in either case, the "Liquidation Distribution").

         "Holder" shall mean any and each holder, as registered on the books and
records of the Trust, of any Trust Preferred Securities; provided, however,
that, in determining whether the holders of the requisite percentage of Trust
Preferred Securities have given any request, notice, consent or waiver
hereunder, "Holder" shall not include the Guarantor or any Affiliate of the
Guarantor.

         "Indemnified Person" means the Trust Guarantee Trustee, any Affiliate
of the Trust Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives, nominees, custodians or agents of
the Trust Guarantee Trustee.

         "Majority in liquidation amount of the Trust Preferred Securities"
means, except as provided by the Trust Indenture Act, a vote by Holders of the
Trust Preferred Securities, voting separately as a class, of more than 50% of
the aggregate liquidation amount (including the stated amount that would be paid
on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the date on which the voting percentages are determined) of all
Trust Preferred Securities then outstanding.

         "Officer's Certificate" means, with respect to any Person, a
certificate signed by an Authorized Officer of such Person. Any Officer's
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Guarantee shall include:

         (a)      a statement that the officer signing the Officer's Certificate
has read the covenant or condition and the definition relating thereto;

         (b)      a brief statement of the nature and scope of the examination
or investigation undertaken by the officer in rendering the Officer's
Certificate;

         (c)      a statement that such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

         (d)      a statement as to whether, in the opinion of such officer,
such condition or covenant has been complied with.

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Responsible Officer" means, with respect to the Trust Guarantee
Trustee, any officer within the Corporate Trust Office of the Trust Guarantee
Trustee, including any vice president,

                                       3
<PAGE>

any assistant vice president, any assistant secretary, any assistant treasurer
or other officer of the Trust Guarantee Trustee customarily performing functions
similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of that officer's knowledge of and
familiarity with the particular subject.

         "Successor Trust Guarantee Trustee" means a successor Trust Guarantee
Trustee possessing the qualifications to act as Trust Guarantee Trustee under
Section 4.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

         "Trust Guarantee Trustee" means The Bank of New York, a New York
banking corporation, until a Successor Trust Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this Trust
Guarantee and thereafter means each such Successor Trust Guarantee Trustee.

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application

         (a)      This Trust Guarantee is subject to the provisions of the Trust
Indenture Act that are required to be part of this Trust Guarantee and shall, to
the extent applicable, be governed by such provisions.

         (b)      If and to the extent that any provision of this Trust
Guarantee limits, qualifies or conflicts with the duties imposed by Section 310
to 317, inclusive, of the Trust Indenture Act, the duties imposed by the Trust
Indenture Act shall control.

SECTION 2.2 Lists of Holders of Securities

         (a)      The Trust Guarantee Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders of the Trust Preferred Securities. If the Trust
Guarantee Trustee is not the Registrar, the Guarantor shall furnish (or cause to
be furnished) to the Trust Guarantee Trustee semi-annually on or before the last
day of June and December in each year, and at such other times as the Trust
Guarantee Trustee may request in writing, a list, in such form and as of such
date as the Trust Guarantee Trustee may reasonably require, containing all the
information in the possession or control of the Registrar, the Guarantor or any
of its Paying Agents other than the Trust Guarantee Trustee as to the names and
addresses of Holders of the Trust Preferred Securities. If there are
unregistered securities outstanding, even if the Trust Guarantee Trustee is the
Registrar, the Company shall furnish to the Trust Guarantee Trustee such a list
containing such information with respect to Holders of such unregistered
securities only.

         (b)      The Trust Guarantee Trustee shall comply with its obligations
under Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

                                       4
<PAGE>

SECTION 2.3 Reports by the Trust Guarantee Trustee

         Within 60 days after May 15 of each year, the Trust Guarantee Trustee
shall provide to the Holders of the Trust Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Trust
Guarantee Trustee shall also comply with the requirements of Section 313(d) of
the Trust Indenture Act.

SECTION 2.4 Periodic Reports to the Trust Guarantee Trustee

         The Guarantor shall provide to the Trust Guarantee Trustee such
documents, reports and information as required by Section 314 (if any) and the
compliance certificate required by Section 314 of the Trust Indenture Act in the
form, in the manner and at the times required by Section 314 of the Trust
Indenture Act. Delivery of such reports, information and documents to the Trust
Guarantee Trustee is for informational purposes only and the Trust Guarantee
Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein.

