<SEC-DOCUMENT>0001104659-14-084685.txt : 20141203
<SEC-HEADER>0001104659-14-084685.hdr.sgml : 20141203
<ACCEPTANCE-DATETIME>20141203170413
ACCESSION NUMBER:		0001104659-14-084685
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20141203
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141203
DATE AS OF CHANGE:		20141203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC INDUSTRIES INC
		CENTRAL INDEX KEY:			0000354707
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990208097
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08503
		FILM NUMBER:		141264048

	BUSINESS ADDRESS:	
		STREET 1:		1001 BISHOP STREET, SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085435662

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 730
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96808-0730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC CO INC
		CENTRAL INDEX KEY:			0000046207
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990040500
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04955
		FILM NUMBER:		141264049

	BUSINESS ADDRESS:	
		STREET 1:		900 RICHARDS ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085437771

	MAIL ADDRESS:	
		STREET 1:		900 RICHARDS STREET
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HAWAIIAN ELECTRIC CO LTD
		DATE OF NAME CHANGE:	19670212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a14-25214_38k.htm
<DESCRIPTION>8-K
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, DC 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the<br> Securities Exchange Act of 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">December&nbsp;3, 2014</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date of report (Date of earliest event reported)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Exact Name of Registrant</font><font size="2" style="font-size:11.0pt;"><br>    </font><u><font size="2" style="font-size:11.0pt;">as Specified in Its Charter</font></u><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">Hawaiian Electric Industries,&nbsp;Inc.</font><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">Hawaiian Electric Company,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Commission</font><font size="2" style="font-size:11.0pt;"><br>    </font><u><font size="2" style="font-size:11.0pt;">File Number</font></u><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">1-8503</font><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">1-4955</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IRS Employer</font><font size="2" style="font-size:11.0pt;"><br>    </font><u><font size="2" style="font-size:11.0pt;">Identification No.</font></u><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">99-0208097</font><font size="2" style="font-size:11.0pt;"><br>    </font><font size="2" style="font-size:11.0pt;">99-0040500</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">State of Hawaii</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(State or other jurisdiction of incorporation)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1001 Bishop Street, Suite&nbsp;2900, Honolulu, Hawaii 96813 &#150; Hawaiian Electric Industries,&nbsp;Inc. (HEI)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">900 Richards Street, Honolulu, Hawaii 96813 &#150; Hawaiian Electric Company,&nbsp;Inc. (Hawaiian Electric)<br> (Address of principal executive offices and zip code)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Registrant&#146;s telephone number, including area code:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-5662 &#150; HEI</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-7771 &#150; Hawaiian Electric</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">None<br> (Former name or former address, if changed since last report.) </font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[ ] Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[x] Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Item 8.01 Other Events.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">On December&nbsp;3, 2014, Hawaiian Electric Industries,&nbsp;Inc., a Hawaii corporation (&#147;HEI&#148;), and NextEra Energy,&nbsp;Inc., a Florida corporation (&#147;NEE&#148;), issued a joint press release announcing the execution of an Agreement and Plan of Merger, dated as of December&nbsp;3, 2014, by and among HEI, NEE, NEE Acquisition Sub I,&nbsp;LLC, a Delaware limited liability company (&#147;Merger Sub II&#148;), and NEE Acquisition Sub II, Inc., a Delaware corporation (&#147;Merger Sub I&#148;) (together with the exhibits thereto, the &#147;Merger Agreement&#148;).&#160; A copy of such press release is attached hereto as Exhibit&nbsp;99.1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Merger Agreement provides for Merger Sub I to merge with and into HEI, with HEI surviving, and then for HEI to merge with and into Merger Sub II, with Merger Sub II surviving as a wholly owned subsidiary of NEE (the &#147;Merger&#148;).&#160; The Merger Agreement provides that, prior to completion of the Merger, HEI will distribute to its shareholders, on a pro-rata basis, all of the issued and outstanding shares of ASB Hawaii,&nbsp;Inc., a Hawaii corporation and wholly owned subsidiary of HEI and direct parent company of American Savings Bank, F.S.B., a federal savings bank.&#160; A copy of the press release issued by HEI in connection with the Merger Agreement is attached hereto as Exhibit&nbsp;99.2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Item&nbsp;9.01 Financial Statements and Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:16.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)&nbsp;Exhibits.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;Exhibit&nbsp;No.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Description</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint Press Release of Hawaiian Electric   Industries,&nbsp;Inc. and NextEra Energy,&nbsp;Inc., dated December&nbsp;3,   2014</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;99.