ANDREW WATTERSONVice President

Planning and Revenue Management

Safe Harbor Statement

•The following information contains certain forward‐looking statements that reflect the Company’s current views with respect to certain current

and future events and financial performance, including but not limited to the Company’s operating and competitive environments, economic

conditions, new routes, fleet transition, 2012 second quarter outlook, marketing activities and strategies, sales distribution strategy, growth

opportunities, 2012 outlook, capacity growth and passenger revenue mix, and the Company’s business focus. These forward‐looking statements

are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business

environment, which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these

forward‐looking statements. These risks, uncertainties and factors include, but are not limited to, the price and availability of aviation fuel, the

competitive environment, competitive advantages held by network carriers in the transpacific market, market demand, delays in scheduled

aircraft deliveries and other loss of fleet capacity, economic conditions in the United States and abroad and increased competition in the markets

in which the Company operates. The Company undertakes no obligation to publicly update or revise any forward‐looking statements to reflect

events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results

expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s operations and

financial results may be found in the Company’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2011, the Company’s

Quarterly Report on Form 10‐Q for the quarter ended Sep 30, 2012 and other/subsequent filings with the Securities and Exchange Commission.

We’ve Changed

MANILA

SYDNEY

SAN FRANCISCO

LOS ANGELESLAS VEGAS

PAGO PAGO PAPEETE

SEATTLEPORTLAND

PHOENIXSAN DIEGO

SACRAMENTO

OAKLAND

SAN JOSE

2010 new routes

Neighbor Island NetworkLIHUE

KONAHILO

MAUIHONOLULU

MAUI

2010 seasonal routes

-3-

HONOLULU

MANILA

SEOUL

TOKYO / HANEDA

SYDNEY

OSAKA / KANSAISAN FRANCISCO

LOS ANGELESLAS VEGAS

PAGO PAGO PAPEETE

SEATTLEPORTLAND

PHOENIXSAN DIEGO

SACRAMENTO

OAKLAND

SAN JOSE

Neighbor Island NetworkLIHUE

KONAHILO

MAUIHONOLULU

HONOLULU

2011 new routes

2011seasonal routes

We’ve Changed

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MAUI

MANILA

SEOUL

TOKYO / HANEDA

SYDNEY

OSAKA / KANSAI

FUKUOKASAN FRANCISCO

LOS ANGELESLAS VEGAS

PAGO PAGO PAPEETE

SEATTLEPORTLAND

PHOENIXSAN DIEGO

SACRAMENTO

OAKLAND

SAN JOSE

NEW YORK / JFK

BRISBANE

2012‐2013 (announced) new routes

SAPPORO / CHITOSE

AUCKLAND

2012 seasonal routes

Neighbor Island NetworkLIHUE

KONAHILO

MAUIHONOLULU

TAIPEI 

We’ve Changed

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HONOLULU

MAUI

Our Network is Broader

Largest US market without nonstop service to Hawaii

New JetBlue partnership provides feed from the

Eastern seaboard

Vibrant Japanese city with historic ties and growing

visitor levels to Hawaii

Location provides connections with Korea and

China

Large Japanese city with limited leisure service

Previously supported non-stop daily service to HNL

Queensland resource boom provides a new source of

visitors

Virgin Australia hub provides a gateway to

Australia

Underserved market with inbound and outbound 

tourism

Attractive connections to/from US Mainland

increase potential demand sources

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Our Network is Deeper and More Connected

Largest market to Hawaii continues to perform well

Seasonal Maui service among best performing

routes this summer

Oakland to Maui larger than HNL market

Service timed to connect at Maui hub for service to

Neighbor islands

Strong economy and Visa Waiver Program continues

to drive visitor growth

New service timed for connections to/from China

Strong Australian economy and dollar make Hawaii an

attractive destination

Increasing number of customers using HA for

multi-stop vacations

San Jose to Maui similar in size to HNL market

Service timed to connect at Maui hub for service to

Neighbor islands

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Seasonal Flexibility

-8-

Our Newest Asia Gateway – Taipei, Taiwan

Ta i p e i , Ta i w a n

• Newest addition of US Visa Waiver program

• Largest city in Taiwan, with total metropolitan population of 6.9 million people

• Center of commerce and government for the country with world class amenities

*CIA World Factbook

A b o u t Ta i w a n

• Total population of 23 million people

• Historically significant visitor market to Hawaii, with over 350 Hawaii PDEW (during periods of daily non-stop service)

• Current service limited to one-stop service via Japan and Korea

• 4th highest Per Capita GDP in Asia with one of the fastest growing economies in the region*