SECTION 2.5 Evidence of Compliance with Conditions Precedent

         The Guarantor shall provide to the Trust Guarantee Trustee such
evidence of compliance with any conditions precedent, if any, provided for in
this Trust Guarantee that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officer's Certificate.

SECTION 2.6 Events of Default; Waiver

         The Holders of a Majority in liquidation amount of the Trust Preferred
Securities may, by vote, on behalf of the Holders of all of the Trust Preferred
Securities, waive any past Event of Default and its consequences. Upon such
waiver, any such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Trust Guarantee, but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

SECTION 2.7 Event of Default; Notice

         (a)      The Trust Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default, transmit by mail, first class postage
prepaid, to the Holders of the Trust Preferred Securities, notices of all Events
of Default actually known to a Responsible Officer of the Trust Guarantee
Trustee, unless such defaults have been cured before the giving of such notice;
provided, however, that the Trust Guarantee Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Trust
Guarantee Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders of the Trust Preferred Securities.

         (b)      The Trust Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Trust Guarantee Trustee shall have
received written notice, or of which a

                                       5
<PAGE>

Responsible Officer of the Trust Guarantee Trustee charged with the
administration of the Trust Agreement shall have obtained actual knowledge.

SECTION 2.8 Conflicting Interests

         The Trust Agreement shall be deemed to be specifically described in
this Trust Guarantee for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

                                   ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                           THE TRUST GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Trust Guarantee Trustee

         (a)      This Trust Guarantee shall be held by the Trust Guarantee
Trustee for the benefit of the Holders of the Trust Preferred Securities, and
the Trust Guarantee Trustee shall not transfer this Trust Guarantee to any
Person except a Holder of Trust Preferred Securities exercising its rights
pursuant to Section 5.4(b) or to a Successor Trust Guarantee Trustee on
acceptance by such Successor Trust Guarantee Trustee of its appointment to act
as Successor Trust Guarantee Trustee. The right, title and interest of the Trust
Guarantee Trustee shall automatically vest in any Successor Trust Guarantee
Trustee, and such vesting and cessation of title shall be effective whether or
not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Trust Guarantee Trustee.

         (b)      If an Event of Default actually known to a Responsible Officer
of the Trust Guarantee Trustee has occurred and is continuing, the Trust
Guarantee Trustee shall enforce this Trust Guarantee for the benefit of the
Holders of the Trust Preferred Securities.

         (c)      The Trust Guarantee Trustee, during the period before the
occurrence of any Event of Default and during the period after the curing or
waiver of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Trust Guarantee,
and no implied covenants shall be read into this Trust Guarantee against the
Trust Guarantee Trustee. In case an Event of Default has occurred (that has not
been cured or waived pursuant to Section 2.6) and is actually known to a
Responsible Officer of the Trust Guarantee Trustee, the Trust Guarantee Trustee
shall exercise such of the rights and powers vested in it by this Trust
Guarantee, and use the same degree of care and skill in its exercise thereof, as
a prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

         (d)      No provision of this Trust Guarantee shall be construed to
relieve the Trust Guarantee Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that:

                  (i)      During the period prior to the occurrence of any
         Event of Default and during the period after the curing or waiving of
         any Events of Default that may occur:

                                       6
<PAGE>

                           (A)      the duties and obligations of the Trust
                  Guarantee Trustee shall be determined solely by the express
                  provisions of this Trust Guarantee, and the Trust Guarantee
                  Trustee shall not be liable except for the performance of such
                  duties and obligations as are specifically set forth in this
                  Trust Securities Guarantee, and no implied covenants or
                  obligations shall be read into this Trust Securities Guarantee
                  against the Trust Guarantee Trustee; and

                           (B)      in the absence of bad faith on the part of
                  the Trust Guarantee Trustee, the Trust Guarantee Trustee may
                  conclusively rely, as to the truth of the statements and the
                  correctness of the opinions expressed therein, upon any
                  certificates or opinions furnished to the Trust Guarantee
                  Trustee and conforming to the requirements of this Trust
                  Guarantee; but in the case of any such certificates or
                  opinions that by any provision hereof are specifically
                  required to be furnished to the Trust Guarantee Trustee, the
                  Trust Guarantee Trustee shall be under a duty to examine the
                  same to determine whether or not they conform to the
                  requirements of this Trust Guarantee;