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Press Release of Hawaiian Electric   Industries,&nbsp;Inc., dated December&nbsp;3, 2014</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as &#147;may,&#148; &#147;will,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;predict,&#148; and &#147;target&#148; and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. HEI cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE&#146;s or HEI&#146;s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI&#146;s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that HEI may be unable to obtain shareholder approval for the merger or that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the &#147;Risk Factors&#148; section of HEI&#146;s most recent Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the merger, will be more fully discussed in the proxy statement/prospectus that will be included in the Registration Statement on Form&nbsp;S-4 that will be filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in HEI&#146;s reports filed with the SEC and available at the SEC&#146;s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and HEI does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ADDITIONAL INFORMATION AND WHERE TO FIND IT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed business combination transaction between NEE and HEI will be submitted to the shareholders of HEI for their consideration. NEE will file with the SEC a Registration Statement on Form&nbsp;S-4 that will include a proxy statement of HEI that also constitutes a prospectus of NEE. HEI will provide the proxy statement/prospectus to its shareholders. NEE and HEI also plan to file other documents with the SEC regarding the proposed transaction. This document is not a substitute for any prospectus, proxy statement or any other document which HEI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF HEI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#146;s website (www.sec.gov). You may also obtain these documents, free of charge, from HEI&#146;s website (www.hei.com) under the tab &#147;Investor Relations&#148; and then under the heading &#147;SEC Filings.&#148; Additional information about the proposed transaction is available at www.forhawaiisfuture.com.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PARTICIPANTS IN THE MERGER SOLICITATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HEI and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from HEI shareholders in connection with the proposed transaction. Information regarding the persons who may, under the rules&nbsp;of the SEC, be deemed participants in the solicitation of HEI shareholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about HEI&#146;s executive officers and directors in its definitive proxy statement filed with the SEC on March&nbsp;25, 2014 and in its Annual Report on Form&nbsp;10-K filed with the SEC on February&nbsp;21, 2014.&#160; Additional information about HEI&#146;s executive officers and directors can be found in the above-referenced Registration Statement on Form&nbsp;S-4 when it becomes available. You can obtain free copies of these documents from HEI using the contact information above.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SIGNATURES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date: December&nbsp;3, 2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">By:</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">/s/ James A. Ajello</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">Name:</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">James A. Ajello</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">Executive Vice President and</font><br>    </font>Chief   Financial Officer</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">HAWAIIAN ELECTRIC COMPANY,&nbsp;INC.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date: December&nbsp;3, 2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">By:</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">/s/ Tayne S. Y. Sekimura</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">Tayne S. Y. Sekimura</font>  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">Senior Vice President and</font><br>    </font>Chief   Financial Officer</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;Exhibit&nbsp;No.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Description</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint Press Release of Hawaiian Electric   Industries,&nbsp;Inc. and NextEra Energy,&nbsp;Inc., dated December&nbsp;3,   2014</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;99.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Press Release of Hawaiian Electric   Industries,&nbsp;Inc., dated December&nbsp;3, 2014</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">NextEra Energy and Hawaiian Electric Industries to Combine</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Nation&#146;s leading clean energy company to support Hawaii in achieving</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">a more affordable clean energy future</font></i></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Hawaiian Electric Industries shareholders to receive 0.2413 NextEra Energy shares per Hawaiian Electric Industries share and a one-time special cash dividend payment of $0.50 per share</font></i></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Transaction expected to be neutral to earnings per share for NextEra Energy shareholders in first full year post-close; accretive thereafter</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Hawaiian Electric Company to maintain name and continue to be based in Honolulu</font></i></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">No involuntary workforce reductions at Hawaiian Electric Company for at least two years</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">after transaction close</font></i></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Hawaiian Electric Industries to spin off ASB Hawaii to Hawaiian Electric Industries&#146; shareholders</font></i></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">JUNO BEACH, Fla., and HONOLULU &#150; Dec.