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Maui Hub

SEATTLE

OAKLAND

SAN JOSE

LOS ANGELES

LAS VEGAS

HONOLULU

Seasonal 7x200x14x

21x14x

LIHUE

KONA

HILO

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0.3 0.4 0.3 0.3 0.5 0.6 0.7 1.6 2.5

9.8 10.2 9.1 9.2 7.9 7.7 7.88.0

9.2

0

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2010 2011 2012

Billion

s

HA Non-HA

3.0 3.1 3.3 3.9 3.8 3.7 3.9 3.9 4.4

16.718.4 19.0 17.2

15.414.0

15.3 15.016.0

0

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2010 2011 2012

Bill

ions

HA Non-HA

Increased Share of a Stable Market

3% 4% 4% 3% 6% 7% 8% 17% 21%

HA Market Share

HA Market Share

5%

‐1%

30%

‐1%

CAGR04‐12

CAGR04‐12

15% 14% 15% 18% 20% 21% 20% 21% 21% 18%

2%0%

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Growing Capacity and Revenue

0%

5%

10%

15%

20%

25%

30%

35%

-5% 5% 15% 25% 35%

YOY

PA

SSEN

GER

REV

ENU

E G

RO

WTH

YOY ASM GROWTH

Source: US DOT Form 41 Data

-12-

0%

20%

40%

60%

80%

100%

0% 20% 40% 60% 80% 100%

HA

Pass

enge

r Sha

re

HA Seat Share

SFO-HNLLAX-HNL SJC-OGG

SEA-HNL OAK-OGG

SEA-OGG PDX-HNL

SAN-HNL

PHX-HNL

OAK-HNL

LAS-OGG

SJC-HNL

SMF-HNL

LAS-HNL

Customers Prefer HA

Market Market O&DHA O&D share HA Fare Premium

LAX‐HNL 1,031,538  31% $11 

SFO‐HNL 490,467  29% $15 

LAS‐HNL 438,445  81% $3 

SEA‐HNL 365,172  37% $16 

SEA‐OGG 279,939  52% $48 

SAN‐HNL 225,139  48% $24 

PDX‐HNL 200,153  51% $14 

PHX‐HNL 164,346  59% ($25)

OAK‐OGG 161,641  38% $8 

SJC‐HNL 143,474  80% ($3)

OAK‐HNL 141,667  78% $17 

SJC‐OGG 127,302  31% ($8)

SMF‐HNL 122,847  87% $19 

LAS‐OGG 76,802  69% $6 

3,968,934  47% $9 

Source: US DOT O&D and T‐100 Data, Q4 2011‐Q3 2012; US

Greater seat share than passenger share

Greater passenger share than seat share

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Our Neighbor Island Network Serves as a Utility

I N T E R L I N E P A R T N E R S

CODESHARE PARTNERS

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We are Expanding Virtually

FresnoMonterreySan DiegoSanta Barbara

Cleveland

BangkokSeoul (Incheon)Pusan

SapporoFukuokaHiroshimaOsaka (Itame)

Osaka (Kansai)KagoshimaOitaNaha

+ + + +

Portland, MEBurlington, VTBostonRochesterSyracuseBuffaloNew York-JFKCharlotteRaleigh-Durham

FresnoMonterreySan DiegoSanta Barbara

Cleveland SeattlePortlandLas VegasLos AngelesDallas-Ft. WorthChicago (O’Hare)PhiladelphiaWash-ReganWash.-Dulles

FresnoMonterreySan DiegoSanta BarbaraFt. LauderdaleOrlandoPalm BeachFt. MyersTampa

‐

BangkokSeoul (Incheon)PusanTokyo (Haneda)

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Vancouver

Dallas

Philadelphia

Washington

Houston

Many Opportunities Remain

MANILA

TOKYO / HANEDA

SYDNEY

SEOULOSAKA / KANSAI

FUKUOKA SAN FRANCISCO

LAS VEGAS

PAGO PAGO

PAPEETE

SEATTLE

PORTLAND

PHOENIXSAN DIEGO

SACRAMENTOOAKLAND

SAN JOSE

NEW YORK / JFK

LOS ANGELES

BRISBANE

SAPPORO / CHITOSE

AUCKLAND

Singapore

Beijing

Jakarta

Guangzhou

Shanghai

Taipei

Hong Kong

Jakarta

Melbourne

Nagoya

Sendai

Boston

Montreal

Toronto

DetroitMinneapolis

St. Louis

Calgary

Edmonton

Mexico City

Miami

EXISTING / ANNOUNCED ROUTESSEASONAL ROUTES

2012 Metropolitan population

1‐2M 3‐5M 5‐10M 10‐20M >20M

Sao Paolo

Buenos Aires

London

Paris

Frankfurt

MadridChengdu

TAIPEI

MAUI

HONOLULU

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