INVESTOR DAYDecember 3, 2014

Forward-looking Statements

This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to certain current and future events and financial performance. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the Company’s operations and business environment, all of 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 and uncertainties include, without limitation, the Company’s ability to accurately forecast quarter and year-end results; economic volatility; theprice and availability of aircraft fuel; fluctuations in demand for transportation in the markets in which the Company operates;the Company’s dependence on tourist travel; foreign currency exchange rate fluctuations; and the Company’s ability to implement its growth strategy.

The risks, uncertainties and assumptions referred to above that could cause the Company’s results to differ materially from the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions discussed from time to time in the Company’s other public filings and public announcements, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and the Company’s Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company does not undertake 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 herein will not be realized.

MARK DUNKERLEYPresidentChief Executive Officer

A Decade of Hawaiian Airlines

• Focused profitable growth

• Re-fleeting• Diversification of our

network• International

expansion• Strengthening our

North America and Neighbor Island network

• Growth opportunity with the delivery of the A321neos

• Leading long-haul network

• Financial strength • Best customer value

proposition• Best operational

performance

• Good year in 2014• Outlook for an even

better 2015 / 2016• Modest growth• Maturing network• Expanding margins • Balance sheet

strength• Best customer value

proposition• Best operational

performance

LOOKING BACK (2010 – 2013)

CURRENT(2014 – 2016)

LOOKING FORWARD(2017 – 2019)

Agenda

PRESENTATIONS8:30 a.m. – 9:30 a.m.

COMMERCIALPeter Ingram, EVP and Chief Commercial Officer

FINANCEScott Topping, EVP, Chief Financial Officer and Treasurer

Today’s Presenters

PETER INGRAMExecutive Vice President Chief Commercial Officer

9 years with HawaiianPrevious Experience:

American Airlines / American Eagle

SCOTT TOPPINGExecutive Vice President

Chief Financial Officer & Treasurer3 years with HawaiianPrevious Experience:

Southwest Airlines

Agenda

PRESENTATIONS8:30 a.m. – 9:30 a.m.

BREAKOUT SESSIONS

9:30 a.m. – 12 p.m.

Three 40-minute sessions

NETWORK• Theo Panagiotoulias, SVP of Global Sales and Alliances • Brent Overbeek, VP of Revenue Management & Network Planning

ANCILLARY REVENUE• Vicki Nakata, VP of Loyalty and Travel Products• Tim Strauss, VP of Cargo

FINANCE• Scott Topping, EVP and Chief Financial Officer and Treasurer • Christian Forbes, VP of Financial Planning & Analysis

COMMERCIALPeter Ingram, EVP and Chief Commercial Officer

FINANCEScott Topping, EVP and Chief Financial Officer and Treasurer

Breakout Session Participants

THEO PANAGIOTOULIASSenior Vice President, Global Sales and Alliances

BRENT OVERBEEKVice President, Revenue Management & Network Planning

TIM STRAUSSVice President, Cargo

VICKI NAKATAVice President, Loyalty & Travel Products

CHRISTIAN FORBESVice President, Financial Planning & Analysis

Hawaiian Airlines Management Team Attendees

SEAN MENKEExecutive Vice President, Chief Operating OfficerJoined Hawaiian in October

RON ANDERSON-LEHMANExecutive Vice President, Chief Administrative Officer2 years with Hawaiian

ANN BOTTICELLISenior Vice President,

Corporate Communications &

Public Affairs

SHANNON OKINAKAVice President,

Controller

HOYT ZIASenior Vice President,

General Counsel & Corporate Secretary

Agenda

PRESENTATIONS8:30 a.m. – 9:30 a.m.

BREAKOUT SESSIONS

9:30 a.m. – 12 p.m.