&nbsp;3, 2014 &#150;</font></b><font size="2" style="font-size:11.0pt;"> NextEra Energy,&nbsp;Inc. (NYSE:NEE) and Hawaiian Electric Industries,&nbsp;Inc. (NYSE:HE) (HEI) today announced a definitive agreement under which the companies have agreed to combine. The transaction, which is valued at approximately $4.3 billion, includes the assumption of $1.7 billion in HEI debt and excludes HEI&#146;s banking subsidiary. In connection with the agreement, HEI separately today announced a plan to spin off ASB Hawaii, the parent company of American Savings Bank (ASB), to HEI shareholders and establish it as an independent publicly traded company. The American Savings Bank spinoff is expected to be tax-free to HEI shareholders and to be completed immediately prior to and contingent upon the combination of NextEra Energy with HEI. As described further herein, the total value to HEI shareholders, excluding assumed debt and including a one-time special cash dividend to HEI shareholders and the current estimated value of American Savings Bank of approximately $8.00</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:11.0pt;">&nbsp;per share, is estimated to be $3.5 billion or approximately $33.50 per HEI share.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;Today&#146;s announcement marks an important milestone for both our companies as we seek to leverage our respective strengths, commitments to our customers and the communities we serve and the mutual goal of building a cleaner energy future,&#148; said Jim Robo, chairman and chief executive officer of NextEra Energy. &#147;We are proud that Hawaiian Electric has agreed to join our company in large part because of our shared vision to bring cleaner, renewable energy to Hawaii, while at the same time helping to reduce energy costs for Hawaiian Electric&#146;s customers. Today, Hawaiian Electric is addressing a vast array of complex and interrelated issues associated with the company&#146;s clean energy transformation. We believe our strengths are additive to Hawaiian Electric&#146;s, creating an opportunity to enhance value for Hawaii&#146;s strategically important energy industry. We look forward to welcoming and working with the Hawaiian </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Electric team, as well as engaging with and listening to key stakeholders, including Hawaiian Electric&#146;s customers and communities, to achieve a more affordable clean energy future.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;This is a transformational opportunity to unlock the value of two strong, local companies, American Savings Bank and Hawaiian Electric,&#148; said Connie Lau, HEI&#146;s president and chief executive officer and chairman of the boards of American Savings and Hawaiian Electric. &#147;In NextEra Energy, Hawaiian Electric is gaining a trusted partner that can help the company accelerate its plans to achieve the clean energy future we all want for Hawaii. NextEra Energy and Hawaiian Electric share a common vision, a more affordable clean energy future for Hawaii. While our goals are among the most ambitious in the nation, including increasing renewables to 65 percent, tripling solar and lowering customer bills 20 percent by 2030, we are confident that by leveraging both NextEra Energy and Hawaiian Electric&#146;s expertise and the additional financial resources that NextEra Energy brings, we can meet these targets even sooner. What&#146;s more, HEI&#146;s shareholders will realize significant value for their shares by participating in the upside potential of the combined company and the future growth of American Savings Bank, one of Hawaii&#146;s leading banks. All in all, we believe this transaction will benefit both our utility and bank customers, our employees, our community, our shareholders and Hawaii.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Common Vision, Common Goals: Meeting Hawaii&#146;s Clean Energy Needs</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The transaction brings together two industry leaders in clean and renewable energy. The Hawaiian Electric Companies &#150; Hawaiian Electric, Maui Electric and Hawaii Electric Light &#150; have put Hawaii on the leading edge of clean energy nationally, successfully integrating rooftop solar with 11 percent of their customers and helping achieve 20 percent renewable energy. NextEra Energy adds its strength as the nation&#146;s leading clean energy company. NextEra Energy shares Hawaiian Electric&#146;s vision of increasing renewable energy, modernizing its grid, reducing Hawaii&#146;s dependence on imported oil, integrating more rooftop solar energy and, importantly, lowering customer bills. Hawaiian Electric has filed plans with the Hawaii Public Utilities Commission (PUC) that seek to enhance Hawaii&#146;s energy future by lowering electric bills, giving customers more service options and nearly tripling the amount of distributed solar, while achieving among the nation&#146;s highest levels of renewable energy by 2030. NextEra Energy is supportive of Hawaiian Electric&#146;s plans to accomplish these goals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NextEra Energy&#146;s principal subsidiaries include Florida Power&nbsp;&amp; Light Company (FPL), one of the nation&#146;s largest and most well-respected electric utilities, and NextEra Energy Resources, LLC, which together with its affiliated entities (NextEra Energy Resources), is North America&#146;s largest producer of renewable energy from the wind and sun. Through NextEra Energy Resources, NextEra Energy brings to bear all the capabilities of a renewable energy leader, including utility-scale and distributed solar, wind and battery storage, as well as the resources to help accelerate Hawaiian Electric&#146;s efforts to pursue a new energy future in Hawaii. Together, FPL and NextEra Energy Resources have completed more than $24 billion worth of major capital projects since 2003, overall on time and under budget.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FPL, which was recognized by Market Strategies International as the nation&#146;s most trusted electric utility earlier this year, serves approximately 4.7 million customers in a state that, like Hawaii, has no indigenous fossil fuels and was once the largest consumer of oil among all U.S. utilities. Since 2001, FPL has reduced its reliance on foreign oil by more than 99 percent, improved its overall fuel efficiency by 20 percent and saved its customers more than $6.8 billion in fuel costs. FPL&#146;s operational excellence has supported low customer bills, including typical residential customer electric bills that are the lowest in Florida for the fifth consecutive year and approximately 25 percent lower than the national average. Additionally, FPL&#146;s highly efficient generation fleet is one of the cleanest and most modern among utilities nationwide. FPL also has developed, built and operates one of the nation&#146;s most modern grid networks and offers the highest reliability among Florida&#146;s investor-owned utilities, ranking in the top quartile nationally, with more than 99.98 percent reliability. FPL recently was presented with two prestigious reliability-related awards by PA Consulting Group &#150; Outstanding Technology and Innovation in the U.S. and Outstanding Reliability Performance in the U.S. South region.