<SEC-DOCUMENT>0001047469-17-006236.txt : 20171005
<SEC-HEADER>0001047469-17-006236.hdr.sgml : 20171005
<ACCEPTANCE-DATETIME>20171005165749
ACCESSION NUMBER:		0001047469-17-006236
CONFORMED SUBMISSION TYPE:	S-3D
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20171005
DATE AS OF CHANGE:		20171005
EFFECTIVENESS DATE:		20171005

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:		S-3D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220842
		FILM NUMBER:		171125144

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3D
<SEQUENCE>1
<FILENAME>a2233409zs-3d.htm
<DESCRIPTION>S-3D
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg46901_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on October&nbsp;5, 2017  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FORM S-3<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Hawaiian Electric Industries,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=1>(Exact name of registrant as specified in its charter) </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Hawaii</B></FONT><FONT SIZE=1><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 99-0208097</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1001 Bishop Street, Suite&nbsp;2900<BR>
Honolulu, Hawaii 96813<BR>
(808)&nbsp;543-5662</B></FONT><FONT SIZE=1><BR>
(Address, including zip code and telephone number, including area code, of registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Gregory C. Hazelton<BR>
1001 Bishop Street, Suite&nbsp;2900<BR>
Honolulu, Hawaii 96813<BR>
(808)&nbsp;543-5662</B></FONT><FONT SIZE=1><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Copies to:</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Lucy Schlauch Stark, Esq.<BR>
Holland&nbsp;&amp; Hart&nbsp;LLP<BR>
555 Seventeenth Street, Suite&nbsp;3200<BR>
Denver, Colorado 80202<BR>
(303)&nbsp;295-8000</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:<BR>
From time to time after this registration statement becomes effective.  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act
of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act of 1933, check the following box and list the
Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement pursuant to General Instruction&nbsp;I.D. or a post-effective amendment thereto that shall become effective upon
filing
with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register additional
securities
or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or
an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule&nbsp;12b-2 of the Exchange Act.
(Check one): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="15%" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="15%" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="15%" style="font-family:times;"></TD>
<TD WIDTH="103pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Non-accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;text-align:center;"><FONT SIZE=1>



<!-- COMMAND=ADD_GRID,"text-align:center;" -->


 Smaller&nbsp;reporting&nbsp;company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></font> <p align=center style="font-family:times;margin-top:0pt;margin-left:0pt;"> <FONT SIZE=1> Emerging&nbsp;growth&nbsp;company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of Each Class of Securities<BR>
to be Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price per<BR>
Share</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Common stock (without par value)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>4,000,000 shares(1)(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$33.50(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$134,000,000(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$16,683.00(2)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"> &nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
number of shares of common stock registered by this registration statement is subject to adjustment in accordance with certain provisions of the Hawaiian
Electric Industries,&nbsp;Inc. Dividend Reinvestment and Stock Purchase Plan ("the Plan"). Pursuant to Rule&nbsp;416(a) of the Securities Act of 1933, as amended (the "Securities Act"), this
registration statement also covers any additional securities that may be offered or issued in connection with any stock splits, stock dividends or similar transactions in securities covered by this
registration statement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Pursuant
to Rule&nbsp;415(a)(6) of the Securities Act, 2,391,523 shares of common stock of the registrant registered hereunder are unsold securities that were
previously registered on a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-199183) which was filed on October&nbsp;6, 2014 (the "Prior Registration Statement"), and the filing fee of
$7,374.20 that was previously paid by the registrant for the original registration of the unsold securities under the Prior Registration Statement will continue to apply to such unsold securities.
Accordingly, a registration fee of $6,708.56 is being paid by the registrant for the 1,608,477 shares of common stock being registered for the first time under this Registration Statement. Pursuant to
Rule&nbsp;415(a)(6) under the Securities Act, the offering of unsold securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration
Statement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Estimated
solely for the purpose of determining the registration fee and pursuant to Rule&nbsp;457(c) of the Securities Act, based upon the average of the high and
low sale prices of the common stock as reported on The New York Stock Exchange on October&nbsp;3, 2017.  </FONT></DD></DL>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=1><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=180932,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]BA46901A.;22',USER='CHE109862',CD=';4-OCT-2017;02:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g892654.jpg" ALT="LOGO" WIDTH="147" HEIGHT="57">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Hawaiian Electric Industries,&nbsp;Inc.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Dividend Reinvestment and Stock Purchase Plan<BR>
4,000,000 Shares of Common Stock<BR>
(Without Par Value)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries,&nbsp;Inc. is offering a convenient method of purchasing additional shares of the Company's common stock, without
par value ("Common Stock"), pursuant to the Hawaiian Electric Industries,&nbsp;Inc. Dividend Reinvestment and Stock Purchase Plan (the "Plan") with dividends paid on the Company's Common Stock, with
dividends paid on the preferred stock ("Preferred Stock") of its electric utility subsidiaries, and with optional cash investments. Any person or entity, whether or not a holder of Common Stock or
Preferred Stock, is eligible to join the Plan, subject to applicable laws and regulations and the requirements of the Plan. The Company's electric utility subsidiaries are Hawaiian Electric
Company,&nbsp;Inc. and its subsidiaries Maui Electric Company, Limited and Hawaii Electric Light Company,&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
in the Plan may:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reinvest all or a portion of cash dividends on Common Stock or Preferred Stock registered in their names or their Plan accounts; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchase Common Stock with an initial cash investment of at least $250; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make additional optional purchases of Common Stock of at least $25 up to a maximum of $300,000 per calendar year, including any initial
purchase; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receive, upon their signed written request, certificates or book entries in their names for whole shares of Common Stock credited to their Plan
accounts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> deposit certificates representing Common Stock or book entry shares of Common Stock into the Plan for safekeeping; and/or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sell shares of Common Stock credited to their Plan accounts through the Plan. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Common Stock will, at the option of the Plan administrator, be newly issued shares purchased from the Company or shares purchased on the open market. Purchases on the open
market will be made through an independent agent appointed by the Plan administrator. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price of newly issued shares of Common Stock purchased under the Plan directly from the Company will be the average of the high and low sales prices for Common Stock on the
composite tape for stocks listed on the New York Stock Exchange on the business day prior to the purchase. The purchase price of Common Stock purchased on the open market will be the weighted average
price per share (adjusted for brokerage fees and commissions, any service charges and applicable taxes) of the aggregate number of shares purchased during the applicable investment period. Plan
participants bear the cost of brokerage fees and commissions, any related service charges and applicable taxes relating to shares of Common Stock purchased or sold on the open market. The Company
charges fees under the Plan in certain situations and reserves the right to charge fees to participants to recover up to the actual costs of the Plan. (See Questions 10, 24, 27 and 35 under
"Description of the Plan".) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock is listed on the New York Stock Exchange under the symbol "HE." The closing price per share of the Common Stock on October&nbsp;4, 2017 on the New York Stock Exchange
was $33.82. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Participating in the Plan and investing in our Common Stock involves risks. See "Risk Factors" on page 1 of this
prospectus. Before investing in our Common Stock, you should carefully read this prospectus and the documents incorporated by reference, including the risk factors described in any of those documents.
See "Where Can You Find More Information" later in this prospectus.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive offices are located at 1001 Bishop Street, Suite&nbsp;2900, Honolulu, Hawaii 96813, and the telephone number is (808)&nbsp;543-5662. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The date of this prospectus is October&nbsp;5, 2017. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=100491,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]BC46901A.;25',USER='GPEARMO',CD=';4-OCT-2017;21:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg46901_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG46901A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg46901_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG46901_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>PAGE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#da46901_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da46901_risk_factors"><FONT SIZE=2>1</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#da46901_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da46901_where_you_can_find_more_information"><FONT SIZE=2>2</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#da46901_cautionary_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da46901_cautionary_note_regarding_forward-looking_statements"><FONT SIZE=2>3</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dc46901_the_company"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE COMPANY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc46901_the_company"><FONT SIZE=2>7</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dc46901_description_of_the_plan"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF THE PLAN</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc46901_description_of_the_plan"><FONT SIZE=2>7</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg46901_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg46901_use_of_proceeds"><FONT SIZE=2>20</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg46901_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg46901_plan_of_distribution"><FONT SIZE=2>20</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg46901_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg46901_legal_matters"><FONT SIZE=2>21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg46901_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg46901_experts"><FONT SIZE=2>21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#dg46901_certain_u.s._federal_income_tax_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg46901_certain_u.s._federal_income_tax_considerations"><FONT SIZE=2>22</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the context otherwise requires or except as otherwise indicated, when we refer to "HEI," the "Company," "we," "us" or "our" in this prospectus or when we otherwise refer to
ourselves in this prospectus, we mean Hawaiian Electric Industries,&nbsp;Inc. and do not include our consolidated subsidiaries or other affiliates. The term "you" refers to a prospective investor
under the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person may give any information or make any representations other than those contained or incorporated by reference in this prospectus in connection with the offer made hereunder.
Prospective investors may only rely on the information contained in this prospectus. This prospectus is neither an offer to sell nor a solicitation of an offer to buy securities by anyone in any
jurisdiction where the offer or sale is not permitted. You should not assume that the information incorporated by reference or provided in this prospectus is accurate as of any date other than its
respective date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=325702,FOLIO='i',FILE='DISK114:[17ZCS1.17ZCS46901]BG46901A.;6',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_da46901_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_risk_factors"> </A>
<A NAME="toc_da46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our Common Stock involves risk. Please see the risk factors included below, the risk factors described under the heading "Risk
Factors" in HEI's most recent Annual Report on Form&nbsp;10-K, as updated by any subsequent Quarterly Reports on Form&nbsp;10-Q or Current Reports on Form&nbsp;8-K, which are incorporated by
reference in this prospectus, and the risk factors included in any other documents that we file with the Securities and Exchange Commission ("SEC") after the date of this prospectus that are deemed to
be incorporated by reference into this prospectus. Before making an investment decision, you should carefully consider these risks as well as other information contained or incorporated by reference
in this prospectus and in any applicable prospectus supplement, relating to risk factors and provide additional and updated information. The risks and uncertainties described are not the only ones
facing the Company and its subsidiaries. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial may also impair its business operations,
its financial results and the value of its securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>There
are market risks associated with investing in the Plan</U>. Participants in the Plan are not entitled to select the precise time for purchases or sales, or
the number of days that may elapse before dividends are invested into shares of Common Stock for their Plan accounts. Therefore, participants in the Plan bear market risk associated with fluctuations
in the price of Common Stock. In addition, no interest is paid on funds held by the administrator pending investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>We
may be unable to, or may choose not to, continue to pay dividends on Common Stock at current rates or at all</U>. Any future payments of cash dividends will
depend on our financial condition, our capital requirements and earnings, and the ability of HEI's operating subsidiaries to pay dividends or make distributions to HEI, as well as other factors that
HEI's Board of Directors may consider. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
market price of our Common Stock can be volatile, which might affect the price at which you purchase or sell our Common Stock</U>. The market price for our
Common Stock may be volatile. This volatility may affect the price at which you purchase or sell our Common Stock, and the sale of substantial amounts of our Common Stock could adversely affect the
price of our Common Stock. The price of our Common Stock may be volatile between the time you decide to purchase shares of our Common Stock under the Plan and the time of actual purchase. In addition,
during this time period, you may become aware of additional information that might affect your investment decision. Our Common Stock price may be volatile and subject to significant price and volume
fluctuations in response to market and other factors, including: the other risk factors discussed in our most recent Annual Report on Form&nbsp;10-K, as updated by any subsequent Quarterly Reports
on Form&nbsp;10-Q or Current Reports on Form&nbsp;8-K; variations in our quarterly operating results from our or securities analysts' or investors' expectations; downward revisions in securities
analysts' estimates; and announcements by us or our competitors of significant acquisitions, joint ventures, capital commitments or other material developments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=244646,FOLIO='1',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_da46901_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_where_you_can_find_more_information"> </A>
<A NAME="toc_da46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form&nbsp;S-3 filed with the SEC under the Securities Act of 1933, as amended (the
"Securities Act"). The registration statement contains or incorporates by reference additional information and exhibits not included in this prospectus and refers to documents that are filed as
exhibits to other SEC filings. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and, therefore, we file annual, quarterly and
current reports, proxy statements and other information with the SEC. You may read and copy the registration statement and any document that we file at the SEC's Public Reference Room, 100&nbsp;F
Street, N.E., Washington, D.C. 20549. You can call the SEC's toll-free telephone number at l-800-SEC-0330 for additional information on the operation of the Public Reference Room. The SEC maintains a
website at http://www.sec.gov that contains reports, proxy and information statements and other information regarding companies (such as us) that file documents with the SEC electronically. The
documents can be found by searching the EDGAR Archives at the SEC's web site. Our SEC filings, and other information with respect to HEI and our subsidiaries, may also be obtained on the Internet at
our web site at http://www.hei.com. The information on our website does not constitute a part of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows us to incorporate information by reference into this prospectus. This means that we can disclose important information to you by referring to another document filed
separately with the SEC. The information incorporated by reference is deemed to be a part of this prospectus, except for any information in this prospectus, a prospectus supplement, or a later filing
with the SEC that is also incorporated by reference into this prospectus. Information that we file later with the SEC will automatically update and may replace information in this prospectus and
information previously filed with the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents listed below and any future filings made by us with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act (other than, in each case, information
furnished rather than filed), including all such documents we may file with the SEC after the date on which the registration statement that includes this prospectus was initially filed with the SEC,
are incorporated by reference in this prospectus until the termination of all offerings under this registration statement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 filed with the SEC on February&nbsp;24, 2017 (including information specifically
incorporated by reference into our Annual Report on Form&nbsp;10-K from our Definitive Proxy Statement on Schedule&nbsp;14A, filed with the SEC on March&nbsp;23, 2017);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2017 and June&nbsp;30, 2017 filed with the SEC on May&nbsp;5, 2017 and
August&nbsp;3, 2017, respectively;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
Current Reports on Form&nbsp;8-K filed with the SEC on February&nbsp;14, 2017, March&nbsp;3, 2017, May&nbsp;9, 2017, July&nbsp;3, 2017, July&nbsp;18,
2017, and August&nbsp;23, 2017; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
description of the Common Stock of the Company contained in the registration statement for such Common Stock filed under Section&nbsp;12 of the Exchange Act,
and in past and future amendments thereto and in those portions of periodic reports filed under the Exchange Act for the purpose of updating such description, as such description has most recently
been updated in the Company's Form&nbsp;S-3 filed on December&nbsp;22, 2014. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=813522,FOLIO='2',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_da46901_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide you with a free copy of any of these documents if you request a copy by writing or telephoning HEI at the following address or telephone number: Shareholder Services
Division, Hawaiian Electric Industries,&nbsp;Inc., P.O.&nbsp;Box&nbsp;730, Honolulu, Hawaii 96808-0730, telephone: (808)&nbsp;532-5841. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_cautionary_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_da46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus, which includes the documents incorporated by reference, contains statements that are not based on historical facts but are