Three 40-minute sessions

NETWORK• Theo Panagiotoulias, SVP of Global Sales and Alliances • Brent Overbeek, VP of Revenue Management & Network Planning

ANCILLARY REVENUE• Vicki Nakata, VP of Loyalty and Travel Products• Tim Strauss, VP of Cargo

FINANCE• Scott Topping, EVP and Chief Financial Officer and Treasurer • Christian Forbes, VP of Financial Planning & Analysis

CLOSING REMARKS, Q&A

12 p.m. – 12:30 p.m.Mark Dunkerley, President and CEO

COMMERCIALPeter Ingram, EVP and Chief Commercial Officer

FINANCEScott Topping, EVP and Chief Financial Officer and Treasurer

PETER INGRAMExecutive Vice PresidentChief Commercial Officer

NETWORK

Larger / Diversified Network

LTM September 30, 2010 Total Passenger Revenue Breakdown

LTM September 30, 2014 Total Passenger Revenue Breakdown

Total Passenger Revenue

$1.1 billion $2.0 billion

Diversification and growth de-risk our network

51%

24%

25%

North America Neighbor Island International

32%

59%

9%

Neighbor Islands North America International

200,000

300,000

400,000

500,000

600,000

Pass

enge

r Rev

enue

in

'000

s

0%1%2%3%4%5%6%7%8%9%

10%

Upgauge Full Year Effects [a] New Routes [b] Other Discontinued Total

2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2010 2011 2012 2013 2014E 2015E

1% to 3%

2015: Another Year of Moderate Capacity GrowthYear-over-Year ASM Growth

Current 2015 Capacity Plan – Expected Year-over-Year ASM growth

5%

19%22%

14%

4% to 7%

2%

4%

1% -3%

4% to 7%

[a] Full year effects of 2014 new routes to Beijing, SFO-OGG, HNL-SJC and ‘Ohana by Hawaiian service[b] New routes with destinations TBA.

Hawai‘i Neighbor Island Network is Without Parallel

• Unmatched presence: 86% seat share• Unrivaled flight schedule: ~160 daily

flights• Strongest competitive position• 2/3 of traffic is taking locals amongst

the Neighbor Islands for everyday business

• ‘Ohana by Hawaiian rounds out portfolio

Flying to Where Hawai‘i’s Visitors Are

Source: HTA International Passenger data

0.48

0.28

0.71

0.70

1.04

3.03

3.41

6.47

Other

Europe

Other Asia

Oceania

Canada

Japan

US East

US West

Millions

Market SizeLast 24 months SEP. 2014 -

OCT. 2012

-28%

13%

51%

55%

8%

15%

3%

6%

Other

Europe

Other Asia

Oceania

Canada

Japan

US East

US West

Market GrowthLast 24 months % change

2012-14 v 2010-12

Leading position in traditional core markets

JFK service and domestic codeshares

Tokyo, Osaka, Sapporo/Sendai

Sydney, Brisbane , Auckland

Seoul, Beijing, codeshare and interline partners

Leading North America to Hawai‘i Network

North America Network Strategy:• Focus on largest gateways to Honolulu

and Maui• Product / schedule tailored for Hawai‘i

service• Create per-seat cost advantage• Convenient connections to Neighbor

Islands

West Coast to Neighbor Island Flying

2014 Summer routes from Los Angeles and Oakland to Lihue and Kona • June to August PRASM on Mainland to

Neighbor Island non-stops was accretive to North America average

Future network opportunities:• Seasonal flights in 2015• Additional opportunities with A321neos

starting 2017

Broadest International Portfolio to Hawai‘i

Route Maturation FocusWith slower expansion we are pivoting to network maturity

Bolster global sales effort to optimize distribution• The Hawaii experts• In-market sales presence• Focused incentives

Invest in underdeveloped direct distribution• New website• Advertising (awareness, channel shift)

COMMERCIAL INITIATIVES

Hawaiian Airlines Approach

Hawai‘i’s airline

Outstanding hospitality

Long-haul leisure

Value for money

Cost control – but not at the expense of the guest

Aggressively pursue incremental commercial opportunities

Refreshing Interiors on our B717s

Project underway to reconfigure B717s to a consistent, 128-seat configuration

Current Future# of Aircraft 11 7 18 # of Seats First 8 8 8# of Seats Main 115 110 120 Total 123 118 128

• Updated seats maintain personal space in a denser configuration

• Consistent layout eliminates operational complexity• More seats for peak demand periods