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Transaction Terms</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Subject to the terms and conditions of the merger agreement, upon completion of the transaction, HEI shareholders will receive an estimated total value of approximately $33.50 per share, representing an approximate 21 percent premium to HEI&#146;s trailing 20-day volume-weighted average price as of the close on Dec.&nbsp;2, 2014. The total value will consist of:</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">0.2413 shares of NextEra Energy common stock for each HEI share they own, valued at $25.00 per HEI share, based on NextEra Energy&#146;s volume-weighted average stock price for the 20 trading days ended Dec.&nbsp;2, 2014;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">A one-time special cash dividend, to be paid by HEI, of $0.50 per HEI share for shareholders of record as of the date immediately prior to the closing of the transaction; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Shares of ASB Hawaii, through the spinoff transaction, with a current estimated value of $8.00 per share based on consensus analyst estimates.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In addition, NextEra Energy will also assume approximately $1.60</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:11.0pt;">&nbsp;</font><font size="2" style="font-size:11.0pt;">per HEI share of tax liability for the spinoff of ASB Hawaii. This corporate-level tax liability results in additional value over time of up to $1.60 per share to new ASB Hawaii shareholders through an ASB tax basis step-up. With the exception of the one-time special cash dividend, the overall transaction, including the spinoff of ASB Hawaii, is expected to be tax-free to HEI shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The transaction expands NextEra Energy&#146;s regulated holdings and further balances its earnings mix, and is expected to be neutral to earnings per share for NextEra Energy shareholders in the first full year post-close and accretive thereafter. The transaction is expected to have no impact on NextEra Energy&#146;s quarterly dividend policy (the most recently declared quarterly dividend was $0.725 per NextEra Energy common share). Additionally, NextEra Energy remains committed to maintaining a strong balance sheet and will fund the transaction in a manner consistent with its current credit ratings.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Committed to Local Customers, Employees and the Communities We Serve</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NextEra Energy</font><font size="2" style="font-size:11.0pt;"> and Hawaiian Electric are committed to ensuring that the combination delivers significant value to all Hawaiian Electric stakeholders.&#160; The merger approval application that NextEra Energy and Hawaiian Electric intend to file within the next 60 days with the Hawaii PUC will demonstrate that the combination will ensure customer interests are protected and that customers will receive measurable and significant value and savings.&#160; In addition, the jurisdiction of the Hawaii PUC over Hawaiian Electric will not be diminished as a result of the transaction. The companies look forward to demonstrating the benefits that this transaction will offer Hawaiian Electric&#146;s customers and Hawaii.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Upon completion of the transaction, together with FPL and NextEra Energy Resources, Hawaiian Electric will become a third principal business within the NextEra Energy family of companies. Hawaiian Electric will continue to operate under its current name and continue to be headquartered in Honolulu. Hawaiian Electric&#146;s utilities will continue to be locally managed from their existing operating locations. No involuntary reductions to Hawaiian Electric&#146;s workforce are expected as a result of the transaction for at least two years after close, and all of its union labor agreements will be honored.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NextEra Energy</font><font size="2" style="font-size:11.0pt;"> has been recognized for an unprecedented eighth consecutive year as No.&nbsp;1 on the utility industry list of Fortune&#146;s &#147;Most Admired Companies&#148; and enjoys a longstanding reputation as a strong corporate citizen throughout the communities in which it operates. Consistent with that, NextEra Energy expects to maintain HEI&#146;s overall current level of corporate giving in HEI&#146;s communities. NextEra </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">&nbsp; Estimated tax liability of $1.60/HEI share based on $8.00/share bank value and assumes HEI fully diluted shares outstanding of 103.5 million</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Energy</font><font size="2" style="font-size:11.0pt;"> also plans to establish a local Hawaiian Electric advisory board, whose purpose will be to provide input on matters of local and community interest. The advisory board will include six to 12 members, all of whom will have substantial ties to the Hawaii community.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Planned Spinoff of </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">ASB Hawaii</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In connection with the agreement, HEI plans to spin off ASB Hawaii to HEI shareholders and establish it as an independent publicly traded company, immediately prior to and contingent upon the completion of the combination of HEI with NextEra Energy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Under the planned spinoff, HEI shareholders would receive a distribution of stock in </font><font size="2" style="font-size:11.0pt;">ASB Hawaii, pro rata to their ownership interest in HEI. NextEra Energy will assume the corporate tax liability related to the spinoff (estimated to total approximately $1.60 per HEI share).