"forward-looking statements." Forward-looking statements, which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as
"will," "expect," "anticipate," "intend," "plan," "believe," "predict," "estimate" or similar expressions. In addition, any statements concerning future financial performance (including future
revenues, earnings, losses or growth rates), ongoing business strategies or prospects and possible future actions, are also forward-looking statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking
statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI
and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These considerations include the risks and
uncertainties identified in this prospectus and the documents incorporated by reference. Forward-looking statements are not guarantees of future performance and the actual results that HEI achieves
may differ materially. In addition, forward-looking statements speak only as of the date of the document in which they are made and, except as required by applicable securities laws, HEI assumes no
obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that
could cause actual results to differ materially from anticipated results. The following risks, uncertainties and other important factors, in addition to those referenced under "Risk Factors" and
elsewhere in this prospectus and the documents incorporated by reference into this prospectus, could cause actual results to differ materially from historical results and from management expectations
as suggested by such "forward-looking" statements:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> international, national and local economic and political conditions&#151;including the state of the Hawaii tourism, defense and
construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by
American Savings Bank, F.S.B. ("ASB"), which could result in higher loan loss provisions and write-offs); decisions concerning the extent of the presence of the federal government and military in
Hawaii, the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; and the potential impacts of
global developments and global economic conditions and uncertainties; the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; terrorist acts by
ISIS or others; potential conflict or crisis with North Korea; and potential pandemics); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> weather and natural disasters (e.g.,&nbsp;hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the potential effects of
climate change, such as more severe storms and rising sea </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=104088,FOLIO='3',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_da46901_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>levels),
including their impact on the Company's operations and the Company's subsidiaries' operations and the economy; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the timing and extent of changes in interest rates and the shape of the yield curve; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the Company and its subsidiaries to access the credit and capital markets (e.g.,&nbsp;to obtain commercial paper and other
short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the cost of such financings,
if available; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks inherent in changes in the value of the Company's pension and other retirement plan assets and ASB's securities available for sale; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increasing competition in the banking industry (e.g.,&nbsp;increased price competition for deposits, or an outflow of deposits to alternative
investments, which may have an adverse impact on ASB's cost of funds); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the impacts of the terminated proposed merger with NextEra Energy,&nbsp;Inc. ("NEE") and the resulting loss of NEE's resources, expertise and
support (e.g.,&nbsp;financial and technological), including potentially higher costs and longer lead times to increase levels of renewable energy and to complete projects like Enterprise Resource
Planning/Enterprise Asset Management and smart grids, and a higher cost of capital; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential delay by the Public Utilities Commission of the State of Hawaii ("PUC") in considering (and potential disapproval of actual or
proposed) renewable energy proposals and related costs; reliance by the Company's subsidiaries on outside parties such as the state, independent power producers ("IPPs") and developers; and
uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet renewable portfolio standards goals and the impacts of implementation of the
renewable energy proposals on future costs of electricity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the Company's subsidiaries to develop, implement and recover the costs of implementing action plans included in their updated
Power Supply Improvement Plans, Demand Response Portfolio Plan, Distributed Generation Interconnection Plan, Grid Modernization Plans, and business model changes, which have been and are continuing to
be developed and updated in response to the orders issued by the PUC in April 2014, its April 2014 inclinations on the future of Hawaii's electric utilities and the vision, business strategies and
regulatory policy changes required to align the Utilities' business model with customer interests and the state's public policy goals, and subsequent orders of the PUC; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as
demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to
reduce or meet peak demand; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fuel oil price changes, delivery of adequate fuel by suppliers and the continued availability to the electric utilities of their energy cost
adjustment clauses; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the continued availability to the electric utilities or modifications of other cost recovery mechanisms, including the purchased power
adjustment clauses, rate adjustment mechanisms </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=7,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=436986,FOLIO='4',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_da46901_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>("RAMs")
and pension and postretirement benefits other than pensions tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatthour sales; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the impact of fuel price volatility on customer satisfaction and political and regulatory support for the Company's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for
renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources
will be constrained as more generating resources are added to the electric systems and as customers reduce their energy usage; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements ("PPAs"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in
their units to ensure the availability of their units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and
collective bargaining agreements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> new technological developments that could affect the operations and prospects of the Company's subsidiaries or their competitors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> new technological developments, such as the commercial development of energy storage and microgrids, that could affect the operations of the
Company's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cyber security risks and the potential for cyber incidents, including potential incidents at the Company and its subsidiaries (including at ASB
branches and electric utility plants) and incidents at data processing centers they use, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and
other general information technology controls; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> federal, state, county and international governmental and regulatory actions and inactions, such as existing, new and changes in laws, rules
and regulations applicable to the Company and its subsidiaries (including changes in taxation, increases in capital requirements, changes to the U.S. debt ceiling, monetary policy, legislative and
regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions,
governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon "cap and trade" legislation that may fundamentally alter costs to produce
electricity and accelerate the move to renewable generation); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> developments in laws, regulations, and policies governing protections for historic, archaeological, and cultural sites, and plant and animal
species and habitats, as well as developments in the implementation and enforcement of such laws, regulations, and policies; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=8,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=670550,FOLIO='5',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_da46901_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and
any associated enforcement, litigation, or regulatory oversight; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final
decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective
actions, restrictions and penalties that may arise, such as with respect to environmental conditions or renewable portfolio standards); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> potential enforcement actions by the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance
Corporation and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies
under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the Company's subsidiaries to recover increasing costs and earn a reasonable return on capital investments not covered by RAMs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks associated with the geographic concentration of the Company's businesses and ASB's loans, ASB's concentration in a single product
type (i.e.,&nbsp;first mortgages) and ASB's significant credit relationships (i.e.,&nbsp;concentrations of large loans and/or credit lines with certain customers); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in accounting principles applicable to the Company and its subsidiaries, including the adoption of new U.S. accounting standards, the
potential discontinuance of regulatory accounting and the effects of potentially required consolidation of variable interest entities or required capital lease accounting for PPAs with IPPs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes by securities rating agencies in their ratings of the securities of the Company and its subsidiaries and the results of financing
efforts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> faster than expected loan prepayments that can cause an acceleration of the amortization of premiums on loans and investments and the
impairment of mortgage-servicing assets of ASB; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in ASB's loan portfolio credit profile and asset quality which may increase or decrease the required level of provision for loan
losses, allowance for loan losses and charge-offs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in ASB's deposit cost or mix which may have an adverse impact on ASB's cost of funds; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the final outcome of tax positions taken by the Company and its subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks of suffering losses and incurring liabilities that are uninsured (e.g.,&nbsp;damages to the Utilities' transmission and
distribution system and losses from business interruption) or underinsured (e.g.,&nbsp;losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> other risks or uncertainties described in reports previously and subsequently filed by the Company and its subsidiaries with the SEC. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=9,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=1048232,FOLIO='6',FILE='DISK114:[17ZCS1.17ZCS46901]DA46901A.;12',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc46901_1_7"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_the_company"> </A>
<A NAME="toc_dc46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI was incorporated in 1981 under the laws of the State of Hawaii and is a holding company whose principal subsidiaries are engaged in the
electric public utility and bank businesses in the State of Hawaii. HEI's predecessor, Hawaiian Electric Company,&nbsp;Inc. ("Hawaiian Electric"), was incorporated in 1891 under the laws of the
Kingdom of Hawaii (now the State of Hawaii). As a result of a corporate reorganization in 1983, Hawaiian Electric became a subsidiary of HEI and the common shareholders of Hawaiian Electric became
common shareholders of HEI. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian
Electric is a regulated electric public utility company engaged in the production, purchase, transmission, distribution and sale of electric energy on the island of Oahu, in the
State of Hawaii. Hawaiian Electric's subsidiaries, Hawaii Electric Light Company,&nbsp;Inc. ("Hawaii Electric Light"), which was acquired in 1970, and Maui Electric Company, Limited ("Maui
Electric"), which was acquired in 1968, are also regulated electric public utilities engaged in the production, purchase, transmission, distribution and sale of electricity in the State of Hawaii.
Hawaii Electric Light engages in this business
on the island of Hawaii, and Maui Electric engages in this business on the islands of Maui, Lanai and Molokai. Hawaiian Electric and its subsidiaries serve approximately ninety-five percent (95%) of
the total population of the State of Hawaii covering a service area of approximately 5,815&nbsp;square&nbsp;miles. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI's
other principal subsidiary is American Savings Bank, F.S.B., one of the largest financial institutions in the State of Hawaii, with assets of $6.4&nbsp;billion as of
December&nbsp;31, 2016. ASB, which was acquired by HEI in 1988, is a federally chartered savings bank that provides a wide range of banking and other financial services to consumers and businesses
within Hawaii. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI
is a parent holding company that is a legal entity separate and distinct from its various subsidiaries. As HEI has no significant operations of its own, the principal sources of its
funds are dividends or other distributions from its operating subsidiaries, borrowings and sales of equity. The ability of certain of the Company's subsidiaries to pay dividends or make other
distributions to the Company is subject to contractual and regulatory restrictions, including the provisions of an agreement with the Hawaii Public Utilities Commission and the capital distribution
regulations of the Federal Reserve Board and Office of the Comptroller of the Currency, as well as restrictions and limitations set forth in debt instruments, preferred stock resolutions and
guarantees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI's
strategy is to focus its resources primarily on its two core operating businesses, Hawaiian Electric Company and American Savings Bank. For additional information concerning HEI's
and its subsidiaries' businesses and affairs, including their capital requirements and external financing plans, pending legal and regulatory proceedings, descriptions of certain laws and regulations
to which those companies are subject, and possible restrictions on the ability of certain of HEI's subsidiaries to pay dividends or make other distributions to HEI, investors should refer to the
documents incorporated by reference that are listed under "Where You Can Find More Information." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_description_of_the_plan"> </A>
<A NAME="toc_dc46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE PLAN    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary in question and answer form of the principal provisions of the Plan as amended to date. This summary does not purport
to be complete nor to modify the Plan, and is qualified in its entirety by reference to the provisions of the Plan. In case of any conflict, the provisions of the Plan will govern. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=792734,FOLIO='7',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_dc46901_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purpose of the Plan  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is the purpose of the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Plan is to provide holders of record of the Company's Common Stock and/or the Preferred Stock of the Company's electric utility subsidiaries,
and any other individual of legal age and any entity ("Nonholder"), with a convenient method of buying Common Stock by using their cash dividends and/or by making optional cash investments. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Features of the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What are some of the important features of the Plan?  </I></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A participant may elect to have cash dividends on all or a portion of the participant's shares of Common Stock or Preferred Stock automatically
reinvested. (See Question&nbsp;9.) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any individual of legal age or entity may join the Plan by making a minimum initial cash investment of $250 (maximum of $300,000). (See
Questions&nbsp;6 and 7.) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A participant may purchase Common Stock each month with optional cash investments of not less than $25 per investment and not more than an
aggregate of $300,000 per calendar year. (See Questions&nbsp;18 and 19.) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A participant may have the Administrator (as defined in Question&nbsp;3)&nbsp;sell all or any of his or her Plan shares, subject to certain
charges. (See Questions&nbsp;10 and 32&nbsp;-&nbsp;36.) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A participant may deposit any or all the participant's shares of Common Stock with the Administrator for safekeeping and receive credit to the
participant's Plan account for such shares. (See Question&nbsp;23.) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No interest is paid on reinvested dividends or optional cash investments received by the Plan. (See Question&nbsp;15.) </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Administration of the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who administers the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The administrator of the Plan (the "Administrator") keeps records, sends periodic statements to participants and performs other clerical and administrative duties
relating to the Plan. The Administrator may be the Shareholder Services Division of the Company or may be one or more officers or employees of the Company or of its subsidiaries appointed by
designated executive officers of the Company, in which case an independent trustee (the "Trustee") shall be appointed, and shares under the Plan shall be registered in the name of the Trustee. The
Shareholder Services Division of the Company currently serves as the Administrator. The Company believes that having the Shareholder Services Division of the Company serve as Administrator, as
compared to having a registered broker-dealer or federally insured banking institution serve in that capacity, poses no additional material risks to participants. The Company believes this is because
the Administrator's duties are limited to clerical and administrative tasks such as keeping records and sending periodic statements, because the Company has an errors and omissions policy that covers
the Shareholder Services Division, and because </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=756661,FOLIO='8',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_dc46901_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Company has established an escrow with a bank to hold optional cash investments pending investment pursuant to the Plan, thereby reducing the risk to participants. (See Question&nbsp;18.) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whom should I contact with questions concerning the Plan and its administration?  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all communications about the Plan, please contact: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.<BR>
ATTENTION: DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN<BR>
P.O. BOX 730<BR>
HONOLULU, HI 96808-0730<BR>
TELEPHONE: (808)&nbsp;532-5841 (Oahu)<BR>
(866)&nbsp;672-5841 (Other locations)<BR>
FACSIMILE: (808)&nbsp;532-5868  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who holds the shares credited to participants' Plan accounts?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock purchased under the Plan are registered in the name of the Trustee. The Bank of New York Mellon Trust Company, N.A., formerly known as The
Bank of New York Trust Company, N.A., currently serves as Trustee under the Plan. Should it become necessary or desirable to replace The Bank of New York Mellon Trust Company, N.A. as Trustee, the
Company may appoint a successor Trustee. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Participation in the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who is eligible to participate?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person or entity, whether or not a holder of Common Stock or Preferred Stock, is eligible to join the Plan, provided that (i)&nbsp;such person or entity
fulfills the prerequisites for participation described under Question&nbsp;7 and (ii)&nbsp;participation would not violate securities or other laws of the state, territory or country where the
participant resides that are applicable to the Company, the Plan or the participant.