717 SEAT CONFIGURATION

Multiple initiatives bearing fruit• Introduction of A330• Network expansion• Personalized and responsive sales

and service• Investment in systems and

management

With more to come…. • Expand our express carrier

relationship• Better exploit our neighbor island

network• Interline opportunities to expand

reach

Cargo Revenue

$38.4 $48.0

$63.6 $73.6

$0$10$20$30$40$50$60$70$80

2011 2012 2013 LTM Sep-14

in M

illio

ns

2.3%

2.4%

3.0% 3.2%

2011 2012 2013 2014

Cargo Revenue as a % of Revenue

US Carriers Average

Note: 2014 Cargo as a % of Revenue represents YTD 3Q14

Building on our Cargo Success

E-commerce Platform Rebuild is Underway

• Internationalized to reflect our changing business

• Higher share of vacation spend- Integrated presentation of non-

fare products• Designed for how people shop• More targeted offers and higher

conversion rates• Scalable and flexible technology

platform

Asian language sites deployed in August;Full site launch in 2015

Growing Sales of Value-Added Products

Value-Added Product Revenue Per Passenger

Re-launching our website will improve distribution of our expanding mix of value-added products

Existing Products• Sale of HawaiianMiles (other

revenue)• Baggage• Seat Products (Extra Comfort /

Preferred)• First class upgrades• HawaiianAirlines vacations• Onboard Sales• Ticket Changes

$14.82 $15.13 $14.68

$17.89

2011 2012 2013 LTM-Sept 2014

Successful Re-launch of Credit Card Boosts HawaiianMiles Revenue

HawaiianMiles Revenue(non-passenger revenue component)

• New relationship with Barclaycard US, MasterCard and Bank of Hawaii in 2014

• Japanese credit card launched with Sumitomo Mitsui Banking Corporation in October

$12.1 $13.5

$12.5

$30.6

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

2011 2012 2013 LTM-Sept2014

In m

illio

ns

Non-airfare Products are Increasingly Important

$3.1

$4.8

$7.5

$15.8

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

2011 2012 2013 LTMSep-14

(in M

illio

ns)

PREFERRED SEATS / EXTRA COMFORT REVENUE

$4.1$4.4

$6.6

$8.0

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

2011 2012 2013 LTMSep-14

Com

mis

sion

Rev

enue

(in

Mill

ions

)

HAWAIIAN AIRLINES VACATIONSBAGGAGE

$56.6

$67.8 $70.0

$73.9

$0

$10

$20

$30

$40

$50

$60

$70

$80

2011 2012 2013 LTM Sep-14

(in M

illio

ns)

In Summary

Slower growth provides the opportunity to focus on maturing our strengthened network

Optimized value proposition for the long-haul leisure customer

Focused on margin-accretive revenue initiatives

-28-

SCOTT TOPPINGExecutive Vice PresidentChief Financial Officer and Treasurer

Table of Contents

• 2014 Review• 2015 Highlights• Balance Sheet Strategy

2014 Themes

• Rapid growth

• Heavy investment

• Balance sheet steady

• Many developing routes

• High-cost hedging program

• High start-up costs

• Moderating growth

• Lower investment

• Strengthening balance sheet

• More mature routes

• Low-cost hedging program

• Lower start-up costs

Recent History Future Expectations

Growth-limited ROI Improving ROI

Growing ROIC and Operating MarginAfter several years of investment in the business, Hawaiian’s financial performance is trending higher

7.5%

8.5%

7.7%

8.7%

2011 2012 2013 LTM Sep-14

After-Tax ROIC

5.5%

7.0% 6.9%

8.9%

2011 2012 2013 LTM Sep-14

Adjusted Operating Margin

LTM-3Q14 Adj. Op Margin up 29% over 2013

2015

Moderating Growth &

Investment

MaturingRoutes

Stronger Balance Sheet

Cost Control

Improving Financial Results

Turning FCF Positive

CAPITAL ALLOCATION

Favorable Operating

Environment(Fuel)

Accretive Initiatives

• Network adjustments• Other commercial initiatives

Positive Trends Continue in 2015

2013 2014E 2015E 2016E 2017E

Aircraft Related CAPEX Non-Aircraft

$450M to $455M$498M

No scheduled

aircraft deliveries

Future Capital Spending Expected To Decline

• A330 deliveries complete in 2015

• No planned deliveries in 2016

• A321NEOs deliveries in 2017

• 4 planned 767 retirements / returns in 2015 - 2016

• Net aircraft +2 at YE 2017

# of Expected Aircraft Deliveries

Based on our existing fleet plan.Utilized the mid-point of the Total CAPEX range for 2014E, 2015E , 2016E and 2017E

Good Cost Control

Stable CASM ex-fuel year-over-year despite moderating growth

8.708.18

7.88 8.06

2011 2012 2013 LTM Sep-14

Note: CASM ex-fuel is a non-GAAP measure. See Appendix for the Non-GAAP reconciliation.