&#160; The spinoff is expected to be tax-free for HEI shareholders. In addition, ASB Hawaii&#146;s tax basis in its assets is expected to be increased to reflect their fair market value at the time of the spinoff, which is expected to create a deductible amortization of an intangible asset for tax purposes and a corresponding deferred tax asset (DTA) for generally accepted accounting principles purposes, improving regulatory capital ratios and providing improved cash flow by reducing cash taxes as the DTA is amortized. Based on the median of six equity analyst consensus estimates on Dec.&nbsp;2, 2014, ASB Hawaii&#146;s estimated current value is approximately $800 million, or approximately $8.00 per share. This valuation represents 1.7-1.8x tangible book value for ASB Hawaii. Following the spinoff, American Savings Bank expects to realize higher year-over-year fee income due to regaining its exemption from regulatory limits on interchange fees (Durbin Amendment). Prior to losing the Durbin Amendment exemption in 2013, American Savings Bank realized approximately $6 million, after tax, in higher interchange fees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Approvals</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In addition to Hawaii PUC approval, the transaction also is subject to approval by HEI shareholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, the Federal Energy Regulatory Commission, SEC effectiveness of registration statements, the spinoff of ASB Hawaii and additional regulatory approvals and other customary conditions. NextEra Energy and HEI expect the transaction, which has been unanimously approved by both companies&#146; boards of directors, to be completed within approximately 12 months. The spinoff of ASB Hawaii is expected to be completed immediately prior to and is contingent upon the completion of the combination of HEI and NextEra Energy. The spinoff is also subject to customary conditions and formal declaration of the dividend to HEI shareholders of ASB Hawaii stock by the HEI board of directors.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Advisors</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Citigroup Global Markets Inc. is serving as financial advisor to NextEra Energy, and </font><font size="2" style="font-size:11.0pt;">Wachtell, Lipton, Rosen&nbsp;&amp; Katz is legal counsel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">J.P. Morgan Securities LLC is serving as financial advisor to HEI, and </font><font size="2" style="font-size:11.0pt;">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP is legal counsel.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Website</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Additional information about the benefits of the transaction is available at a new joint website launched by the companies at www.forhawaiisfuture.com.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Analyst and Investor Webcast and Conference Call</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NextEra Energy and HEI will conduct a webcast and conference call for analysts and investors to discuss this announcement today, Wednesday, Dec.&nbsp;3, 2014, at 1:00&nbsp;p.m.&nbsp;Hawaii time (6:00&nbsp;p.m. Eastern time).&#160; The event can be accessed through each company&#146;s website at&nbsp;<u><font color="blue" style="color:blue;">www.NextEraEnergy.com</font></u>&nbsp;and <u><font color="blue" style="color:blue;">www.HEI.com</font></u> or by dialing (866) 610-1072, passcode:&nbsp;38818848 for the teleconference call.&nbsp;The presentation for the webcast will be on the websites under the heading &#147;Investor Relations.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">An online replay of the webcast will be available on each company&#146;s website, beginning about two hours after the event. Audio replays of the teleconference will also be available approximately two hours after the event through Dec.&nbsp;10, 2014, by dialing (800) 585-8367, passcode:&nbsp;38818848.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">NextEra Energy,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NextEra Energy,&nbsp;Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $15.1 billion, approximately 42,500 megawatts of generating capacity, and approximately 13,900 employees in 26 states and Canada as of year-end 2013. Headquartered in Juno Beach, Fla., NextEra Energy&#146;s principal subsidiaries are Florida Power&nbsp;&amp; Light Company, which serves approximately 4.7 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the largest generator in North America of renewable energy from the wind and sun. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been named No.&nbsp;1 overall among electric and gas utilities on Fortune&#146;s list of &#147;World&#146;s Most Admired Companies&#148; for eight consecutive years, which is an unprecedented achievement in its industry. For more information about NextEra Energy companies, visit these websites: <u><font color="blue" style="color:blue;">www.NextEraEnergy.com</font></u>, <u><font color="blue" style="color:blue;">www.FPL.com</font></u>, <u><font color="blue" style="color:blue;">www.NextEraEnergyResources.com</font></u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Hawaiian Electric Industries,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">HEI supplies power to approximately 450,000 customers or 95 percent of Hawaii&#146;s population through its electric utilities, Hawaiian Electric Company,&nbsp;Inc., Hawaii Electric Light Company,&nbsp;Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii&#146;s largest financial institutions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">FORWARD LOOKING STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as &#147;may,&#148; &#147;will,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;predict,&#148; and &#147;target&#148; and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE&#146;s or