If a beneficial owner of Common Stock and/or Preferred Stock whose shares are registered in the name of another (e.g.,&nbsp;a broker or bank nominee) would like such shares to participate in the
Plan, the beneficial owner must first have the shares transferred into such beneficial owner's name. The Company reserves the right to restrict or terminate participation in the Plan if it believes
that such participation may be contrary to the general intent of the Plan or in violation of applicable law. A participant must maintain at least five whole shares in the Plan to maintain a Plan
account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How do I enroll?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current participants will automatically be participants in the Plan as amended to date, and need do nothing to continue their participation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
reviewing a copy of this prospectus, eligible applicants may join the Plan by completing, signing and submitting to the Administrator a "Shareholder Authorization Form" (for
holders of Common Stock or Preferred Stock) or a "Nonholder Enrollment Form" (for nonholders). Holders of Common Stock or Preferred Stock may elect in the applicable form to have dividends reinvested
in whole or in part, to make an initial cash investment or to make optional cash investments only. If a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=761826,FOLIO='9',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_dc46901_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>participant
signs a Shareholder Authorization Form (in the case of holders of Common Stock or Preferred Stock), dividends on all shares of Common Stock and Preferred Stock registered in the
participant's name or held under the Plan will automatically be reinvested under the Plan, unless the participant elects on the form to receive dividends on all or a portion of such shares. If such a
holder does not select an option, all dividends on Common Stock and Preferred Stock in such holder's name, and on Common Stock held under the Plan for the holder, will be reinvested in shares of
Common Stock pursuant to the Plan. The execution of a Nonholder Enrollment Form (in the case of nonholders) will result in the reinvestment of all dividends on shares held under the Plan for the
participant, unless the participant notifies the Administrator in writing of a different investment option. Nonholders must make an initial cash investment of not less than $250 and not more than
$300,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
may change any of the designations in the applicable form by sending a signed written request to the Administrator specifying the desired change. Any election to reinvest
dividends or to
change any option with respect thereto will be effective on the next record date after the Administrator receives the new form. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where can I get Shareholder Authorization Forms and Nonholder Enrollment Forms?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The forms may be obtained from HEI's website or from the Administrator at the address or by calling the telephone number noted under Question&nbsp;4. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What investment options are available to participants?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participant may elect one of the following investment options: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Dividend Reinvestment</B></FONT><FONT SIZE=2>&#151;Participant automatically reinvests cash dividends on all shares of Common Stock and Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Dividend Reinvestment</B></FONT><FONT SIZE=2>&#151;Participant specifies the number of shares of Common Stock, and the number, class and series of shares of Preferred
Stock, as to which the participant wishes to receive cash dividends, and automatically reinvests the remainder of the cash dividends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional Cash Investments Only/No Dividend Reinvestment</B></FONT><FONT SIZE=2>&#151;Participant makes optional cash investments only and receives cash dividends on all shares of
Common Stock and Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
participants may also make optional cash investments of a minimum of $25 (or a minimum of $250 for the initial investment by a nonholder) and a maximum of $300,000 per calendar year
(including the
initial investment) towards the purchase of additional shares of Common Stock. (See Questions&nbsp;18 and 19.) </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Fees and Charges  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>10.&nbsp;&nbsp;&nbsp;Are there any fees or charges to a participant in connection with purchases or sales under the Plan?</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided in the Plan, participants in the Plan will bear the cost of brokerage fees and commissions, any service charges and applicable taxes related to
shares purchased or sold on the open market. Under the Plan, the Company may charge participants fees to recover up to the actual administrative costs of the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=862507,FOLIO='10',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_dc46901_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
$25 service fee will be assessed for each item that is returned for insufficient funds or other reasons due to the negligence of the shareholder as determined by the Administrator. The
Administrator may place a hold on the account until the "insufficient funds" fee is received, sell shares from the account to collect the "insufficient funds" fee, or withhold the amount of the
"insufficient funds" fee from future optional cash investments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Questions&nbsp;27 and 35 for certain other fees charged under the Plan. The Company reserves the right at any time to change the amount of the fees it charges and to charge
participants (including those who do not reinvest dividends) other fees, including but not limited to administrative, setup and handling fees. Notices of such future changes or additional fees will be
sent to participants at least thirty (30)&nbsp;days prior to their effective date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purchases under the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>11.&nbsp;&nbsp;&nbsp;What is the source of shares purchased under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock will be obtained through purchases of authorized but unissued shares directly from the Company or through open market purchases of issued and
outstanding shares. The Company will not change the method of acquiring shares of Common Stock more than once in any three-month period. On the date of this prospectus, shares for the Plan are being
purchased through open market purchases of issued and outstanding shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>12.&nbsp;&nbsp;&nbsp;How will open market purchases of Common Stock be made under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At such times as the Plan satisfies its requirements for shares through open market purchases of outstanding shares rather than direct issuances of authorized but
unissued shares, such open market purchases of Common Stock will be made through an independent agent (the "Broker") selected by the Company. Neither the Administrator, nor the Company, nor any
affiliate of the Company will directly or indirectly control or influence the prices or timing of open market purchases made by the Broker, the amount of shares to be purchased (other than specifying
the aggregate dollar amount to be invested), the manner of purchase of shares or the selection by the Broker of a broker or dealer through which purchases will be made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>13.&nbsp;&nbsp;&nbsp;What will be the price of shares of Common Stock purchased under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The price of newly-issued shares purchased directly from the Company will be the average of the high and low sales prices of the Common Stock on the composite
tape for stocks listed on the New&nbsp;York Stock Exchange on the business day prior to the applicable Investment Date (as defined under
Question&nbsp;15)&nbsp;or the next preceding day on which the Company's Common Stock is traded if there is no trade reported on that business day. The price of Common Stock purchased on the open
market will be the weighted average price per share (adjusted for brokerage fees and commissions, any service charges and applicable taxes) of the aggregate number of shares purchased on the open
market during the applicable Investment Period (as defined under Question&nbsp;15). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>14.&nbsp;&nbsp;&nbsp;How many shares of Common Stock will be purchased by the Plan for each participant?  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares to be purchased by the Plan for each participant will equal the amount of the participant's reinvested dividends and optional cash
investments, less administrative fees and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=201859,FOLIO='11',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_dc46901_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amounts
(if any) required to be withheld for tax purposes, divided by the purchase price of the shares (adjusted for brokerage fees and commissions, any service charges and applicable taxes). Both
whole shares and fractional shares (computed to four decimal places) will be credited by the Plan to the accounts of its participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>15.&nbsp;&nbsp;&nbsp;When will purchases be made under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newly-issued shares will be purchased from the Company on the applicable Investment Date, as defined below, and shares acquired on the open market will be
purchased during an investment period commencing on the applicable Investment Date and ending on the earlier of thirty (30)&nbsp;days thereafter or the date on which the required number of shares
has been purchased (each, an "Investment Period"). Shares of Common Stock purchased directly from the Company will be credited to participants' accounts on the date purchased, and shares of Common
Stock purchased on the open market will be credited to participants' accounts as of the settlement date of the purchase of the last share during the applicable Investment Period. Dividends not
invested in shares of Common Stock within thirty (30)&nbsp;days of the dividend payment date, optional cash investments not invested in shares of Common Stock within thirty (30)&nbsp;days of the
applicable Investment Date, and any funds not invested within an Investment Period, will be promptly returned, without interest, to the participant. Funds to be invested during any Investment Period
will be invested to the extent possible before funds from any
subsequent Investment Period are invested, and funds related to different Investment Periods will not be pooled for purposes of computing per share prices. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"Investment Dates" for optional cash investments shall be the 15th&nbsp;and 30th&nbsp;days of each month (except that the second Investment Date for February will be the last day
of the month). The "Investment Dates" for Common Stock dividends and Preferred Stock dividends shall be the dividend payment date or within two (2)&nbsp;business days prior to the dividend payment
date (with settlement in such case occurring on or after the dividend payment date). The dividend payment date for Common Stock dividends is normally expected to be on or around the 10th&nbsp;day of
March, June, September and December each year, and for Preferred Stock is normally expected to be the 15th&nbsp;day of January, April, July and October each year, but the actual dates could vary. If
an Investment Date is not a business day based on the foregoing, the Investment Date will be the next succeeding business day. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Broker is unable to invest all cash dividends or optional cash investments in shares of Common Stock on the open market, the shares purchased by the Broker shall be allocated to
participants on a pro rata basis based, first, on reinvested dividends and, second, if any shares are remaining, on optional cash investments. Any funds remaining after such allocation will be
returned to participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
may not select the precise time for purchases and a number of days may elapse before dividends and optional cash investments are invested in shares of Common Stock. Interest
will not be paid on cash dividends or optional cash investments prior to or after their investment in Common Stock or if for any reason such dividends and investments are not so invested. Any interest
or other earnings on dividends or optional cash investments will be the property of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=15,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=151901,FOLIO='12',FILE='DISK114:[17ZCS1.17ZCS46901]DC46901A.;10',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_de46901_1_13"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividend Reinvestment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>16.&nbsp;&nbsp;&nbsp;How does the dividend reinvestment feature of the Plan work?  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends to be reinvested will remain with the Company if reinvested on the dividend payment date in shares newly issued by the Company. To the extent
shares will not be so purchased on the dividend payment date or are to be purchased by the Plan on the open market, cash dividends will be delivered to an escrow account or to the Broker pending
investment concurrently with payment of cash dividends to nonparticipating shareholders. Such dividends will be credited to each participant's account under the Plan and will be automatically
reinvested to purchase additional Common Stock on behalf of
the participants during the applicable Investment Period in the manner described under Question&nbsp;15. The amount of any required United States income tax withholding and any administrative fees
will be deducted from the amount of dividends on Common Stock and/or Preferred Stock to determine the amount of dividends to reinvest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>17.&nbsp;&nbsp;&nbsp;Will participants be credited with dividends on fractional shares?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Plan accounts will be credited on the payment dates with dividends on whole shares and fractional shares of Common Stock held in participants' accounts on
the applicable record dates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Optional Cash Investments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>18.&nbsp;&nbsp;&nbsp;How are optional cash investments made?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional cash investments by a participant cannot be less than $25 per investment nor more than a total of $300,000 per calendar year (including for purposes of
this limitation the initial investment made by a nonholder upon enrollment in the Plan). In the case of nonholders, the initial cash investment with the Nonholder Enrollment Form must be at least
$250. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional
cash investments may be made by sending an optional cash investment coupon along with either a check or money order in U.S. Dollars </FONT><FONT SIZE=2><B>payable to
HEI/DRIP,</B></FONT><FONT SIZE=2> addressed to Hawaiian Electric Industries,&nbsp;Inc., Attn: Dividend Reinvestment and Stock Purchase Plan, P.O.&nbsp;Box&nbsp;29520, Honolulu,
HI&nbsp;96820-1920. </FONT><FONT SIZE=2><B>The Plan may reject checks payable to a party other than HEI/DRIP, even if endorsed for payment to the Plan. Optional cash investments must not be
included in remittances for payment of utility service billings.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a participant wishes to make one cash investment of the same amount each month, the participant may use the Plan's automatic cash investment option. This allows a participant to make
one cash investment of the same amount each month by automatic deduction of that amount from the participant's designated bank account. Employees and directors of the Company and certain of its
subsidiaries may also make cash investments through payroll deductions or by other means, subject to approval by the Chief Financial Officer of the Company or the Administrator. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forms to accompany optional cash investments, and to authorize such automatic deduction of optional cash investments, may be obtained from the Administrator at the address noted
under Question&nbsp;4. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional
cash investments will be transferred, by the end of the next business day following the day of receipt of the optional cash investment, to a segregated escrow account at a bank
designated by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=16,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=909264,FOLIO='13',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Company ("Escrow Agent"), to be held for the benefit of the participants pending investment in shares of Common Stock. Any interest or other earnings on such funds prior to their investment is the
property of the Company. The current Escrow Agent is Central Pacific Bank. Should it become necessary or desirable to replace Central Pacific Bank as Escrow Agent, the Company may appoint a successor
Escrow Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrator must receive requests for refunds of optional cash investments in writing by the Cash Deadline Date (see Question&nbsp;19)&nbsp;before the applicable Investment
Date. Refunds will be processed as soon as practicable. A participant may not request a refund for an investment made through the automatic cash investment option. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>19.&nbsp;&nbsp;&nbsp;When must optional cash investments be received?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional cash investments must be received by the Administrator by the Cash Deadline Date before the applicable Investment Date in order to be invested on or
commencing on that Investment Date.
