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

    Business Editors/Energy Editors

    HONOLULU--(BUSINESS WIRE)--Jan. 25, 2005--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 to stockholders of record at the close of business on February 16 (ex-dividend date is February 14). The dividend is equivalent to an annual rate of $1.24 per share.
    "We intend to maintain our dividend at the current level for the foreseeable future," said Robert F. Clarke, chairman, president and chief executive officer.
    Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on January 24, of $28.56, HEI's yield is 4.3%.
    In addition, HEI's 22nd annual meeting of stockholders has been scheduled for Tuesday, April 26, 2005, at 9:30 a.m., in Room 805, American Savings Bank Tower 8th Floor, 1001 Bishop Street, Honolulu, Hawaii. Stockholders of record at the close of business on February 16, 2005, will be entitled to vote.

    HEI and its subsidiaries are a critical part of Hawaii's economy. HEI supplies power to over 400,000 customers or 93% of the Hawaii electric public utility market through its electric utilities, Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, the state's third largest financial institution based on asset size.

--30--SP/np*

CONTACT: Hawaiian Electric Industries, Inc. Suzy P. Hollinger, 808-543-7385 shollinger@hei.com

KEYWORD: HAWAII INDUSTRY KEYWORD: BANKING UTILITIES DIVIDEND SOURCE: Hawaiian Electric Industries, Inc.

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