HEI&#146;s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI&#146;s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, potential benefit of tax basis step up to HEI shareholders, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that HEI may be unable to obtain shareholder approval for the merger or that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up to HEI shareholders, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the &#147;Risk Factors&#148; section of HEI&#146;s or NEE&#146;s most recent Annual Reports on Form&nbsp;10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the merger, will be more fully discussed in the proxy statement/prospectus that will be included in the Registration Statement on Form&nbsp;S-4 that will be filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE&#146;s and HEI&#146;s reports filed with the SEC and available at the SEC&#146;s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADDITIONAL INFORMATION </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">AND WHERE </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">TO </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">FIND IT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed business combination transaction between NEE and HEI will be submitted to the shareholders of HEI for their consideration. NEE will file with the SEC a Registration Statement on Form&nbsp;S-4 that will include a proxy statement of HEI that also constitutes a prospectus of NEE. HEI will provide the proxy statement/prospectus to its shareholders. NEE and HEI also plan to file other documents with the SEC regarding the proposed transaction.&#160; This document is not a substitute for any prospectus, proxy statement or any other document which NEE or HEI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF HEI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#146;s website (www.sec.gov). You may also obtain these documents, free of charge, from NEE&#146;s website (www.investors.nexteraenergy.com) under the heading &#147;Investor Relations&#148; and then under the heading &#147;SEC Filings.&#148; You may also obtain these documents, free of charge, from HEI&#146;s website (www.hei.com) under the tab &#147;Investor Relations&#148; and then under the heading &#147;SEC Filings.&#148; Additional information about the proposed transaction is available at a joint website launched by the companies at www.forhawaiisfuture.com.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">PARTICIPANTS IN THE MERGER SOLICITATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NEE, HEI, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from HEI shareholders in connection with the proposed transaction. Information regarding the persons who may, under the rules&nbsp;of the SEC, be deemed participants in the solicitation of HEI shareholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about NEE&#146;s executive officers and directors in its definitive proxy statement filed with the SEC on April&nbsp;4, 2014. You can find information about HEI&#146;s executive officers and directors in its </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">definitive proxy statement filed with the SEC on March&nbsp;25, 2014 and in its Annual Report on Form&nbsp;10-K filed with the SEC on February&nbsp;21, 2014.&#160; Additional information about NEE&#146;s executive officers and directors and HEI&#146;s executive officers and directors can be found in the above-referenced Registration Statement on Form&nbsp;S-4 when it becomes available. You can obtain free copies of these documents from NEE and HEI using the contact information above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">NextEra Energy Contact</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Robert L. Gould</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Vice President, Chief Communications Officer</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">561-694-4442</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Debra Larsson</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Manager, Financial and Sustainability Communication</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">561-694-4442</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Hawaiian Electric Industries Contact</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Media</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A.J. Halagao</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Manager, Corporate&nbsp;&amp; Community Advancement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-5889</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" color="blue" face="Times New Roman" style="color:blue;font-size:11.0pt;">ajhalagao@hei.com</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investor Relations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cliff Chen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Manager,&nbsp;Investor Relations&nbsp;&amp; Strategic Planning</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-7300</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" color="blue" face="Times New Roman" style="color:blue;font-size:11.0pt;">IR@hei.com</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">American Savings Bank Contact</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Jayson Harper</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">First Vice President, Director of Communications and Public Relations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 538-2652</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" color="blue" face="Times New Roman" style="color:blue;font-size:11.0pt;">jharper@asbhawaii.com</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="139" height="92" src="g252143moi001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">HEI Announces Plan to Spin Off ASB Hawaii into a New, Publicly Traded Company</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">American Savings Bank will Continue to be a Leading Financial Institution Serving</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">and Investing in Hawaii</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">American Savings Bank will Remain Headquartered in Hawaii, Led by its Current Management Team</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">HONOLULU &#150; Dec.