The "Cash Deadline Dates" for optional cash investments are the 10<SUP>th</SUP>&nbsp;and 25<SUP>th</SUP>&nbsp;of each month or the prior business day if the 10<SUP>th</SUP>&nbsp;or
25<SUP>th</SUP>&nbsp;day of the month falls on a weekend or holiday. (See Question&nbsp;15.) </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Account Records and Reports to Participants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>20.&nbsp;&nbsp;&nbsp;What records are maintained of a participant's ownership of Common Stock under the Plan?  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator will maintain an individual account for each participant recording the participant's ownership interests in the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>21.&nbsp;&nbsp;&nbsp;What kind of reports will be sent to participants in the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants will receive quarterly account statements showing amounts invested, purchase prices, shares purchased and/or other relevant information, including
information for income tax reporting purposes. Monthly statements will also be sent to participants who have made optional cash investments or have had other activity (other than reinvestment of
dividends) in their accounts during the month. </FONT><FONT SIZE=2><B>Participants should retain all statements received from the Company for tax purposes because they are a continuing record of the
original cost of all shares purchased by participants under the Plan, and this information will be necessary for participants to determine the amount of gain or loss subject to tax when participants
sell all or part of their shares in the Plan.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, participants will receive, and/or be provided notification of and electronic access to, the Company's annual reports to shareholders and proxy materials for all annual and
special meetings of shareholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Registration of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>22.&nbsp;&nbsp;&nbsp;Will certificates be issued to participants for shares of Common Stock purchased under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless a participant withdraws shares from the Plan or terminates participation in the Plan (See Questions 24&nbsp;-&nbsp;31), certificates for shares of
Common Stock purchased under the Plan will not be issued to participants. Instead, shares of Common Stock will be registered in the name of the Trustee or, if there is no Trustee, in the name of the
Administrator, as agent for participants in the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=17,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=992117,FOLIO='14',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_15"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Safekeeping of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>23.&nbsp;&nbsp;&nbsp;Does the Plan offer a safekeeping service for shares?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. A holder of record of Common Stock who submits a Shareholder Authorization Form or Transaction Request and Authorization Form may elect to transfer such
holder's shares without charge to the Administrator, or to the Trustee if there is a Trustee, for credit to the holder's Plan account and for safekeeping under the Plan. The Administrator or Trustee,
as applicable, also holds for safekeeping
the shares purchased through the Plan unless the shares are withdrawn by or distributed to the participant upon termination. (See Question 22.) These safekeeping arrangements protect against loss,
theft and destruction of stock certificates. Shares of Preferred Stock may not be transferred to the Administrator or Trustee for safekeeping. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination of Participation in the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>24.&nbsp;&nbsp;&nbsp;When and how may a participant terminate participation in the Plan?  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may terminate participation in the Plan as to all (but not less than all) Common Stock and Preferred Stock by signing and submitting a written
notification to the Administrator. Any notice of termination received on or after an ex-dividend record date may not be processed until after the dividends payable on the record date have been paid
and reinvested in accordance with the Plan. The "ex-dividend record date" for purposes of the Plan is two (2)&nbsp;business days before the dividend record date. A participant must wait at least two
(2)&nbsp;weeks after the purchase of shares before terminating participation in the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant must also maintain at least five whole shares of Common Stock in the Plan to keep an active account. If a participant does not do so, the participant's participation in the
Plan may be terminated, in which case the participant will receive a cash payment in the amount of the net proceeds of the sale of all shares (and fraction of a share) in the Plan based on the selling
price of the shares less any withholding required under applicable tax laws less a fee (unless the fee is waived by the Company in its sole and absolute discretion) The fee is currently equal 10 cents
per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>25.&nbsp;&nbsp;&nbsp;What occurs following receipt by the Administrator of a participant's signed written notice of termination of participation in the
Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten (10)&nbsp;business days after receipt of the notice of termination (or after the reinvestment of dividends if the notice is received between the
ex-dividend record and payment dates), either certificates for whole shares of Common Stock will be issued to the participant or such shares shall be issued to the participant by book entry. A cash
payment will be made for any fractional share. </FONT><FONT SIZE=2><B>In no case will fractional shares be issued.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>26.&nbsp;&nbsp;&nbsp;Will a participant be allowed to re-enroll in the Plan after terminating participation?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of participation in the Plan will not necessarily preclude re-enrollment, but the Company reserves the right to reject re-enrollment where in its sole
discretion it deems there have been excessive terminations and re-enrollments. If you are no longer a shareholder of record you can seek to enroll by completing and submitting a Nonholder Enrollment
Form along with a $250 minimum investment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=18,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=433685,FOLIO='15',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Withdrawal of Shares from the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>27.&nbsp;&nbsp;&nbsp;How does a participant withdraw shares from the Plan and are there fees or charges for withdrawal?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may withdraw all or a portion of whole shares of Common Stock from the Plan by signing and submitting a written request to the Administrator to that
effect and specifying the whole number of shares to be withdrawn. Participants who request that shares be withdrawn in certificate form may be charged a service fee of $20 per certificate. There is no
charge for shares issued by book entry. A cash payment will be made for any fractional share. </FONT><FONT SIZE=2><B>In no case will fractional shares be issued.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>28.&nbsp;&nbsp;&nbsp;When may a participant withdraw shares from the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant must wait at least two (2)&nbsp;weeks after the purchase of shares before withdrawing shares from the Plan. A participant must also wait at least
two (2)&nbsp;weeks before withdrawing shares from the Plan after updating the participant's address of record unless the request is submitted with a valid Medallion Signature Guarantee or by
complying with other requirements that the Company or Administrator shall establish. Any notice of withdrawal received by the Administrator between the ex-dividend record and payment dates may not be
processed until after the dividends have been paid and reinvested in accordance with the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>29.&nbsp;&nbsp;&nbsp;How soon after notice of withdrawal of shares is given will the participant receive the shares?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations described in the answer to Question 28, shares will be issued within ten&nbsp;(10) business days after receipt of the notice of
withdrawal (or after the reinvestment of dividends if the notice is received between the ex-dividend record and payment dates). A cash payment will be made for any fractional share. </FONT> <FONT SIZE=2><B>In no case will fractional shares be
issued.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>30.&nbsp;&nbsp;&nbsp;May shares a participant withdraws from the Plan continue to participate in the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Shares of Common Stock withdrawn from the Plan and registered in the participant's name will continue to participate in the Plan if the participant has so
instructed the Administrator pursuant to a Shareholder Authorization Form and has not terminated participation in the manner described under Question 24. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>31.&nbsp;&nbsp;&nbsp;May a participant who requests the withdrawal of shares under the Plan have the withdrawn shares issued in the name of another person?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. A participant may do so by submitting a properly completed and executed stock power, with a Medallion Signature Guarantee, and by complying with such other
procedures as the Company or Administrator shall establish. The forms necessary to effect any such transfer may be obtained from the Administrator at the address noted under Question 4 or from the
Company's website. However, any notice of name change received by the Administrator between the record and payment dates will not be effective until after the dividends have been paid and reinvested
in accordance with the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=19,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=814171,FOLIO='16',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale and Other Transfer of Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>32.&nbsp;&nbsp;&nbsp;May a participant sell, pledge, encumber, or otherwise transfer shares of Common Stock credited to such participant's account under the
Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;A participant wishing to pledge, encumber or otherwise transfer such shares must first have those shares registered in the participant's or another
person's name by withdrawing the shares from the Plan. (See Question 31.) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>33.&nbsp;&nbsp;&nbsp;May a participant receive cash in lieu of shares of Common Stock upon termination of participation in the Plan or withdrawal of shares
from the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. The participant must submit a signed written request to the Administrator to sell such shares of Common Stock and to distribute to the participant the net
cash proceeds from such sale in lieu of shares. The Company may retain a broker-dealer not affiliated with the Company to effect such sales. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>34.&nbsp;&nbsp;&nbsp;If a participant requests a distribution of cash in lieu of certificates for shares, when will the Common Stock be sold?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the shares will be sold on the open market, the sale will occur generally within the same period of time that would be required if shares rather than cash were
to be distributed. (See Question 25.) Delays in selling shares are possible, however. Interest will not be paid to a participant for any such delays and the participant assumes the risk of any price
fluctuations. A participant must wait at least two (2)&nbsp;weeks after the purchase of shares under the Plan before selling the recently purchased shares from the Plan. A participant must also wait
at least two (2)&nbsp;weeks before selling shares in the Plan after updating the participant's address of record unless the request is submitted with a valid Medallion Signature Guarantee or by
complying with other requirements that the Company or Administrator shall establish. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>35.&nbsp;&nbsp;&nbsp;What amount will be distributed to a participant who requests a distribution of cash in lieu of shares?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A check representing the selling price of the shares less any withholding required under applicable tax laws and less a fee (unless such fee is waived by the
Company in its sole and absolute discretion), will be sent to the participant at the end of the settlement period. The fee is currently ten cents per share to cover brokerage commissions and service
fees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>36.&nbsp;&nbsp;&nbsp;What happens if a participant sells or transfers all of the shares registered in the participant's name but does not sell shares held
in the Plan and registered in the name of the Trustee?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares remaining in the Plan will continue to participate in the Plan if the participant has so instructed the Administrator pursuant to a Shareholder
Authorization Form and dividends thereon will continue to be reinvested in accordance with the participant's instructions until the shares are withdrawn from the Plan or the participant terminates
participation in the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=20,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=899086,FOLIO='17',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting of Shares in the Plan; Tender Offers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>37.&nbsp;&nbsp;&nbsp;How will a participant's shares of Common Stock be voted at meetings of shareholders of the Company?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participant will be mailed or sent electronically (to those participants who have agreed to such electronic delivery) proxy materials for each meeting of
shareholders of the Company, or will be provided with notice and access to proxy materials in accordance with the rules and regulations of the SEC, to allow participants to vote on each issue to be
considered at the meeting. Participants may vote by using the Internet, telephone or by signing and returning the proxy form. Shares registered in a participant's name will be voted directly as
instructed by the participant, and shares held in the Plan in the participant's name will be voted by the Administrator or Trustee, as the case may be, as instructed by the participant. If the
participant does not provide instructions on how to vote the shares held in the Plan, the Trustee or Administrator, as the case may be, will be deemed instructed to vote the shares held by the
participant in the Plan in accordance with the recommendations of the Company's Board of Directors on each issue. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>38.&nbsp;&nbsp;&nbsp;What arrangements will be made in the event of the commencement of a tender offer for shares of Common Stock held in the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or the Trustee will notify participants of the commencement of any tender offer for securities that includes the Company's Common Stock held in
participants' accounts and will provide a means by which participants may direct the Trustee whether or not to tender the Company's Common Stock credited to their accounts. In the absence of such
directions by a participant, the shares credited to such participant's account will not be tendered. A participant may, at any time prior to a tender
offer withdrawal date, direct the Trustee to withdraw shares of the Company's Common Stock previously directed by the participant to be tendered. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Dividends and Stock Splits  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>39.&nbsp;&nbsp;&nbsp;What happens to a participant's account if the Company issues a stock dividend or declares a stock split?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stock dividends or split shares distributed by the Company on shares of Common Stock credited to the account of a participant under the Plan will be added to
the participant's account. Stock dividends or split shares distributed on any shares of Common Stock registered in the name of a participant will be distributed to the participant in the same manner
as to shareholders who are not participating in the Plan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Adjustment of Number and Kind of Registered Securities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>40.&nbsp;&nbsp;&nbsp;Under what circumstances may the Company adjust the number and/or kind of registered securities?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may make appropriate and proportionate adjustments to the number or kind of securities registered with the SEC if there is a decrease in the number of
outstanding shares of Common Stock, an exchange of such shares or a distribution with respect to such shares, in each case as a result of any merger, recapitalization, reclassification, stock
dividend, stock split, reverse stock split </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=21,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=568934,FOLIO='18',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<A NAME="page_de46901_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
other distribution. Any such adjustment will be subject to the requirements of federal and state securities laws and regulations. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interpretation, Modification, Suspension or Termination of the Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>41.&nbsp;&nbsp;&nbsp;To what extent may the Plan be modified, suspended or terminated by the Company?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right to suspend, modify or terminate the Plan at any time, and the Chief Financial Officer of the Company may interpret the Plan and
make additions thereto that are not inconsistent with its provisions. The Company or the Administrator shall provide all participants with prompt notice of any such suspension, modification, or
termination. Upon termination of the Plan by the Company, book entry shares or certificates for whole shares credited to a participant's account under the Plan will be issued and cash payments for
fractional shares will be made in the same manner as if each participant had terminated participation in the Plan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limitation of Liability  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>42.&nbsp;&nbsp;&nbsp;What limitations of liability exist under the Plan?  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company, nor the Administrator, nor the Trustee, nor the Escrow Agent, nor the Broker, nor any of their respective officers, directors,
representatives, employees or agents shall be liable for any damages resulting from any act or omission in connection with the Plan in the absence of bad faith or gross negligence, including, without
limitation, any claim of liability arising out of failure to terminate a participant's account upon the participant's death, the price or timing at which shares are purchased for participants'
accounts or fluctuations in the market value of shares. However, the foregoing in no way affects a participant's right to bring a cause of action based on alleged violations of federal securities
laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Participants should recognize that neither the Company, nor the Administrator, nor the Broker, nor the Trustee can assure them of a profit or protect them against
a loss on shares purchased for their account under the Plan.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=22,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=468369,FOLIO='19',FILE='DISK114:[17ZCS1.17ZCS46901]DE46901A.;7',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg46901_1_20"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_use_of_proceeds"> </A>
<A NAME="toc_dg46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company anticipates that the shares of Common Stock offered hereby will be sold over a period of approximately three (3)&nbsp;years from
the date hereof, but the Company does not know precisely the number of shares of Common Stock that will ultimately be sold under the Plan or the prices at which shares of Common Stock will be sold.
