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Webcast / Conference CallTuesday, January 19, 2010

Hosted by Mark DunkerleyPresident and CEO

HAWAIIAN LIVE

2010: Our New Beginning

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LABOR UPDATE

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AFA-CWA: Ratified 3/31/2009

TWU: Ratified 11/09/2009

ALPA: Ratified 1/14/2010

IAM-C: Ratified 1/18/2010

IAM-M: In MediationNext Meeting: 1/26/2010 to 1/28/2010

HAWAIIAN LIVE Labor Update

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AIRLINE SECURITY

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• Christmas Day bomb attempt (Northwest Flight 253)

• Intense news media coverage

• Authorities cautious

• Congressional hearings

HAWAIIAN LIVE Airline Security

Heightened Awareness

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2010: LOOKING AHEAD

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2010 Challenges

• Revenues declining

• Fuel costs increasing

• All other expenses increasing

HAWAIIAN LIVE Looking Ahead

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Revenue Remains Challenging

• Effects of the Recession linger

• Interisland uncertainty

• Transpac:– West Coast fares declining– Capacity increasing 9% (about 500,000 new seats this year)– International markets remain competitive

HAWAIIAN LIVE Looking Ahead

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Fuel Prices Rising

HAWAIIAN LIVE Looking Ahead

$100$90

$80$70$60$50$40

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Expenses RisingMaintenance

• 10-year 717 checks begin• Power By Hour (PBH) contract escalation• Major overhauls on 767 fleet • Airbus start-up costs

Labor • Step increase in contracts• Training costs

Benefits • State payroll taxes• Health-care inflation

HAWAIIAN LIVE Looking Ahead

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What We Can Do

Labor Productivity • Schedule staffing efficiently• Eliminate tasks that don’t add value

Manage Controllable Maintenance Costs• Monitor vendor performance and contracts

Vendor Oversight• Bid contracts

Budget Oversight• Trim expense line

Focus on What We Can Control

HAWAIIAN LIVE Looking Ahead

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AIRBUS

13HAWAIIAN LIVE Airbus

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QUESTIONS?

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MAHALO. A HUI HOU.