&nbsp;3, 2014 &#150;</font></b><font size="2" style="font-size:11.0pt;"> Hawaiian Electric Industries,&nbsp;Inc. (NYSE:HE) today announced that its Board of Directors has unanimously approved a plan to spin off ASB Hawaii,&nbsp;Inc., the parent company for American Savings Bank, and establish it as an independent publicly traded company.&#160; The spinoff of ASB Hawaii is contingent upon the closure of the separately announced definitive agreement under which NextEra Energy,&nbsp;Inc. will combine with HEI and will occur immediately prior to the closing of the NextEra Energy-HEI transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">American Savings Bank is one of Hawaii&#146;s largest full-service financial institutions with over $5 billion in assets</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:11.0pt;">, more than $4 billion in deposits, 56 branches and 1,200 employees. It currently operates as a subsidiary of HEI.&#160; The spinoff transaction is not expected to result in significant changes to American Savings Bank&#146;s operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;Our ability to establish American Savings Bank as a new, independent public company reflects the strength of the bank&#146;s business, its strong market position and its talented team of employees,&#148; said Connie Lau, chairman of the board for American Savings Bank and president and chief executive officer of HEI.&#160; &#147;This plan also enables HEI shareholders to participate in the upside potential of American Savings Bank following the spinoff. We are confident that American Savings Bank is well positioned to thrive into the future.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;For nearly 90 years, American Savings Bank has been dedicated to serving and investing in Hawaii and its people. This mission will continue to guide us,&#148; said Rich Wacker, president and chief executive officer of American Savings Bank.&#160; &#147;As an independent public company, American Savings Bank will continue to benefit from our experienced management team and a highly motivated team of employees, as well as its history of high performance, conservative risk management, and solid profitability.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Following the spinoff, American Savings Bank will remain based in Hawaii and continue to provide a full range of financial products and services, including business and consumer banking, insurance and investments, corporate banking and commercial real estate lending. American Savings Bank will maintain its name and corporate identity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">American Savings Bank has been named a &#147;Best Place to Work in Hawaii&#148; for five consecutive years and has also been recognized as one of the state&#146;s healthiest employers.&#160; In addition, American Savings Bank has been recognized as one of the &#147;Best Banks to Work for&#148; by American Banker Magazine for two years in a row since the inception of the ranking.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Terms and Timing of ASB Hawaii Spinoff</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Under the planned spinoff, HEI shareholders would receive a distribution of stock in </font><font size="2" style="font-size:11.0pt;">ASB Hawaii, pro rata to their ownership interest in HEI.&#160; NextEra Energy will assume the corporate tax liability related to</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>
<p style="margin:0in 0in .0001pt;text-indent:3.0pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:10.0pt;">&#160;All American Savings Bank data as of December&nbsp;31, 2013 unless otherwise noted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the spinoff (estimated to total approximately $1.60 per HEI share).&#160; The spinoff is expected to be tax-free for HEI shareholders. In addition, ASB Hawaii&#146;s tax basis in its assets is expected to be increased to reflect their fair market value at the time of the spinoff, which is expected to create a deductible amortization of an intangible asset for tax purposes and a corresponding deferred tax asset (DTA) for generally accepted accounting principles purposes, improving regulatory capital ratios and providing improved cash flow by reducing cash taxes as the DTA is amortized. Based on the median of six equity analyst consensus estimates, on Dec.&nbsp;2, 2014, ASB Hawaii&#146;s estimated current value is approximately $800 million, or approximately $8.00 per share. This valuation represents 1.7-1.8x tangible book value for ASB Hawaii. Following the spinoff, American Savings Bank expects to realize higher year-over-year fee income due to regaining its exemption from regulatory limits on interchange fees (Durbin Amendment). Prior to losing the Durbin Amendment exemption in 2013, American Savings Bank realized approximately $6 million, after tax, in higher interchange fees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The spinoff separation is expected to be completed immediately prior to and is contingent upon the completion of the combination of HEI and NextEra Energy, which is expected to occur within approximately 12 months, and remains subject to HEI shareholder and regulatory approvals. The spinoff is also subject to customary conditions and final approval by the HEI board of directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Advisors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">J.P. Morgan Securities LLC is serving as financial advisor to HEI, and </font><font size="2" style="font-size:11.0pt;">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP is legal counsel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Citigroup Global Markets Inc. is serving as financial advisor to NextEra Energy, and </font><font size="2" style="font-size:11.0pt;">Wachtell, Lipton, Rosen&nbsp;&amp; Katz is legal counsel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Analyst and Investor Webcast and Conference Call</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">HEI will conduct a webcast and conference call for analysts and investors to discuss this announcement today, Wednesday, Dec.&nbsp;3, 2014, at 1:00&nbsp;p.m.&nbsp;Hawaii&nbsp;time (6:00&nbsp;p.m. Eastern time).