                  (ii)     The Trust Guarantee Trustee shall not be liable for
         any error of judgment made in good faith by a Responsible Officer of
         the Trust Guarantee Trustee, unless it shall be proved that the Trust
         Guarantee Trustee was negligent in ascertaining the pertinent facts
         upon which such judgment was made;

                  (iii)    The Trust Guarantee Trustee shall not be liable with
         respect to any action taken or omitted to be taken by it in good faith
         in accordance with the direction of the Holders of the Trust Preferred
         Securities relating to the time, method and place of conducting any
         proceeding for any remedy available to the Trust Guarantee Trustee, or
         exercising any trust or power conferred upon the Trust Guarantee
         Trustee under this Trust Guarantee; and

                  (iv)     No provision of this Trust Guarantee shall require
         the Trust Guarantee Trustee to expend or risk its own funds or
         otherwise incur personal financial liability in the performance of any
         of its duties or in the exercise of any of its rights or powers, if the
         Trust Guarantee Trustee shall have reasonable grounds for believing
         that the repayment of such funds or liability is not reasonably assured
         to it under the terms of this Trust Guarantee or indemnity, reasonably
         satisfactory to the Trust Guarantee Trustee, against such risk or
         liability is not reasonably assured to it.

SECTION 3.2 Certain Rights of the Trust Guarantee Trustee

         (a)      Subject to the provisions of Section 3.1:

                  (i)      The Trust Guarantee Trustee may conclusively rely,
         and shall be fully protected in acting or refraining from acting upon,
         any resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document believed by
         it to be genuine and to have been signed, sent or presented by the
         proper party or parties.

                                       7
<PAGE>

                  (ii)     Any direction or act of the Guarantor contemplated by
         this Trust Guarantee shall be sufficiently evidenced by an Officer's
         Certificate.

                  (iii)    Whenever, in the administration of this Trust
         Guarantee, the Trust Guarantee Trustee shall deem it desirable that a
         matter be proved or established before taking, suffering or omitting
         any action hereunder, the Trust Guarantee Trustee (unless other
         evidence is herein specifically prescribed) may, in the absence of bad
         faith on its part, request and conclusively rely upon an Officer's
         Certificate which, upon receipt of such request, shall be promptly
         delivered by the Guarantor.

                  (iv)     The Trust Guarantee Trustee shall have no duty to see
         to any recording, filing or registration of any instrument (or any
         rerecording, re-filing or registration thereof).

                  (v)      The Trust Guarantee Trustee may, at the expense of
         the Guarantor, consult with counsel of its selection with respect to
         this Trust Guarantee, and the advice or opinion of such counsel with
         respect to legal matters shall be full and complete authorization and
         protection in respect of any action taken, suffered or omitted by it
         hereunder in good faith and in accordance with such advice or opinion.
         Such counsel may be counsel to the Guarantor or any of its Affiliates
         and may include any of its employees. The Trust Guarantee Trustee shall
         have the right at any time to seek instructions concerning the
         administration of this Trust Guarantee from any court of competent
         jurisdiction.

                  (vi)     The Trust Guarantee Trustee shall be under no
         obligation to exercise any of the rights or powers vested in it by this
         Trust Guarantee at the request or direction of any Holder, unless such
         Holder shall have provided to the Trust Guarantee Trustee such security
         and indemnity, reasonably satisfactory to the Trust Guarantee Trustee,
         against the costs, expenses (including attorneys' fees and expenses and
         the expenses of the Trust Guarantee Trustee's agents, nominees or
         custodians) and liabilities that might be incurred by it in complying
         with such request or direction, including such reasonable advances as
         may be requested by the Trust Guarantee Trustee; provided that, nothing
         contained in this Section 3.2(a)(vi) shall be taken to relieve the
         Trust Guarantee Trustee, upon the occurrence of an Event of Default, of
         its obligation to exercise the rights and powers vested in it by this
         Trust Guarantee.

                  (vii)    The Trust Guarantee Trustee shall not be bound to
         make any investigation into the facts or matters stated in any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document, but the
         Trust Guarantee Trustee, in its discretion, may make such further
         inquiry or investigation into such facts or matters as it may see fit.

                  (viii)   The Trust Guarantee Trustee may execute any of the
         trusts or powers hereunder or perform any duties hereunder either
         directly or by or through agents, nominees, custodians or attorneys,
         and the Trust Guarantee Trustee shall not be

                                       8
<PAGE>

         responsible for any misconduct or negligence on the part of any agent
         or attorney appointed with due care by it hereunder.