The Company will receive proceeds from any purchases of shares of Common Stock under the Plan only if the purchases are made directly from the Company, rather than through the Broker on the open
market. Proceeds received by the Company may be used:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to redeem, repurchase, repay or retire outstanding short-term and long-term indebtedness, including indebtedness arising out of the previous
issuances of commercial paper and notes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to make investments in and loans to the Company's subsidiaries (principally to help finance the subsidiaries' ongoing capital expenditure
programs, to retire their indebtedness and to make investments in and loans to their subsidiaries); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to finance strategic investments in, or future acquisitions of, other entities or their assets, including by the Company's subsidiaries; and/or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for working capital and other general corporate purposes. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_plan_of_distribution"> </A>
<A NAME="toc_dg46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock purchased for participants under the Plan may be purchased directly from the Company or by the Broker through open market
transactions. Participants under the Plan bear the cost of brokerage fees and commissions, service charges and applicable taxes related to shares purchased or sold on the open market. Please see
Questions 10, 12, 24, 27 and 35 under "Description of the Plan" for more information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the availability of shares of Common Stock registered with the SEC for issuance under the Plan, the maximum number of shares of Common Stock that can be issued under the Plan
pursuant to the reinvestment of dividends or optional cash investments is set by the Board of Directors of the Company in its discretion. Our shares of Common Stock may not be available for purchase
under the Plan in all jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons
who acquire shares of Common Stock under the Plan and resell it shortly after acquisition, including coverage of short positions, under certain circumstances, may be
participating in a distribution
of securities that would require compliance with Regulation&nbsp;M under the Exchange Act, and may be considered to be underwriters within the meaning of the Securities Act. We will not extend to
any such person any rights or privileges other than those to which he, she or it would be entitled as a participant, nor will we enter into any agreement with any such person regarding the resale or
distribution by any such person of the shares of Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no arrangements or understandings, formal or informal, with any person relating to the sale of our shares of Common Stock to be received under the Plan. We reserve the right to
modify, suspend or terminate participation in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purposes of the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=23,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=122854,FOLIO='20',FILE='DISK114:[17ZCS1.17ZCS46901]DG46901A.;7',USER='CHE109577',CD=';2-OCT-2017;16:49' -->
<A NAME="page_dg46901_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_legal_matters"> </A>
<A NAME="toc_dg46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares of common stock offered under this prospectus have been passed upon for us by Kurt K. Murao, Esq., our Vice
President&#151;Legal&nbsp;&amp; Administration and Corporate Secretary. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_experts"> </A>
<A NAME="toc_dg46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in
Management's Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 have
been so incorporated in reliance on the report of PricewaterhouseCoopers&nbsp;LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and
accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=24,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=505532,FOLIO='21',FILE='DISK114:[17ZCS1.17ZCS46901]DG46901A.;7',USER='CHE109577',CD=';2-OCT-2017;16:49' -->
<A NAME="page_dg46901_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_certain_u.s._federal_income_tax_considerations"> </A>
<A NAME="toc_dg46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief summary, under the Internal Revenue Code of 1986, as amended (the "Code"), of certain applicable U.S. federal income
tax aspects of participating in the Plan. This summary is based on current law and may be affected by future legislation, Internal Revenue Service ("IRS") rulings and other administrative
pronouncements, income tax regulations and court decisions. This discussion does not purport to deal with all aspects of taxation that may be relevant to a particular participant in light of the
participant's circumstances, or if the participant is a type of investor subject to special treatment under U.S. federal income tax law (including, without limitation, banks, insurance companies or
other financial institutions, partnerships, tax-exempt organizations, broker dealers, foreign corporations, U.S. expatriates and former citizens or long-term residents of the United States, persons
who are not citizens or residents of the United States, individual retirement accounts, or IRAs, or other plans governed by section&nbsp;401 of the Code, real estate investment trusts, or REITs,
employee benefit plans or mutual funds, dealers in securities or currencies, traders in securities, United States persons whose "functional currency" is not the U.S. dollar, persons holding their
stock as part of a "straddle," "hedge," "conversion transaction," or other risk reduction transaction, and persons deemed to sell their stock under the constructive sale provisions of the Code). In
addition, there may be non-U.S., state and local tax laws applicable to participation in the Plan. Because individual tax situations may vary, and because provisions of the Code and other tax laws may
be modified by subsequent amendments or their application may be affected by changes in interpretation, participants should consult with their own tax advisors for advice on applicable U.S. federal,
state and local and non-U.S. tax consequences of their participation in the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, a participant will be required to include dividends on Common Stock and Preferred Stock in income for federal income tax purposes whether cash is received or such dividends
are applied to the purchase of shares or to payment of administrative costs of, or fees under, the Plan. When dividends are reinvested to acquire shares directly from the Company, a participant is
treated as having received on the dividend payment date a taxable dividend in an amount equal to the fair market value of the Common Stock purchased for the participant's account under the Plan plus
the amount of any fees incurred. When dividends are reinvested to acquire shares purchased in open market transactions, a participant is treated as having received a taxable dividend equal to the
amount of cash dividends
used to make those purchases and to pay any related fees or brokerage commissions. These dividends will be reported after the end of each calendar year to participants and to the IRS on IRS
Form&nbsp;1099-DIV. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
are generally taxed as ordinary income. However, "qualified" dividend income received by an individual, estate or trust, meeting the holding period requirements explained
below, is taxed at capital gains rates. "Qualified" dividend income includes dividends received during the tax year from a domestic corporation like HEI. The current capital gains rates for
noncorporate taxpayers are currently 0%, 15% or 20%, depending on the taxpayers' income tax bracket for the year in which the dividends are received and taxable. In order to qualify for taxation at
these capital gains rates, the dividend must be paid with respect to shares held for more than 60&nbsp;days during the 121-day period beginning 60&nbsp;days before the ex-dividend date and certain
other conditions must be met. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
stock certificates or book entry shares are issued by the Plan to a participant, or where a participant deposits certificates or book entry shares into the Plan, the participant
does not realize taxable income from this mere change in evidence of ownership. A participant does recognize taxable </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=25,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=929383,FOLIO='22',FILE='DISK114:[17ZCS1.17ZCS46901]DG46901A.;7',USER='CHE109577',CD=';2-OCT-2017;16:49' -->
<A NAME="page_dg46901_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>gain
or loss when the shares in participant's account are sold pursuant to the terms of the Plan (or are withdrawn from the Plan and then sold by the participant). The amount of gain or loss will be
the difference between the amount that the participant receives for the shares or fraction of a share sold and the participant's tax basis for such share or fraction of a share. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant's tax basis for shares of Common Stock purchased pursuant to the Plan will be equal to the amount of reinvested dividends a participant is treated as receiving, as
described above, or optional cash investments used to purchase such shares. A participant's holding period for shares purchased with optional cash investments or Preferred Stock dividends will begin
on the day after the shares are purchased. A participant's holding period for shares purchased with Common Stock dividends will begin on the day following the date of distribution of the dividends. In
the event shares are purchased on the open market, the holding period for the shares will begin no later than the day after the date such shares are credited to the participant's account. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is required to report certain tax information related to participant sales of Plan shares. This information is reported on IRS Form&nbsp;1099-B and is transmitted to the
participant and the IRS. In all cases, the Company must report the date of sale and the gross proceeds resulting from these sales of Plan shares. Additional information (participant's cost or other
basis in the shares and whether the gain or loss with respect to such sale is long-term or short-term) is required for the sale of certain Plan shares. In general, only Plan shares acquired after 2010
are subject to the additional reporting requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to this additional reporting requirement, the Company has adopted the "first&nbsp;in, first&nbsp;out" method ("FIFO") as its default method for determining which Plan
shares have been transferred, withdrawn or sold and whether the additional reporting requirements apply. Under the FIFO method, any reduction of Plan shares will be deemed to first come from a
participant's earliest-acquired Plan shares. Note that there are certain instances where it is impractical for the Company to determine the additional reporting information, and in these cases the tax
law provides an exception to the reporting requirements for shares acquired after 2010. A participant must notify the Plan Administrator (currently the Shareholder Services division of the Company)
prior to the transaction date for a transfer, withdrawal or sale of Plan shares if the participant wishes to use an IRS-approved method other than the FIFO method to determine which Plan shares are
being sold. In all cases, participants should retain the transaction statements necessary to determine the tax basis of their Plan (and other) shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
earnings, such as dividends and capital gains on sale of stock may be subject to a 3.8% Medicare tax in the hands of individuals having "modified adjusted gross income" in
excess of $200,000 ($250,000 in the case of joint returns). This same tax applies in the case of certain trusts and estates, with different thresholds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a participant fails to furnish to the Company a properly completed IRS Form&nbsp;W-9 or its equivalent, then the "backup withholding" provisions of the Code will apply and require
the Company to withhold the required amount from any dividends or sales proceeds. Where applicable, the amount of backup withholding is twenty-eight percent (28%). A foreign person (nonresident alien
individual or foreign entity) is subject to tax withholding at a 30% rate on the gross amount of certain payments of U.S. source income (including dividends), unless the beneficial owner of the
payment is entitled to a reduced rate of, or exemption from, withholding tax under an income tax treaty. Additionally, dividends </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=26,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=1040972,FOLIO='23',FILE='DISK114:[17ZCS1.17ZCS46901]DG46901A.;7',USER='CHE109577',CD=';2-OCT-2017;16:49' -->
<A NAME="page_dg46901_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
sales proceeds payable to foreign shareholders are subject to special reporting and withholding rules referred to as "FATCA." If there is a failure to comply with these rules, such dividends and
sales proceeds will be subject to withholding tax at a rate of 30% even if an otherwise applicable treaty provides for a lower rate. Where withholding applies to dividends, the amount of such tax
withholding is deducted from the dividends and the balance is reinvested. Statements of account for participants will indicate amounts withheld. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should consult your personal tax advisor with specific reference to your own tax situation and potential changes in the applicable law as to all U.S. federal, state, local, non-U.S.
and other tax matters in connection with the reinvestment of dividends and purchases of Common Stock under the Plan, your cost basis and holding period for Common Stock acquired under the Plan, the
potential application of the "wash sale" rules and the character, amount and tax treatment of any gain or loss realized on the disposition of Common Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=27,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=39212,FOLIO='24',FILE='DISK114:[17ZCS1.17ZCS46901]DG46901A.;7',USER='CHE109577',CD=';2-OCT-2017;16:49' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g473761.jpg" ALT="LOGO" WIDTH="118" HEIGHT="45">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Dividend Reinvestment<BR>
and Stock Purchase Plan  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>October&nbsp;5, 2017  </B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=445596,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]HO46901A.;9',USER='CHE109577',CD=';2-OCT-2017;16:50' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ja46901_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja46901_part_ii._information_not_required_in_prospectus"> </A>
<A NAME="toc_ja46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II.<BR>  <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46901_item_14._other_expense__ja401994"> </A>
<A NAME="toc_ja46901_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses payable by the registrant for the sale of its securities, other than underwriting discount and commissions, are estimated as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities and Exchange Commission Registration Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,708.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Fees and Expenses (including Blue Sky Fees)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,000.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Fees and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Printing of Registration Statement, Prospectus, etc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,000.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annual Escrow Agent's and Transfer Agent's Fees and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,500.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,000.00 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,208.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46901_item_15._indemnification_of_directors_and_officers."> </A>
<A NAME="toc_ja46901_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amended and Restated Articles of Incorporation of HEI provide that HEI will indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action, suit, or proceeding by or in the
right of the Company) by reason of the fact that he or she is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director or officer
of another corporation, partnership, joint venture, trust, or other enterprise against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him or her in connection with such action, suit or proceeding, if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit, or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which
he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her
conduct was unlawful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudicated to be liable for negligence
or misconduct in the performance of his duty to the Company unless and only to the extent that the court in which such action or suit was brought or in any other court having jurisdiction in the
premises shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for
such expenses for which such court shall deem proper. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provisions in the Amended and Restated Articles of Incorporation were adopted under the applicable provisions of the Hawaii Revised Statutes, and substantially
similar permissive indemnification provisions are currently set forth in Section&nbsp;414-242 of the Hawaii Revised Statutes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=29,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=355874,FOLIO='II-1',FILE='DISK114:[17ZCS1.17ZCS46901]JA46901A.;10',USER='CHE106820',CD=';4-OCT-2017;09:57' -->
<A NAME="page_ja46901_1_2"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Articles of Incorporation of HEI further provide that the personal liability of directors of HEI shall be eliminated to the fullest extent permissible under
Hawaii law, including under Section&nbsp;414-222 of the Hawaii Revised Statutes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;414-222
of the Hawaii Revised Statutes permits a corporation to eliminate the personal liability of directors by such a provision in a corporation's articles of
incorporation, except for (i)&nbsp;the amount of financial benefit received by a director to which the director is not entitled, (ii)&nbsp;the intentional infliction of harm on the corporation,
(iii)&nbsp;liability for an unlawful dividend or distribution and (iv)&nbsp;an intentional violation of criminal law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI
has entered into written indemnification agreements with certain of its officers and directors which, subject to certain exceptions, require us to indemnify such officers and
directors to the fullest extent permitted by law against certain expenses, including attorneys' fees, disbursements and retainers, accounting and witness fees, travel and deposition costs, expenses
incurred in proceedings and appeals and other amounts paid in settlement in connection with any legal proceedings to which such person was or is, or is threatened to be made, a party by reason of the
fact that person was a director or officer of the Company or was serving as a director, officer, employee or other agent of another enterprise. Subject to certain limitations, these indemnification
agreements also require us to advance expenses to our directors in advance of the final disposition of any action or proceeding for which indemnification is required or permitted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI
also maintains a directors' and officers' liability insurance policy, pursuant to which directors and officers are insured against certain liabilities, including certain liabilities
under the Securities Act of 1933, as amended.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46901_item_16._exhibits."> </A>
<A NAME="toc_ja46901_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits designated by an asterisk (*) are filed herein. The exhibits not so designated are incorporated by reference to the indicated
filing. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description of Exhibit </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000095013409009550/v52345exv3wxiy.htm">Amended and Restated Articles of Incorporation of Hawaiian Electric Industries,&nbsp;Inc. (previously filed as Exhibit&nbsp;3(i)
 to the Current Report on Form&nbsp;8-K filed on May&nbsp;6, 2009 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/46207/000110465911028181/a11-11988_1ex3dii.htm">Amended and Restated By-Laws of Hawaiian Electric Industries,&nbsp;Inc., as amended May&nbsp;9, 2011 (previously filed as
Exhibit&nbsp;3(ii) to the Current Report on Form&nbsp;8-K filed on May&nbsp;11, 2011 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-4_3.htm">Hawaiian Electric Industries,&nbsp;Inc. Dividend Reinvestment and Stock Purchase Plan, as amended and restated.*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000104746914008121/a2221477zex-4_b.htm">Amended and Restated Trust Agreement dated October&nbsp;3, 2014 between Hawaiian Electric Industries,&nbsp;Inc. and The
Bank of New York Mellon Trust Company, N.A. (previously filed as Exhibit&nbsp;4(b) to the Registration Statement on Form&nbsp;S-3ASR filed on October&nbsp;6, 2014).</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=30,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=1007563,FOLIO='II-2',FILE='DISK114:[17ZCS1.17ZCS46901]JA46901A.;10',USER='CHE106820',CD=';4-OCT-2017;09:57' -->
<A NAME="page_ja46901_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description of Exhibit </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000104746914008121/a2221477zex-4_c.htm">Escrow Agreement dated December&nbsp;12, 2013 between Hawaiian Electric Industries,&nbsp;Inc. and Central Pacific Bank
(previously filed as Exhibit&nbsp;4(c) to the Registration Statement on Form&nbsp;S-3ASR filed on October&nbsp;6, 2014 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-5_1.htm">Opinion of Kurt K. Murao, Esq. (including consent).*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-23_1.htm">Consent of PricewaterhouseCoopers&nbsp;LLP.*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-5_1.htm">Consent of Kurt K. Murao, Esq. (included in Exhibit&nbsp;5.1).*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="#SIG">Power of Attorney (included on signature page).</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="ja46901_item_17._undertakings."> </A>
<A NAME="toc_ja46901_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in
the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; </FONT></DD></DL>
</DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>provided,
however, that paragraphs&nbsp;(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of the registration statement.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining any liability under the Securities Act of 1933, each such post- effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=31,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=823626,FOLIO='II-3',FILE='DISK114:[17ZCS1.17ZCS46901]JA46901A.;10',USER='CHE106820',CD=';4-OCT-2017;09:57' -->
<A NAME="page_ja46901_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the
securities:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by section&nbsp;10(a) of the Securities Act of 1933
shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made
in any such document immediately prior to such effective date.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and
will be considered to offer or sell such securities to such purchaser:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424:
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=32,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=371150,FOLIO='II-4',FILE='DISK114:[17ZCS1.17ZCS46901]JA46901A.;10',USER='CHE106820',CD=';4-OCT-2017;09:57' -->
<A NAME="page_ja46901_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section&nbsp;13(a) or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=33,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=616760,FOLIO='II-5',FILE='DISK114:[17ZCS1.17ZCS46901]JA46901A.;10',USER='CHE106820',CD=';4-OCT-2017;09:57' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="SIG"></A>Signatures  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of
Honolulu, State of Hawaii, on this 5th&nbsp;day of October, 2017. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;CONSTANCE H. LAU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Constance H. Lau</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> President and Chief Executive Officer<BR>
(Principal Executive Officer)</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;GREGORY C. HAZELTON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Gregory C. Hazelton</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Executive Vice President and Chief Financial<BR>
Officer (Principal Financial Officer and<BR>
Principal Accounting Officer)</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Date: October&nbsp;5, 2017</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=34,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=531955,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]JC46901A.;10',USER='CHE109576',CD=';2-OCT-2017;16:49' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc46901_power_of_attorney"> </A>
<A NAME="toc_jc46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors of the registrant, hereby severally constitute and appoint Constance&nbsp;H. Lau, Gregory C. Hazelton, Kurt K.
