HEI Releases Latest Consolidated Environmental, Social and Governance (ESG) Report

Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE), the parent company to Hawaiian Electric, American Savings Bank and Pacific Current, today announced the publication of its newest consolidated report describing its updated policies, actions and performance for 2022 with respect to a range of environmental, social and governance (ESG) matters. This is HEI's fourth annual ESG report.

"Our HEI family of companies is guided by a common purpose to create a better Hawai?i ? one that is thriving economically, environmentally, culturally and socially," said Scott Seu, HEI president and CEO. "We believe this purpose serves the long-term interests of all of our stakeholders ? it inspires us to act in ways that allow us not simply to advance, but to leap forward into a future that's brighter for us all."

The theme of HEI's latest ESG report is "Laulima," which translates to "many hands working together." The report details the work of all of the HEI companies in 2022 toward their common purpose, including in areas such as decarbonization; economic health and affordability; reliability and resilience; diversity, equity and inclusion; and human capital management.

"Laulima reflects the fact that creating a sustainable, thriving future is a collective effort," said Celeste Connors, CEO of Hawai?i Green Growth Local2030 Hub and an HEI board member. "As an island economy, we are constantly reminded of our interdependence and finite resources, and that informs the way we work together and the way business is done in Hawai?i and at HEI."

The report extends HEI's Task Force on Climate-related Financial Disclosures (TCFD) ? aligned reporting from the previous two years. Included this year is an expanded greenhouse gas (GHG) inventory that details Scope 1 and 2 GHG emissions and key Scope 3 emissions categories across all HEI companies. This year's report continues to present data aligned with Sustainability Accounting Standards Board (SASB) guidelines for HEI's utility and bank subsidiaries.

2022 Highlights include:

• HEI Enterprise
  • $3 million donated across the HEI family of companies to organizations dedicated to environmental sustainability, community resilience, economic strength and educational excellence
  • 20,000 volunteer hours by employees
• Hawaiian Electric
  • Generated nearly a third of electricity from renewable sources
  • Reduced GHG emissions by 22% compared to 2005 levels
  • Selected seven shared solar projects to serve customers who meet low- and moderate-income levels
  • Worked with independent power producer to bring online O?ahu's first utility-scale solar and battery project in July 2022
  • Deployed nearly 200,000 advanced meters by end of 2022
• American Savings Bank
  • Invested in over 25 low-income housing projects across the state
  • Committed more than $2 billion in lending to help Hawai?i's families and businesses
  • Originated more than 270 clean energy loans, totaling $12 million
  • Financed more than $65 million in commercial clean energy projects from 2010 to 2022, supporting a total of 21.30 MW in renewable energy capacity
  • Named one of Hawaii Business Magazine's Best Places to Work for the 14^th consecutive year
  • Approved to provide Section 184A and 247 financing to Native Hawaiians for the purchase and refinance of homes on Department of Hawaiian Home Lands leased land

Also publishing today are Hawaiian Electric's Sustainability Report and American Savings Bank's ESG report.

To review the HEI ESG report, visit www.hei.com/esg. To review Hawaiian Electric's Sustainability Report, visit www.hawaiianelectric.com/sustainability. To review American Savings Bank's ESG report, visit www.asbhawaii.com/esg.

About HEI

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawai?i. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawai?i's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawai?i's largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawai?i's sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.