                  (ix)     Any action taken by the Trust Guarantee Trustee or
         its agents hereunder shall bind the Holders of the Trust Preferred
         Securities, and the signature of the Trust Guarantee Trustee or its
         agents alone shall be sufficient and effective to perform any such
         action. No third party shall be required to inquire as to the authority
         of the Trust Guarantee Trustee to so act or as to its compliance with
         any of the terms and provisions of this Trust Guarantee, both of which
         shall be conclusively evidenced by the Trust Guarantee Trustee or its
         agent taking such action.

                  (x)      Whenever in the administration of this Trust
         Guarantee the Trust Guarantee Trustee shall deem it desirable to
         receive instructions with respect to enforcing any remedy or right or
         taking any other action hereunder, the Trust Guarantee Trustee (i) may
         request instructions from the Holders of a Majority in liquidation
         amount of the Trust Preferred Securities, (ii) may refrain from
         enforcing such remedy or right or taking such other action until such
         instructions are received, and (iii) shall be protected in conclusively
         relying on or acting in accordance with such instructions.

                  (xi)     The Trust Guarantee Trustee shall not be liable for
         any action taken, suffered, or omitted to be taken by it in good faith
         and reasonably believed by it to be authorized or within the discretion
         or rights or powers conferred upon it by this Trust Guarantee.

         (b)      No provision of this Trust Guarantee shall be deemed to impose
any duty or obligation on the Trust Guarantee Trustee to perform any act or acts
or exercise any right, power, duty or obligation conferred or imposed on it in
any jurisdiction in which it shall be illegal, or in which the Trust Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Trust Guarantee
Trustee shall be construed to be a duty.

SECTION 3.3 Not Responsible for Recitals or Issuance of the Trust Guarantee

         The recitals contained in this Trust Guarantee shall be taken as the
statements of the Guarantor, and the Trust Guarantee Trustee does not assume any
responsibility for their correctness. The Trust Guarantee Trustee makes no
representation as to the validity or sufficiency of this Trust Guarantee.

                                   ARTICLE IV
                           THE TRUST GUARANTEE TRUSTEE

SECTION 4.1 The Trust Guarantee Trustee; Eligibility

         (a)      There shall at all times be a Trust Guarantee Trustee which
shall:

                  (i)      not be an Affiliate of the Guarantor; and

                                       9
<PAGE>

                  (ii)     be a corporation organized and doing business under
         the laws of the United States of America or any State or Territory
         thereof or of the District of Columbia, or a corporation or Person
         permitted by the Securities and Exchange Commission to act as an
         institutional trustee under the Trust Indenture Act, authorized under
         such laws to exercise corporate trust powers, having a combined capital
         and surplus of at least fifty million U.S. dollars ($50,000,000), and
         subject to supervision or examination by Federal, State, Territorial or
         District of Columbia authority. If such corporation publishes reports
         of condition at least annually, pursuant to law or to the requirements
         of the supervising or examining authority referred to above, then, for
         the purposes of this Section 4.1(a)(ii), the combined capital and
         surplus of such corporation shall be deemed to be its combined capital
         and surplus as set forth in its most recent report of condition so
         published.

         (b)      If at any time the Trust Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Trust Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.2(c).

         (c)      If the Trust Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Trust Guarantee Trustee and Guarantor shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

SECTION 4.2 Appointment, Removal and Resignation of the Trust Guarantee Trustee

         (a)      Subject to Section 4.2(b), the Trust Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor except during
any period in which an Event of Default has occurred and is continuing.

         (b)      The Trust Guarantee Trustee shall not be removed in accordance
with Section 4.2(a) until a Successor Trust Guarantee Trustee has been appointed
and has accepted such appointment by written instrument executed by such
Successor Trust Guarantee Trustee and delivered to the Guarantor.

         (c)      The Trust Guarantee Trustee appointed to office shall hold
office until a Successor Trust Guarantee Trustee shall have been appointed or
until its removal or resignation. The Trust Guarantee Trustee may resign from
office (without need for prior or subsequent accounting) by an instrument in
writing executed by the Trust Guarantee Trustee and delivered to the Guarantor,
which resignation shall not take effect until a Successor Trust Guarantee
Trustee has been appointed and has accepted such appointment by instrument in
writing executed by such Successor Trust Guarantee Trustee and delivered to the
Guarantor and the resigning Trust Guarantee Trustee.