Murao and Jennifer B. Loo, and each of them singly, our true and lawful attorneys-in-fact, with full power of substitution and re-substitution, to sign for us and in our names in the capacities
indicated below any and all amendments to this Registration Statement on Form&nbsp;S-3, including post-effective amendments, and to file the same, with all
exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them,
or their or his substitute, may lawfully do or cause to be done by virtue hereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons and in the capacities and on the date indicated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Date:
October&nbsp;5, 2017 </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="108pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="14%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;CONSTANCE H. LAU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Constance H. Lau</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;RICHARD J. DAHL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Richard J. Dahl</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;THOMAS B. FARGO<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Thomas B. Fargo</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;PEGGY Y. FOWLER<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Peggy Y. Fowler</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;KEITH P. RUSSELL<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Keith P. Russell</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JAMES K. SCOTT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> James K. Scott</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;KELVIN H. TAKETA<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kelvin H. Taketa</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;BARRY K. TANIGUCHI<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Barry K. Taniguchi</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JEFFREY N. WATANABE<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Jeffrey N. Watanabe</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chairman of the<BR>
Board of Directors</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=35,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=768599,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]JC46901A.;10',USER='CHE109576',CD=';2-OCT-2017;16:49' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg46901a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je46901_exhibit_index"> </A>
<A NAME="toc_je46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits designated by an asterisk (*) are filed herein. The exhibits not so designated are incorporated by reference to the indicated
filing. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description of Exhibit </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000095013409009550/v52345exv3wxiy.htm">Amended and Restated Articles of Incorporation of Hawaiian Electric Industries,&nbsp;Inc. (previously filed as Exhibit&nbsp;3(i)
 to the Current Report on Form&nbsp;8-K filed on May&nbsp;6, 2009 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/46207/000110465911028181/a11-11988_1ex3dii.htm">Amended and Restated By-Laws of Hawaiian Electric Industries,&nbsp;Inc., as amended May&nbsp;9, 2011 (previously filed as
Exhibit&nbsp;3(ii) to the Current Report on Form&nbsp;8-K filed on May&nbsp;11, 2011 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-4_3.htm">Hawaiian Electric Industries,&nbsp;Inc. Dividend Reinvestment and Stock Purchase Plan, as amended and restated.*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000104746914008121/a2221477zex-4_b.htm">Amended and Restated Trust Agreement dated October&nbsp;3, 2014 between Hawaiian Electric Industries,&nbsp;Inc. and The
Bank of New York Mellon Trust Company, N.A. (previously filed as Exhibit&nbsp;4(b) to the Registration Statement on Form&nbsp;S-3ASR filed on October&nbsp;6, 2014).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/354707/000104746914008121/a2221477zex-4_c.htm">Escrow Agreement dated December&nbsp;12, 2013 between Hawaiian Electric Industries,&nbsp;Inc. and Central Pacific Bank
(previously filed as Exhibit&nbsp;4(c) to the Registration Statement on Form&nbsp;S-3ASR filed on October&nbsp;6, 2014 (File No.&nbsp;001-08503) and incorporated by reference herein).</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-5_1.htm">Opinion of Kurt K. Murao, Esq. (including consent).*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-23_1.htm">Consent of PricewaterhouseCoopers&nbsp;LLP.*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2233409zex-5_1.htm">Consent of Kurt K. Murao, Esq. (included in Exhibit&nbsp;5.1).*</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="#SIG">Power of Attorney (included on signature page).</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="1",CHK=697399,FOLIO='blank',FILE='DISK114:[17ZCS1.17ZCS46901]JE46901A.;8',USER='KSEAMON',CD='30-SEP-2017;08:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>a2233409zex-4_3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 4.3</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;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;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HAWAIIAN ELECTRIC INDUSTRIES,&nbsp;INC.<br> DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN<br> (As amended and restated effective October&nbsp;5, 2017)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Name and Number of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plan, as amended and restated effective as of the date set forth above, shall be known as the &#147;Dividend Reinvestment and Stock Purchase Plan&#148; (the &#147;Plan&#148;). The Plan permits (i)&nbsp;holders of record of the Common Stock of Hawaiian Electric Industries,&nbsp;Inc. (the &#147;Company&#148;), (ii)&nbsp;holders of record of the preferred stock (&#147;Preferred Stock&#148;) of any class or series of Hawaiian Electric Company,&nbsp;Inc., Maui Electric Company, Limited and Hawaii Electric Light Company,&nbsp;Inc., each of which is a direct or indirect subsidiary of the Company, and (iii)&nbsp;any other individual of legal age or any entity, to purchase common stock of the Company (&#147;Common Stock&#148;). The number of shares of Common Stock that may be issued pursuant to the Plan shall be fixed from time to time by the Board of Directors of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Administration and Costs</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The administrator of the Plan (the &#147;Administrator&#148;) shall administer the Plan for participants, keep records, send statements of accounts to participants, and perform other clerical and ministerial duties relating to the Plan. The Administrator may be the Shareholder Services division of the Company or may be one or more officers or employees of the Company or of its subsidiaries who shall be appointed from time to time by the President or the Chief Financial Officer of the Company. If the Administrator is one or more employees of the Company, an independent trustee (the &#147;Trustee&#148;) shall be appointed by the President or the Chief Financial Officer of the Company, and shares under the Plan shall be registered in the name of the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise expressly provided in the Plan, participants in the Plan will bear the cost of brokerage fees and commissions, any service charges and applicable taxes related to shares purchased or sold on the open market. The Company may also charge each participant fees up to amounts that are reasonably related to the actual administrative costs of the Plan, the amounts, frequency and manner of payment of which shall be determined from time to time by the President or the Chief Financial Officer of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A $25 service fee will be assessed for each returned item that is returned for insufficient funds or other reasons due to the negligence of the shareholder as determined by the Administrator. The Administrator may place a hold on the account until the &#147;insufficient funds&#148; fee is received, sell shares from the account to collect the &#147;insufficient funds&#148; fee, or withhold the amount of the &#147;insufficient funds&#148; fee from future optional cash investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Eligibility and Enrollment</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following persons shall be eligible to participate in the Plan (the &#147;participants&#148;) in accordance with the following enrollment procedures:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each holder of record of Common Stock and/or Preferred Stock shall be eligible to participate in the Plan. In order to participate in the Plan, owners of Common Stock and/or Preferred Stock whose shares are registered in names other than their own (e.g., broker, bank nominee) must first become holders of record by having shares of Common Stock and/or Preferred Stock, as the case may be, transferred into their own names. In addition, an eligible shareholder must complete and sign the </p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=139437,FOLIO='',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company-approved authorization form (&#147;Shareholder Authorization Form&#148;) for Common Stock and/or Preferred Stock, as the case may be, and return it to the Administrator in the manner prescribed on the current Shareholder Authorization Form&nbsp;or in the current prospectus for the Plan. A Shareholder Authorization Form&nbsp;must be received by the Administrator by the dividend record date in order for the dividends for which the record is taken to be reinvested under the Plan. The execution of a Shareholder Authorization Form&nbsp;will result in the participation in the Plan of all Common Stock and all classes and series of Preferred Stock registered in the participant&#146;s name unless the participant indicates on the Form&nbsp;the number and kind of shares on which the participant wishes to receive cash dividends. If a participant does not select an option on the Shareholder Authorization Form, all dividends for all shares of Common Stock and Preferred Stock held in the participant&#146;s name, and on all shares held under the Plan for the participant, will be reinvested in Common Stock of the Company. A participant may change any of the designations set forth in a Shareholder Authorization Form&nbsp;by sending a signed written request to the Administrator specifying the requested change.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other individual of legal age or entity shall be eligible to participate in the Plan. In order to participate in the Plan, each such individual or entity must complete and sign the Company&#146;s enrollment form (the &#147;Nonholder Enrollment Form&#148;) and return it to the Administrator along with a check or money order made payable to HEI/DRIP for an initial stock purchase of not less than $250 and not more than $300,000. The execution of a Nonholder Enrollment Form&nbsp;will result in the reinvestment of all dividends held under the Plan for the participant, unless the participant notifies the Administrator in writing of a different investment option.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each participant may, pursuant to the Shareholder Authorization Form, Nonholder Enrollment Form&nbsp;and/or such other forms as the Administrator may from time to time prescribe, elect one of the following three investment options: (1)&nbsp;under the &#147;full dividend reinvestment&#148; option, a participant may reinvest cash dividends on all shares of Common Stock and Preferred Stock registered in the name of a participant and on all shares of Common Stock held under the Plan for the participant to purchase additional shares of Common Stock; (2)&nbsp;under the &#147;partial dividend reinvestment&#148; option, a participant may receive cash dividends on a portion of the shares of Common Stock and/or Preferred Stock registered in such participant&#146;s name and/or on a portion of the shares of Common Stock held under the Plan for the participant, and reinvest the remainder of cash dividends on such shares to purchase Common Stock; and (3)&nbsp;under the &#147;optional cash investment only/no dividend reinvestment&#148; option, a participant may receive cash dividends on all shares of Common Stock and/or Preferred Stock registered in the participant&#146;s name and on shares of Common Stock held under the Plan for the participant. If participants do not indicate an investment option on the enrollment form, their account will be automatically enrolled in the &#147;Full Dividend Reinvestment&#148; option. Under any of the investment options, a participant may purchase additional shares of Common Stock under the Plan by making optional cash investments in the Plan as provided under Section&nbsp;5. A participant may change such participant&#146;s investment option by following the procedures under Section&nbsp;3(a)&nbsp;for changing the designations set forth in a Shareholder Authorization Form&nbsp;and/or such other procedures as the Administrator may from time to time prescribe.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholder Authorization and Nonholder Enrollment Forms shall be made available by the Administrator.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each participant will remain a participant in the Plan until participation is terminated pursuant to Section&nbsp;12 hereof or until the Plan itself is terminated.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:30.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company reserves the right to restrict or terminate a participant&#146;s participation in the Plan if it believes that such participation may be contrary to the general intent of the Plan or in violation of applicable law.</p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="22169-2-KG_PB_2_105649_7551"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=209688,FOLIO='2',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cash Dividend Purchases</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a participant has elected full or partial dividend reinvestment on the shares of Common Stock or Preferred Stock registered in such participant&#146;s name or on the shares of Common Stock held under the Plan for such participant, such cash dividends will be credited to each participant&#146;s account under the Plan and will be automatically reinvested to purchase Common Stock on behalf of the participants during the applicable Investment Period as described in Section&nbsp;7. Until participation in the Plan is terminated pursuant to Section&nbsp;12 hereof, Common Stock and/or Preferred Stock participating in the Plan shall include (1)&nbsp;all shares of each class or series of shares of Common Stock and/or Preferred Stock, as the case may be, designated by registered holders of such shares in Shareholder Authorization Forms that have been received by the Company by the record date for the payment of a cash dividend, including all such shares purchased after receipt of said form, and all shares received as a result of a stock dividend or stock split, (2)&nbsp;all shares of Common Stock transferred to the Administrator (or the Trustee) for safekeeping under the Plan, and (3)&nbsp;all shares of Common Stock purchased under the Plan for the accounts of shareholders and non-holder investors, including all shares purchased with reinvested dividends and optional cash investments, unless said shares have been withdrawn pursuant to Section&nbsp;13 hereof and are registered in the name of a person who has not signed a Shareholder Authorization Form.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of participants whose dividends on Common Stock and/or Preferred Stock are subject to United States income tax withholding, the amount of tax to be withheld will be deducted from the amount of dividends on Common Stock and/or Preferred Stock to determine the amount of dividends to reinvest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Administrator will credit dividends for all shares of Common Stock and/or Preferred Stock participating in the Plan (other than dividends paid on shares as to which the participant has elected to receive cash dividends) to the participants&#146; accounts on the basis of full and fractional shares held in these accounts and will automatically reinvest such dividends (less any administration fees and any amounts required to be withheld by United States income tax law) in additional shares of Common Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Optional Cash Investments</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All participants, whether or not they have authorized the reinvestment of cash dividends on Common Stock or Preferred Stock, shall be eligible to make optional cash investments for purchases of additional shares of Common Stock under the Plan. Optional cash investments shall be made by check or money order in U.S. Dollars payable to HEI/DRIP or may be made in a predetermined amount each month by electronic funds transfer from a bank account designated by a participant (an &#147;automatic investment&#148;). Employees and directors of the Company and certain of its subsidiaries may also make optional cash investments by payroll deduction, or by such other means, in each case subject to approval by the Chief Financial Officer of the Company or the Administrator. Optional cash investments may not be less than $25, nor may such investments exceed $300,000 in the aggregate in any calendar year. The initial payment made by a non-holder investor upon enrollment in the Plan may not be less than $250 or greater than $300,000. Optional cash investments must be received by the Administrator by the Cash Deadline Date in order to be invested on or commencing on that Investment Date (as defined in Section&nbsp;7 below). The &#147;Cash Deadline Dates&#148; for optional cash investments are the 10</font><font size="1" style="font-size:6.0pt;">th</font> and 25<font size="1" style="font-size:6.0pt;">th</font> day of each month or the prior business day if the 10<font size="1" style="font-size:6.0pt;">th</font> and 25<font size="1" style="font-size:6.0pt;">th</font> day of the month falls on a weekend or holiday. The Administrator will send the participant a statement recording receipt and transmittal of the total optional cash investments received for the Investment Period. The Plan will not be required to accept any checks payable to a party other than HEI/DRIP even if endorsed for payment to the Plan.