Hawaiian Airlines To Form New Holding Company

Hawaiian Airlines, Inc. (AMEX and PCX: HA) announced last week that it intends to form a holding company to be named “Hawaiian Holdings, Inc.” Hawaiian Airlines, Inc. will continue to be operated as a Hawaii corporation and will become a wholly owned subsidiary of Hawaiian Holdings, Inc. Hawaiian Airlines’ current business, operations and management will remain unchanged by the corporate restructuring.

Hawaiian Holdings, Inc. will be a Delaware corporation and will be publicly traded under the symbol “HA” on the American Stock Exchange (AMEX) and the Pacific Exchange (PCX).

The company’s restructuring is subject to approval by the shareholders of Hawaiian Airlines. Shareholders will be asked to vote on the restructuring at the 2002 Annual Meeting of Shareholders of Hawaiian Airlines, Inc., which is currently scheduled for June 14, 2002, but subject to change pending completion and mailing of final proxy materials to shareholders.

As a result of the restructuring, shares of Hawaiian Airlines will be converted into shares of Hawaiian Holdings on a tax-free, one-to-one basis. Thus, shareholders of Hawaiian Airlines will become shareholders of Hawaiian Holdings in the same ownership percentage they held in Hawaiian Airlines.

John W. Adams, Chairman of the Board of Hawaiian Airlines, said, “The holding company structure will provide us with strategic and operational flexibility that is not currently available to us. Delaware is widely known for the predictability and flexibility of its corporate law, and incorporating there will help us realize the potential benefits that the holding company structure has to offer.”