         (d)      If no Successor Trust Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60
days after delivery of an instrument of removal or resignation, the Trust
Guarantee Trustee resigning or being removed may petition any court of competent
jurisdiction for appointment of a Successor Trust Guarantee Trustee. Such court
may thereupon, after prescribing such notice, if any, as it may deem proper,
appoint a Successor Trust Guarantee Trustee.

                                       10
<PAGE>

         (e)      No Trust Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Trust Guarantee Trustee.

         (f)      Upon termination of this Trust Guarantee or removal or
resignation of the Trust Guarantee Trustee pursuant to this Section 4.2, and
before the appointment of any Successor Trust Guarantee Trustee, the Guarantor
shall pay to the Trust Guarantee Trustee all amounts to which it is entitled to
the date of such termination, removal or resignation.

SECTION 4.3 Successor to the Trust Guarantee Trustee by Merger, Consolidation or
            Succession to Business.

         Any corporation into which the Trust Guarantee Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trust Guarantee Trustee shall be the successor
of the Trust Guarantee Trustee hereunder, provided such corporation shall be
qualified and eligible under the provisions of Section 4.1(a), without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.

                                    ARTICLE V
                               THE TRUST GUARANTEE

SECTION 5.1 Guarantee

         The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Trust), if, as and when due, regardless of any defense, right of
setoff or counterclaim that the Trust may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Trust to pay
such amounts to the Holders.

SECTION 5.2 Waiver of Notice and Demand

         The Guarantor hereby waives notice of acceptance of this Trust
Guarantee and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Trust or
any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands.

SECTION 5.3 Obligations Not Affected

         The obligations, covenants, agreements and duties of the Guarantor
under this Trust Guarantee shall in no way be affected or impaired by reason of
the happening from time to time of any of the following:

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<PAGE>

         (a)      the release or waiver, by operation of law or otherwise, of
the performance or observance by the Trust of any express or implied agreement,
covenant, term or condition relating to the Trust Preferred Securities to be
performed or observed by the Trust;

         (b)      the extension of time for the payment by the Trust of all or
any portion of the Distributions, Redemption Price, Liquidation Distribution or
any other sums payable under the terms of the Trust Preferred Securities or the
extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Trust Preferred Securities;

         (c)      any failure, omission, delay or lack of diligence on the part
of the Holders or the Trust Guarantee Trustee to enforce, assert or exercise any
right, privilege, power or remedy conferred on the Holders or the Trust
Guarantee Trustee pursuant to the terms of the Trust Preferred Securities or
this Trust Guarantee, or any action on the part of the Trust granting indulgence
or extension of any kind;

         (d)      the voluntary or involuntary liquidation, dissolution, sale of
any collateral, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment of debt
of, or other similar proceedings affecting, the Trust or any of the assets of
the Trust;

         (e)      any invalidity of, or defect or deficiency in, the Trust
Preferred Securities;

         (f)      the settlement or compromise of any obligation guaranteed
hereby or hereby incurred; or

         (g)      any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

         There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

SECTION 5.4 Rights of Holders

         (a)      The Holders of a Majority in liquidation amount of the Trust
Preferred Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Trust Guarantee
Trustee in respect of this Trust Guarantee or exercising any trust or power
conferred upon the Trust Guarantee Trustee under this Trust Guarantee.

         (b)      If the Trust Guarantee Trustee fails to enforce its rights
under the Trust Guarantee after a Holder of Trust Preferred Securities has made
a written request, such Holder of Trust Preferred Securities may institute a
legal proceeding directly against the Guarantor to enforce the Trust Guarantee
Trustee's rights under this Trust Guarantee, without first instituting a legal
proceeding against the Trust, the Trust Guarantee Trustee or any other Person or
entity. Notwithstanding the foregoing, if the Guarantor has failed to make a
Guarantee Payment, a Holder of Trust Preferred Securities may directly institute
a proceeding in such Holder's own name against the Guarantor for enforcement of
the Trust Guarantee for such payment. The

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<PAGE>

Guarantor waives any right or remedy to require that any action be brought first
against the Trust, the Trust Guarantee Trustee or any other Person or entity
before proceeding directly against the Guarantor.

SECTION 5.5 Guarantee of Payment

         This Trust Guarantee constitutes a guarantee of payment and not of
collection.