</p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="22169-2-KG_PB_3_105701_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=1022032,FOLIO='3',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Administrator must receive requests for refunds of optional cash investments in writing by the Cash Deadline Date before the applicable Investment Date. Refunds will be processed as soon as practicable. A participant may not request a refund for an investment made through the automatic investment option.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Method of Purchase of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan will satisfy its requirements for shares of Common Stock either through purchases from the Company of authorized but unissued shares or through open market purchases of shares. Open market purchases under the Plan, if any, will be made through an independent agent that is a registered &#147;broker-dealer&#148; or &#147;bank,&#148; as such terms are defined in Section&nbsp;3(a)(6)&nbsp;of the Securities Exchange Act of 1934 (&#147;Broker&#148;). Neither the Administrator nor the Company, nor any affiliate thereof, shall exercise any direct or indirect control or influence over the times when or the prices at which the Broker may purchase the Company&#146;s Common Stock for the Plan, the amounts of shares to be purchased (other than the aggregate dollar amount acquired by the Plan), the manner in which the shares are to be purchased, or the selection by the Broker of a broker or dealer through which purchases may be executed. The Company shall not change the method of acquiring shares of Common Stock to satisfy the Plan&#146;s requirements, including any change from purchases from the Company of authorized but unissued shares of Common Stock to open market purchases, or vice versa, more than once in any three-month period. The method of acquiring shares will be determined only at the direction of the Board of Directors or the Chief Financial Officer of the Company. Any change to the method of acquiring shares must be based on a written determination by the Board of Directors or the Chief Financial Officer of the Company, retained in the corporate records of the Company, that the Company&#146;s need to raise additional capital has changed, or that there is another valid reason for such change.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All dividend payments (unless invested in shares of Common Stock issued by the Company on the dividend payment date) will be transmitted not later than the dividend payment date to a segregated escrow account or to the Broker and all optional cash investments will be transferred to a segregated escrow account by the end of the next business day following the day of receipt of the optional cash investment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Timing of Purchases</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional cash investments and dividend payments will be invested in shares of Common Stock on or after the applicable Investment Date. The &#147;Investment Dates&#148; for optional cash investments shall be the 15th and 30th days of each month (except that the Investment Date for February&nbsp;shall be the last day of the month). The &#147;Investment Date&#148; for Common Stock dividends and for Preferred Stock dividends shall be on or within two (2)&nbsp;business days prior to the applicable dividend payment date. If any date for investment of dividends or optional cash investments as stated above is not a business day, the &#147;Investment Date&#148; shall be the next succeeding business day.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest will not be paid on optional cash investments or on reinvested dividends prior to or after their investment in Common Stock or if for any reason such payments and dividends are not invested pursuant to the Plan.</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="22169-2-KG_PB_4_105707_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=758247,FOLIO='4',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares purchased from the Company shall be purchased on the applicable Investment Date. Shares purchased on the open market shall be purchased during the period commencing on each applicable Investment Date and ending thirty (30) days thereafter (each, an &#147;Investment Period&#148;); provided, however, that optional cash investments not invested within thirty (30) days of the Investment Date and dividend payments not invested within thirty (30) days of the dividend payment date shall be promptly returned, without interest, to the participants. In addition, funds that are not invested during the applicable Investment Period will be promptly returned, without interest, to the participants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of Common Stock purchased directly from the Company will be credited to participants&#146; accounts on the date purchased. Shares purchased on the open market during an applicable Investment Period will be credited to participants&#146; accounts as of the settlement date of purchase of the last share. The Broker will be instructed prior to the commencement of each Investment Period regarding the amount of funds to be used to purchase shares of Common Stock on the open market during such Investment Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Broker is directed but unable to purchase sufficient shares in the open market with cash dividends and/or optional cash investments during any Investment Period, the Common Stock that is purchased on the open market will be allocated among participants&#146; accounts on a pro rata basis according to the amount each participant had contributed in cash dividends and, if there are any shares remaining, on a pro rata basis according to the amount each participant had contributed in optional cash investments. Any remaining funds not so invested will be returned to participants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a participant has elected full or partial dividend reinvestment on the shares of Common Stock or Preferred Stock registered in such participant&#146;s name or on shares of Common Stock held under the Plan for such participant, the cash dividends to be reinvested for such participant will remain with the Company if reinvested on the dividend payment date in shares of Common Stock purchased from the Company or will be delivered by the Company to the escrow account or the Broker as described in Section&nbsp;6 concurrently with payment of cash dividends to nonparticipating shareholders. Optional cash investments will be made by participants directly to the Administrator. The Administrator will deliver or cause the Company to deliver funds to the escrow account or the Broker as described in Section&nbsp;6.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Purchase Price of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purchase price per share of Common Stock purchased for the accounts of participants directly from the Company will be 100% of the average of the high and low sales prices for the Common Stock on the composite tape for stocks listed on the New York Stock Exchange on the business day prior to the applicable Investment Date or such later date as such stock is purchased (or the last prior day on which the Common Stock is traded if there is no trade reported on the business day prior to the applicable Investment Date or such later date). The purchase price per share of Common Stock purchased on the open market will be the weighted average price per share (adjusted for brokerage fees and commissions, any service charges and applicable taxes) of the aggregate number of shares acquired on the open market by the Broker during the applicable Investment Period. Amounts to be invested in shares of Common Stock during any Investment Period will not be pooled with amounts to be invested during another Investment Period for purposes of computing per share prices. Amounts to be invested in any Investment Period will be invested to the extent possible before any purchases are executed for any subsequent Investment Period.</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="22169-2-KG_PB_5_105714_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=599905,FOLIO='5',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registration of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of Common Stock purchased under the Plan will be registered in the name of the Administrator (or the Trustee, if there is a Trustee) as agent for the participants. Shares will not be issued to participants unless requested pursuant to Section&nbsp;13 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For safekeeping or other purposes, holders of record of Common Stock who submit Shareholder Authorization Forms may elect to transfer their shares of Common Stock to the Administrator (or the Trustee, if there is a Trustee), without charge, to the credit of their account under the Plan, pursuant to such procedures as the Company and the Administrator shall establish.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Participants&#146; Accounts</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Administrator shall keep an individual account for each participant recording the participant&#146;s interest in the Plan. Each participant&#146;s account will be credited with that number of shares, including fractions computed to four decimal places, equal to the total amount of cash dividends or optional cash investments to be invested, less administrative fees and amounts required to be withheld for tax purposes, divided by the applicable purchase price per share.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reports to Participants</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participants who reinvest dividends and/or make optional cash investments will receive periodic statements of account showing amounts invested, purchase prices, shares purchased and sold and/or other relevant information, including information for income tax reporting purposes. In addition, each participant shall receive, and/or be provided notification of and electronic access to, the Company&#146;s annual reports to shareholders and proxy materials.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination of Participation</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant must wait at least two (2)&nbsp;weeks after the purchase of shares before terminating participation in the Plan. A participant may terminate participation in the Plan as to all (but not less than all) Common Stock and Preferred Stock participating in the Plan at any time with a signed written notification to the Administrator. Any notice of termination received on or after an ex-dividend record date may not be processed until dividends have been paid, credited to the participant&#146;s Plan account and reinvested in additional shares of Common Stock in accordance with the Plan. Within ten (10)&nbsp;business days after the later to occur of (a)&nbsp;receipt of notice of termination from a participant, (b)&nbsp;purchase of shares on behalf of the participant pursuant to the Plan and (c)&nbsp;reinvestment of dividends if the participant&#146;s notice of termination is received after an ex-dividend record date, whole shares of Common Stock credited to the participant&#146;s Plan account will be issued (either in certificated form or by book-entry) and a cash payment will be made for any fraction of a share. In no case will a fractional share be issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant must maintain at least one (1)&nbsp;whole share of Common Stock in the Plan (increased to five whole shares from and after January&nbsp;1, 2015) to keep an active account. If a participant does not do so, the participant&#146;s participation in the Plan may be terminated, in which case the participant will receive a cash payment in the amount of the net proceeds of the sale of all shares (and fraction of a share) in the Plan (determined in the manner provided in Section&nbsp;14 hereof for shares sold by the Administrator.)</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="22169-2-KG_PB_6_105723_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=215219,FOLIO='6',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination of participation in the Plan will not necessarily preclude re-enrollment, but the Company reserves the right to reject re-enrollment where in its sole discretion it deems there have been excessive terminations and re-enrollments. If you are no longer a shareholder of record you can seek to enroll by completing a Nonholder Enrollment form along with a $250.00 minimum investment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;ex-dividend record date&#148; for purposes of the Plan is three (3)&nbsp;business days prior to the dividend record date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Withdrawal of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant must wait at least two (2)&nbsp;weeks after the purchase of shares before withdrawing shares from the Plan. A participant must also wait at least two (2)&nbsp;weeks before withdrawing shares from the Plan after updating the participant&#146;s address of record unless the request is submitted with a valid Medallion Signature Guarantee or by complying with other requirements that the Company or Administrator shall establish. Subject to these limitations, a participant may withdraw all or a portion of shares of Common Stock from the participant&#146;s account by notifying the Administrator with a signed written request to that effect and specifying the whole number of shares to be withdrawn. Withdrawal of shares must be in full shares only. Fractional shares will be liquidated upon termination of participation as described under Section&nbsp;12. Any notice of withdrawal received on or after an ex-dividend record date may not be processed until dividends have been paid, credited to the participant&#146;s Plan account and reinvested in additional shares of Common Stock in accordance with the Plan. Within ten (10)&nbsp;business days after the later to occur of (a)&nbsp;receipt of notice of withdrawal from a participant, (b)&nbsp;purchase of shares on behalf of the participant pursuant to the Plan, and (c)&nbsp;reinvestment of dividends if the participant&#146;s notice of withdrawal is received on or after an ex-dividend record date, certificates for whole shares of Common Stock so withdrawn will be issued or appropriate book entry recording ownership of such withdrawn shares will be made. A cash payment will be made for any fraction of a share. In no case will certificates or book entries for fractional shares be issued. A service fee of $20 per certificate may be charged to the shareholder. There is no charge for shares issued by book entry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares withdrawn from the Plan and registered in the participant&#146;s name will continue to participate in the Plan if the participant has so instructed the Administrator pursuant to a Shareholder Authorization Form&nbsp;and has not terminated participation pursuant to Section&nbsp;12 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts are maintained in the names used by participants at the time they entered the Plan. However, a participant who wishes to withdraw shares and have the shares issued in the name of another person may do so by submitting a properly completed and executed stock power, with a Medallion Signature Guarantee, and complying with such other procedures as the Company or Administrator shall establish.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale and Transfer of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the participant satisfies the requirements specified in Section&nbsp;13 for the issuance of share certificates or book entry shares in the name of another person, shares of Common Stock credited to a participant&#146;s account under the Plan or otherwise registered in the Administrator&#146;s (or Trustee&#146;s) name may not be pledged, encumbered, sold or otherwise transferred by a participant. Absent satisfaction of said requirements, a participant wishing to sell, pledge, encumber or otherwise dispose of shares must have those shares registered in his name by terminating participation in the Plan pursuant to Section&nbsp;12 or withdrawing the shares pursuant to Section&nbsp;13.