HEI Provides Update Following Global Settlement in Maui Wildfire Tort Litigation - Seite 2

Financing Update

With the agreement in principle now in place, HEI is moving forward with clarity on the scope of its liabilities related to the Maui wildfire tort litigation. HEI and Hawaiian Electric are working closely with their financial advisors to develop a financing plan for their settlement contribution and intend to finance the settlement payments through a mix of debt, common equity, equity-linked securities, or other potential options, although there can be no assurance at this time as to the availability or terms of any such financing.

HEI will further discuss the settlement in its quarterly earnings call scheduled for Friday, August 9.

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 wellness. 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.

Forward-Looking Statements

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