Hawaiian Electric Industries, Inc. Maintains Dividend; Sets Annual Meeting

The board of directors of Hawaiian Electric Industries, Inc. (NYSE:HE) today maintained the regular quarterly cash dividend of 31 cents per share, payable March 10, 2009 to stockholders of record at the close of business on March 2, 2009 (ex-dividend date is February 26, 2009). The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on February 19, 2009, of $17.69, HEI’s yield is 7.0%

In addition, HEI’s 26th annual meeting of shareholders has been scheduled for Tuesday, May 5, 2009, at 9:30 a.m., in Room 805, American Savings Bank Tower 8^th Floor, 1001 Bishop Street, Honolulu, Hawaii. Shareholders of record at the close of business on February 25, 2009, will be entitled to vote.

HEI supplies power to over 400,000 customers or 95% of the Hawaii market through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Ltd, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii’s largest financial institutions.