Hawaiian Electric Industries Inc. and Hawaiian Electric Co. Inc. appoint Shirley J. Daniel to their boards

HONOLULU, HI, Jan. 10, 2003 — Hawaiian Electric Industries Inc. and Hawaiian Electric Company, Inc. announced that Shirley J. Daniel, Ph.D. has been elected to their boards of directors effective immediately.

Dr. Daniel is a tenured professor of accountancy at the University of Hawaii at Manoa’s College of Business Administration. In addition, she is the Henry A. Walker, Jr. Distinguished Professor of Business Enterprise and serves as managing director of the Pacific Asia Center for Entrepreneurship and E-Business and director of the Pacific Asian Management Institute. Prior to her tenure at the University of Hawaii, Dr. Daniel was an audit manager with Arthur Young & Company (currently Ernst & Young LLP) in Tulsa, Oklahoma.

Dr. Daniel earned her bachelor, master and doctorate degrees in accounting from Oklahoma State University. She is a certified public accountant and a member and past president of the Hawaii Society of Certified Public Accountants, as well as a member of the American Institute of Certified Public Accountants. Dr. Daniel is also a devoted advocate of higher education of Hawaii’s youth, and she has played an instrumental role in raising funds to support programs that help low-income youth prepare for and succeed in college and in the initiation and development of the UH Native Hawaiian Leadership Program.

“Our boards of directors will benefit from Shirley’s financial expertise and commitment to educating our community,” said Robert F. Clarke, HEI chairman, president and chief executive officer.

HEI is the largest Hawaii-based company, providing electric utility services to 95% of Hawaii’s residents and a wide array of banking services to consumers and businesses through the state’s third largest bank.

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