October 28, 2003

HONOLULU -- The board of directors of Hawaiian Electric Industries, Inc. (NYSE-HE) declared a regular quarterly cash dividend of 62 cents per share today, payable December 10 to stockholders of record at the close of business on November 10 (ex-dividend date is November 6). The dividend is equivalent to an annual rate of $2.48 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 October 27, of $44.88, HEI's yield is 5.5%.

HEI strives to provide value to its shareholders, its customers and the Hawaii community through a unique combination of operating companies - a utility and a bank. HEI provides electric utility services to 95% of Hawaii's residents and a wide array of banking services to consumers and businesses through the state's third largest bank.