SECTION 5.6 Subrogation

         The Guarantor shall be subrogated to all (if any) rights of the Holders
of the Trust Preferred Securities against the Trust in respect of any amounts
paid to such Holders by the Guarantor under this Trust Guarantee; provided,
however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Trust Guarantee, if,
at the time of any such payment, any amounts are due and unpaid under this Trust
Guarantee. If any amount shall be paid to the Guarantor in violation of the
preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

SECTION 5.7 Independent Obligations

         The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Trust Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Trust
Guarantee notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 Limitation of Transactions

         So long as any Trust Preferred Securities remain outstanding, if (a)
for any distribution period, full distributions on a cumulative basis on any
Trust Preferred Securities have not been paid or declared and set apart for
payment or (b) the Company is in default of its obligations under this Trust
Guarantee, then, during such period (i) the Company shall not declare or pay any
dividends on, make any distributions with respect to, or redeem, purchase or
acquire, or make a liquidation payment with respect to any of its capital stock
(except for dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, its common stock and exchanges or
conversions of common stock of one class for common stock of another class and
other than (x) purchases or acquisitions of shares of its common stock in
connection with the satisfaction by the Company of its obligations under any
employee benefit, dividend reinvestment, stock purchase or other stock plans or
any other contractual obligation of the Company, (y) as a result of a
reclassification of the Company's capital stock or the exchange or conversion of
one class or series of the Company's capital stock for another class or series
of the Company's capital stock or (z) the purchase of fractional interests in
shares of the Company's

                                       13
<PAGE>

capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged), (ii) the Company shall not
make any payment or cause any payment to be made that would result in, and shall
take such action as shall be necessary to prevent, the payment of any dividends
on, any distribution with respect to, any redemption, purchase or other
acquisition of, or any liquidation payment with respect to, any Comparable
Equity Interest, and (iii) the Company shall not make any guarantee payments
with respect to the foregoing (other than pursuant to this Trust Guarantee or
any other guarantee by the Company with respect to any Comparable Equity
Interest).

SECTION 6.2 Ranking

         This Trust Guarantee will constitute an unsecured obligation of the
Guarantor and will rank (i) subordinate and junior in right of payment to all
other existing liabilities of the Guarantor, including, without limitation, the
fees, charges, expenses and indemnities due to the Property Trustee or the
Delaware Trustee in respect of the Trust Agreement and to the Trust Guarantee
Trustee in respect of this Trust Guarantee, (ii) pari passu with (A) the most
senior preferred or preference stock now or hereafter issued by the Guarantor,
(B) any guarantee hereafter entered into by the Guarantor in respect of any
preferred security (similar to the Trust Preferred Securities) of any Affiliate
of the Guarantor, and (C) any other obligation of the Guarantor expressly stated
to rank pari passu with this Trust Guarantee or any of the foregoing, and (iii)
senior to the Guarantor's common stock. Any similar guarantee given hereafter by
the Guarantor with respect to securities similar to the Trust Preferred
Securities that is silent as to seniority will rank pari passu with this Trust
Guarantee.

                                   ARTICLE VII
                                   TERMINATION

SECTION 7.1 Termination

          This Trust Guarantee shall terminate upon (i) full payment of the
Redemption Price of all Trust Preferred Securities, (ii) the distribution of the
Debentures to the Holders of all outstanding Trust Preferred Securities or (iii)
full payment of the amounts payable in accordance with the Trust Agreement upon
liquidation of the Trust. Notwithstanding the foregoing, this Trust Guarantee
will continue to be effective or will be reinstated, as the case may be, if at
any time any Holder of Trust Preferred Securities must restore payment of any
sums paid under the Trust Preferred Securities or under this Trust Guarantee.

                                  ARTICLE VIII
                         EXCULPATION AND INDEMNIFICATION

SECTION 8.1 Exculpation

         (a)      No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Covered Person for
any loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith in accordance with this Trust
Guarantee and in a manner that such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Trust Guarantee or by law, except that an Indemnified Person shall be liable for
any such loss,

                                       14
<PAGE>

damage or claim incurred by reason of such Indemnified Person's gross negligence
or willful misconduct with respect to such acts or omissions.

         (b)      An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to
matters the Indemnified Person reasonably believes are within such other
Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and
amount of assets from which Distributions to Holders of the Trust Preferred
Securities might properly be paid.