&#160;&#160; The webcast and conference call will be conducted jointly with NextEra Energy, as the separately announced agreement under which NextEra Energy and HEI will combine will also be discussed. The event can be accessed through each company&#146;s website at&nbsp;<u><font color="blue" style="color:blue;">www.NextEraEnergy.com</font></u>&nbsp;and <u><font color="blue" style="color:blue;">www.HEI.com</font></u> or by dialing (866) 610-1072, passcode:&nbsp;38818848 for the teleconference call.&nbsp; The presentation for the webcast will be on the websites under the heading &#147;Investor Relations.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">An online replay of the webcast will be available on each company&#146;s website, beginning about two hours after the event.&nbsp; Audio replays of the teleconference will also be available approximately two hours after the event through Dec.&nbsp;10, 2014, by dialing (800) 585-8367, passcode:&nbsp;38818848.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Hawaiian Electric Industries,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">HEI supplies power to approximately 450,000 customers or 95 percent of Hawaii&#146;s population through its electric utilities, Hawaiian Electric Company,&nbsp;Inc., Hawaii Electric Light Company,&nbsp;Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii&#146;s largest financial institutions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">FORWARD LOOKING STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as &#147;may,&#148; &#147;will,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;predict,&#148; and &#147;target&#148; and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. HEI cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NextEra Energy (NEE) and HEI, including future financial or operating results of NEE or HEI, NEE&#146;s or HEI&#146;s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI&#146;s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, potential benefit of tax basis step up to HEI shareholders, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that HEI may be unable to obtain shareholder approval for the merger or that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up to HEI shareholders, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the &#147;Risk Factors&#148; section of HEI&#146;s most recent Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the merger, will be more fully discussed in the proxy statement/prospectus that will be included in the Registration Statement on Form&nbsp;S-4 that will be filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in HEI&#146;s reports filed with the SEC and available at the SEC&#146;s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and HEI does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADDITIONAL INFORMATION </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">AND WHERE </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">TO </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">FIND IT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed business combination transaction between NEE and HEI will be submitted to the shareholders of HEI for their consideration. NEE will file with the SEC a Registration Statement on Form&nbsp;S-4 that will include a proxy statement of HEI that also constitutes a prospectus of</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NEE. HEI will provide the proxy statement/prospectus to its shareholders. NEE and HEI also plan to file other documents with the SEC regarding the proposed transaction. This document is not a substitute for any prospectus, proxy statement or any other document which HEI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF HEI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#146;s website (www.sec.gov). You may also obtain these documents, free of charge, from HEI&#146;s website (www.hei.com) under the tab &#147;Investor Relations&#148; and then under the heading &#147;SEC Filings.&#148; Additional information about the proposed transaction is available at www.forhawaiisfuture.com.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">PARTICIPANTS IN THE MERGER SOLICITATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">HEI and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from HEI shareholders in connection with the proposed transaction. Information regarding the persons who may, under the rules&nbsp;of the SEC, be deemed participants in the solicitation of HEI shareholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about HEI&#146;s executive officers and directors in its definitive proxy statement filed with the SEC on March&nbsp;25, 2014 and in its Annual Report on Form&nbsp;10-K filed with the SEC on February&nbsp;21, 2014.&#160; Additional information about HEI&#146;s executive officers and directors can be found in the above-referenced Registration Statement on Form&nbsp;S-4 when it becomes available. You can obtain free copies of these documents from HEI using the contact information above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Hawaiian Electric Industries Contact</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Media</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A.J. Halagao</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Manager, Corporate&nbsp;&amp; Community Advancement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-5889</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ajhalagao@hei.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investor Relations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cliff Chen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Manager,&nbsp;Investor Relations&nbsp;&amp; Strategic Planning</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 543-7300</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IR@hei.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">American Savings Bank Contact</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Jayson Harper</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">First Vice President, Director of Communications and Public Relations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(808) 538-2652</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">jharper@asbhawaii.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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