</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="22169-2-KG_PB_7_105729_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=473341,FOLIO='7',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A participant who wishes to receive cash in lieu of shares of Common Stock upon termination of participation or withdrawal of shares may request that the Administrator sell such shares and deliver the net proceeds to the participant. Sale requests will be processed within ten (10)&nbsp;business days of receipt unless the request is a termination, in which case it will be processed pursuant to Section&nbsp;12. A participant must wait at least two (2)&nbsp;weeks after the purchase of shares in the Plan before selling the recently purchased shares. A participant must also wait at least two (2)&nbsp;weeks before selling shares from the Plan after updating the participant&#146;s address of record unless the request is submitted with a valid Medallion Signature Guarantee or by complying with other requirements that the Company or Administrator shall establish. The amount payable to the participant from the sale will be equal to the proceeds of the sale less any withholding required under applicable tax laws and less a fee. The fee is currently 10 cents per share to cover brokerage commissions and service fees. In the event of a delay in the sale of shares, interest will not be paid to the participant and the participant assumes the risk of any price fluctuations. When the Administrator is required to report information concerning the sale of a participant&#146;s shares in the Plan for tax or other purposes, the Administrator will use the first in, first out (&#147;FIFO&#148;) method for determining which shares have been sold unless the participant has notified the Administrator prior to the sale of the shares if the participant wishes to use an IRS-approved method other than FIFO to determine the shares being sold.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;15.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Voting of Shares</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each participant will be mailed or sent electronically (for those participants who have agreed to such electronic delivery) proxy materials for each meeting of shareholders of the Company, or will be provided with notice and access to proxy materials in accordance with the rules&nbsp;and regulations of the Securities and Exchange Commission, to allow participants to vote on each issue at the meeting. Participants may vote by using the Internet, telephone or by signing and returning the proxy form. Shares registered in the participant&#146;s name will be voted directly as instructed, and shares held in the Plan in the participant&#146;s name will be voted by the Administrator or Trustee, as the case may be, as instructed by the participant. If the participant does not provide instructions on how to vote the shares held in the Plan, the Administrator or the Trustee, as the case may be, shall be deemed instructed to vote the shares of Common Stock it holds in the Plan in accordance with the recommendations of the Company&#146;s Board of Directors on each issue.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;16.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Limitation of Liability</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the Company nor the Administrator nor the Trustee nor the Escrow Agent nor the Broker nor any of their respective officers, directors, representatives, employees or agents shall be liable for any damages resulting from any act or omission in connection with the Plan in the absence of bad faith or gross negligence including, without limitation, any claim of liability arising out of failure to terminate a participant&#146;s account upon the participant&#146;s death, the price or timing at which shares are purchased for participants&#146; accounts or fluctuations in the market value of shares. However, the foregoing in no way affects a participant&#146;s right to bring a cause of action based on alleged violations of federal securities laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;17.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Common Stock Adjustment Provisions</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the outstanding shares of Common Stock of the Company are decreased or exchanged for a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to such shares of Common Stock or other securities, through merger, consolidation, sale of all or substantially all of the property of the Company, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other distribution with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment may, subject to the requirements of federal and state securities laws and regulations, be made by the Company to the maximum number and kind of shares of Common Stock or other securities issuable under the Plan that are subject to an effective registration statement filed with the Securities Exchange Commission pursuant to the Securities Act of 1933, as amended.</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="22169-2-KG_PB_8_105740_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=8,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=680615,FOLIO='8',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;18.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Other Matters</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors or Chief Financial Officer of the Company shall determine the effective date of the Plan as most recently amended hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company intends to continue the Plan indefinitely, but reserves the right to suspend or terminate the Plan at any time. The Company also reserves the right to make any additions or modifications to the Plan. The Chief Financial Officer of the Company may interpret the Plan and may make additions thereto that are not inconsistent with the above provisions of the Plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event any stock dividends or split shares are distributed by the Company on shares of Common Stock credited to the account of a participant under the Plan, such shares will be added to the participant&#146;s account. Stock dividends or split shares distributed on any shares of Common Stock registered in the name of a participant will be distributed to the participant in the same manner as to shareholders who are not participating in the Plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that the number of shares of Common Stock to be purchased by the participants in the Plan exceeds the balance of the shares authorized by the Board of Directors to be sold pursuant to the Plan, then the Plan shall be automatically suspended with respect to future purchases until such time as the Board of Directors has authorized additional shares of Common Stock to be sold pursuant to the Plan. In the event of any such automatic suspension of the Plan, then (1)&nbsp;on the date of such automatic suspension of the Plan, the number of shares of Common Stock to be sold shall be prorated among the participants purchasing shares on such date and (2)&nbsp;the Chief Financial Officer of the Company shall determine the date the suspension is to be lifted after the Board of Directors has authorized the sale of additional shares of Common Stock pursuant to the Plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will notify each participant of the commencement of any tender offer for securities that includes the Company&#146;s Common Stock held in participants&#146; accounts. The Company will use its best efforts to distribute to participants in a timely manner the same information that is distributed to all of the Company&#146;s shareholders in connection with the tender offer. After consulting with the Trustee, the Company will provide a means by which participants may direct the Trustee whether or not to tender the Company&#146;s Common Stock credited to their accounts. The Trustee will not tender shares held in any participant&#146;s account for which it receives no direction from the participant. A participant may, at any time prior to a tender offer withdrawal date, direct the Trustee to withdraw shares of the Company&#146;s Common Stock previously directed by the participant to be tendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company or the Administrator shall provide participants with prompt notice of any modification, suspension or termination of the Plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates or book entry whole shares issued to a participant upon termination of participation in the Plan pursuant to Section&nbsp;12, or upon withdrawal of shares pursuant to Section&nbsp;13, or upon termination of the Plan by the Company, shall be registered in the names used by participants at the time they enrolled in the Plan, except as otherwise provided pursuant to Section&nbsp;13.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Hawaiian Electric Industries Retirement Savings Plan and any other plans of the Company or its direct or indirect subsidiaries may participate in the Plan on such terms and in such manner as may be determined by the Chief Financial Officer of the Company.</font></p>
<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="22169-2-KG_PB_9_105749_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=9,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="2",CHK=758299,FOLIO='9',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KG_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 14:47 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>a2233409zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;5.1</font></b></p>
<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;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[HEI LETTERHEAD]</font></p>
<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;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;5, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hawaiian Electric Industries,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1001 Bishop Street, Suite&nbsp;2900</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, Hawaii 96813</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Registration Statement on Form&nbsp;S-3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hawaiian Electric Industries,&nbsp;Inc., a Hawaii corporation (the &#147;<u>Company</u>&#148;), is filing a Registration Statement on Form&nbsp;S-3 with the Securities and Exchange Commission (the &#147;<u>SEC</u>&#148;) under the Securities Act of 1933, as amended (together with the exhibits thereto, the &#147;<u>Registration Statement</u>&#148;), relating to the registration by the Company of 4,000,000 shares of the Company&#146;s common stock, without par value (the &#147;<u>Shares</u>&#148;), which number includes 2,391,523&#160; shares of common stock that were previously registered on a Registration Statement on Form&nbsp;S-3, which was filed with the SEC on October&nbsp;6, 2014 (File No.&nbsp;333-199183). The Shares may be offered and sold from time to time through the Company&#146;s Dividend Reinvestment and Stock Purchase Plan, as amended and restated to date (the &#147;<u>Plan</u>&#148;). This opinion letter is furnished in connection with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K in connection with the Registration Statement, and no opinion is expressed or may be implied herein as to any matter pertaining to the contents of the Registration Statement other than as to the valid issuance of the Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this opinion,&nbsp;I have examined originals or copies, certified or otherwise identified to my satisfaction, of: (i)&nbsp;the Registration Statement; (ii)&nbsp;the Plan; (iii)&nbsp;the Amended and Restated Articles of Incorporation and the Amended and Restated By-Laws of the Company, each as amended to date; (iv)&nbsp;the resolutions of the Board of Directors of the Company, dated as of October&nbsp;5, 2017, relating to the adoption of the Plan, the authorization of the filing of the Registration Statement and the issuance, offering and sale of the Shares; and (v)&nbsp;a Certificate of Good Standing for the Company, dated as of October&nbsp;2, 2017, issued by the Hawaii Department of Commerce and Consumer Affairs &#150; Business Registration Division. To the extent that I have deemed appropriate or necessary as a basis for the opinions set forth herein,&nbsp;I have also examined originals or copies, certified or otherwise identified to my satisfaction, of other records, agreements and documents of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In my examination,&nbsp;I have assumed for the purposes of this opinion: (i)&nbsp;the legal capacity of all natural persons; (ii)&nbsp;the genuineness and authenticity of all signatures on original documents; (iii)&nbsp;the authenticity, accuracy and completeness of all documents reviewed as originals; (iv)&nbsp;the conformity to authentic, accurate and complete originals of all documents reviewed as copies of originals; and (v)&nbsp;the authenticity, accuracy and completeness of any certificates of public officials. I have also assumed that the registrar and transfer agent for the Shares will duly register each issuance of the Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="3",CHK=44086,FOLIO='',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KI_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 11:04 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I am a member of the Bar of the State of Hawaii and the opinion expressed herein is limited in all respects to matters governed by the laws of the State of Hawaii.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the foregoing and subject to the limitations, qualifications and assumptions set forth herein, I am of the opinion that all Shares issued and sold through the Plan that are authorized but unissued shares of the Company&#146;s Common stock, when delivered and paid for as contemplated in the Registration Statement and the Plan, will be validly issued, fully paid and non-assessable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to me in the Registration Statement under the heading &#147;Legal Matters.&#148; In giving such consent,&nbsp;I do not hereby admit that I am within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules&nbsp;and regulations thereunder promulgated by the Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><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:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly   yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kurt K.   Murao&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kurt K. Murao</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President &#151;   Legal&nbsp;&amp; Administration and</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate   Secretary</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hawaiian   Electric Company,&nbsp;Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 2.5in;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="3",CHK=490016,FOLIO='',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KI_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 11:04 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>a2233409zex-23_1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;23.1</font></b></p>
<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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Consent of Independent Registered Public Accounting Firm</font></u></p>
<p style="margin:0in 0in .0001pt;"><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:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the incorporation by reference in this Registration Statement on Form&nbsp;S-3 of our report dated February&nbsp;24, 2017 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in Hawaiian Electric Industries,&nbsp;Inc.&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016.&nbsp; We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><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:10.0pt;">/s/ PricewaterhouseCoopers LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los Angeles, California<br> October 5, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2233409",CP="HAWAIIAN ELECTRIC INDUSTRIES,INC",DN="4",CHK=532799,FOLIO='',FILE="DISK108:[17ZCS2.17ZCS46902]22169-2-KM_ZCS46902.CHC",USER="JFUSS",CD='Oct  4 21:14 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g892654.jpg
<DESCRIPTION>G892654.JPG
<TEXT>
begin 644 g892654.jpg
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MLJFEB0F8SC%I8"@L%,6!6+9!Q'#-FA)2*7*'+)85R\.R&[9NT4NPIVP8.->
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M-3!9B(K$:S^<Z4Y'X3191><H63KC2T6B.F7[IQY/5Z&$<5I(_JPD"!@@5O\
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EA)1TY9HD+2A8YD9NW"M;EX-^MNMZS9$#7"+/F&A>=5_&E'7_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g473761.jpg
<DESCRIPTION>G473761.JPG
<TEXT>
begin 644 g473761.jpg
M_]C_X  02D9)1@ ! 0$ K0"M  #__@ Q35),3%]'4D%02$E#4SI;2$%704E)
M04Y?14Q%0U1224-=2$5)7TM?3$]'3RY%4%/_VP!#  $! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0'_P  +"  M '8! 1$ _\0 '    P$!  ,!              D+"@@$
M!0<&_\0 41    8! 0,'!0H)!PT      0(#! 4&!P@ "1$*$A@:(5C6%!<Q
MEY@3%189.4%1=X'8(C8W.$99>+:W(R4F,T61H2<H,C5)559B<7:QTM7_V@ (
M 0$  #\ Q::*]$>H;>!9O8:>-,54B[EE.2K5EMK2$F+77:8R4A*DT1>S;@TW
M:'\=%)J-T'"1DFYW(+.#&$J)#"4W!Q?50M]=W=,?^T;@[QEL=5"WUW=TQ_[1
MN#O&6QU4+?7=W3'_ +1N#O&6QU4+?7=W3'_M&X.\9;'50M]=W=,?^T;@[QEL
M=5"WUW=TQ_[1N#O&6QU4+?7=W3'_ +1N#O&6QU4+?7=W3'_M&X.\9;'50M]=
MW=,?^T;@[QEL=5"WUW=TQ_[1N#O&6QU4+?7=W3'_ +1N#O&6QU4+?7=W3'_M
M&X.\9;'50M]=V?YNF/\ M$ _.,P=Z1'@'HN7T[)K:8GNV!]0F7<(Y*C6\/D/
M$$_>\97J):23&8:QEOHUP;5JQL&TM&+.8V309R\:[02?L'"[-V1,J[951$Y#
M"]'DBGRQ%+^H#/W[NP^V@GE!F^RWFV[\UW1F#=)#6I+8H7T^XYR$\5G,&CD1
MTG:;!8,AL9PQK  E]Q;%8UV*,5B<W,:\U54.:"QQ'/MUNK?$?\:8 ]0-=_\
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:!ZJN\?/GCE11PZ=NEE7#A90ZJRIU#F,/_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