SECTION 8.2 Indemnification

         The Guarantor agrees to indemnify each Indemnified Person for, and to
hold each Indemnified Person harmless against, any and all loss, liability,
damage, claim or expense, including taxes (other than taxes based on the income
of such Indemnified Person) incurred without gross negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of this
Trust Guarantee or the earlier resignation or removal of the Trust Guarantee
Trustee.

                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1 Successors and Assigns

         All guarantees and agreements contained in this Trust Guarantee shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Trust Preferred
Securities then outstanding.

SECTION 9.2 Amendments and Assignment

         Except with respect to any changes that do not materially adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Trust Guarantee may only be amended with the prior approval of
the Holders of at least a Majority in liquidation amount of the Trust Preferred
Securities. The provisions of Section 13.2 of the Trust Agreement with respect
to meetings of Holders of the Trust Preferred Securities apply to the giving of
such approval.

         The Guarantor may not assign its rights or delegate its obligations
under this Trust Guarantee without the prior approval of the Holders of at least
a Majority in liquidation amount of the Trust Preferred Securities.

                                       15
<PAGE>

SECTION 9.3 Merger of the Guarantor

         The Guarantor covenants that it will not merge or consolidate with any
other corporation or other entity or sell or convey all or substantially all of
its assets to any Person (other than such a sale or conveyance to a Subsidiary
or any successor thereto (such a sale or conveyance being called an "Asset
Drop-Down")), unless (i) either the Guarantor shall be the continuing
corporation or the successor corporation (or other entity or the Person which
acquires by sale or conveyance substantially all the assets of the Guarantor)
shall expressly assume the obligations of the Guarantor hereunder, according to
their tenor, and the due and punctual performance and observance of all of the
covenants hereof to be performed or observed by the Guarantor, by instrument in
form satisfactory to the Trust Guarantee Trustee, executed and delivered to the
Trust Guarantee Trustee by such corporation or other entity, and (ii) the
Guarantor or such successor corporation or other entity, as the case may be,
shall not, immediately after such merger or consolidation, or such sale or
conveyance, be in default in the performance of any such covenant or condition.
In the event of any Asset Drop-Down after the date hereof, any subsequent sale
or conveyance of assets by a Subsidiary to which assets were transferred in such
Asset Drop-Down will be deemed to be a sale or conveyance of assets by the
Guarantor for purposes of this provision.

SECTION 9.4 Notices

         All notices provided for in this Trust Guarantee shall be in writing,
duly signed by the party giving such notice, and shall be delivered, telecopied
or mailed by first class mail, as follows:

         (a)      If given to the Trust Guarantee Trustee, at the Trust
Guarantee Trustee's mailing address set forth below:

                           The Bank of New York
                           101 Barclay Street, 8W
                           New York, New York 10286
                           Attention: Corporate Trust Administration
                           Telecopy:___________________

         (b)      If given to the Guarantor, at the Guarantor's mailing address
set forth below (or such other address as the Guarantor may give notice of to
the Holders of the Trust Preferred Securities):

                           Hawaiian Electric Industries, Inc.
                           900 Richards Street
                           Honolulu, Hawaii 96813
                           Attention: Treasurer
                           Telecopy: (808) 543-7966

         (c)      If given to any Holder of Trust Preferred Securities, at the
address set forth on the books and records of the Trust.

         All such notices shall be deemed to have been given when received in
person, telecopied

                                       16
<PAGE>

with receipt confirmed, or mailed by first class mail with postage prepaid,
except that if a notice or other document is refused delivery or cannot be
delivered because of a changed address of which no notice was given, such notice
or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

SECTION 9.5 Benefit

         This Trust Guarantee is solely for the benefit of the Holders of the
Trust Preferred Securities and, subject to Section 3.1(a), is not separately
transferable from the Trust Preferred Securities.

SECTION 9.6 Governing Law

         THIS TRUST GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

         THIS TRUST GUARANTEE is executed as of the day and year first above
written.

                                       HAWAIIAN ELECTRIC INDUSTRIES, INC.
                                       Guarantor

                                       By: _____________________________________
                                            Name:  Eric K. Yeaman
                                            Title: Financial Vice President &
                                                   Treasurer

                                       By: _____________________________________
                                            Name:  Curtis Y. Harada
                                            Title: Controller

                                       THE BANK OF NEW YORK,
                                       as Trust Guarantee Trustee

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       17

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