2015 CASM Excluding Fuel

-36-

2015 CASM Ex-Fuel will be

higher due to the following items

One-Time Items(Pension, Commissions, Technology)

Fleet Related(Aircraft Rent, Heavy Maintenance, PBH, D&A)

Note: CASM ex-fuel is a non-GAAP measure.

Excluding fuel, 2015 CASM is expected in increase in the low single digit range as compared to 2014

We Benefit From the Significant Drop in Fuel Prices

Based on the current forward curve (as of 12/1/14), including hedges, 2015 economic fuel price per gallon would be ~ $2.30-$2.40, including fuel taxes

$2.31

$3.13 $3.20

$3.15

$3.00 - $3.10

$2.30 - $2.40

2010 2011 2012 2013 2014E 2015E

Economic fuel cost per gallon

Notes: Economic fuel cost per gallon is a non-GAAP measure. See Appendix for reconciliation. We believe this is a useful measure because it better reflects our controllable costs

Comprehensive Balance Sheet Strategy

• Expecting strong cash generation

• Favorable trends propelling the business• Excess cash today• Turning FCF positive in 2015

• Need to review our balance sheet strategy

• Optimize to compete effectively over the long-term• Guide decision making on capital allocation

• Initiated a 3 phased project over the last couple of quarters

Balance Sheet Strategy Phases

LIQUIDITY TARGET

LEVERAGE TARGET Adjusted Debt / EBITDAR

CAPITAL ALLOCATION

Multiple options

Cash & Short term investmentsRevolving Credit

Liquidity Target of 23% to 25% 42%

38%

26% 25%

19%

15%17%

19%

14%11%

5%

10% 7%2%

3%

5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

ALGT SAVE HA ALK LUV JBLU HA AAL UAL DAL

(Cash + STI) / 3Q14 TTM Revenue

CURRENT

TARGET

(Cash + STI + Revolver) / 3Q14 TTM Revenue

• Scaled to our recent growth• Low cost capital for occasional

operating needs• Carry less cash• Primarily a rainy day fund

Liquidity Target

Notes: Based on 3Q14 TTM (Unrestricted Cash, STI and Availability under Revolving Credit Facility)Source: OA 10-Q / 8-K filings

Current Maturities of

LTD / Cap Leases

Capex vs. Operating Cash Flow

Cash: 16-18%

RCF: ~7%Support for Variability in

working capital, PRASM,

Fuel

NEW REVOLVING CREDIT FACILITY - $175M

1.3x 1.5x

1.7x

2.3x2.5x

3.6x 3.7x 3.7x

4.2x

ALK LUV DAL SAVE ALGT JBLU UAL AAL HA

4.5x

Leverage TargetAdjusted Debt / EBITDAR

Below 4x

Leverage Target

Notes: Based on 3Q14 TTMAircraft Rent Expense Capitalized at 7x

Source: OA 10-Q / 8-K filings

COMPETITIVE LEVERAGE

Access to CapitalCost of CapitalCredit RatingsEnterprise Risk

Framework – Balanced Capital Allocation

• Target:• 23-25%

• Cash: 16-18%• Revolver: 7%

TARGET LIQUIDITY

• Target:• < 4.0X

• Current:• 4.5X

TARGET LEVERAGE • Shareholder returns

• Debt management

CAPITAL ALLOCATION

Multiple options

FCF generation

Trending to target

Excess cash today

In Summary

• Our underlying business is strengthening

• Our balance sheet is strengthening

• A favorable operating environment is providing a tailwind

• Earnings and cash generation are gaining momentum

• We have a plan for capital allocation

• Maintain a competitive financial profile for the long-term

• Maximize shareholder value

MARK DUNKERLEYPresidentChief Executive Officer

In Conclusion

• 2014 is a good year • 2015 outlook is for an even better year

–Moderate growth–Maturing network–Ancillary revenue growth–Good cost control–Expanding margins–Continued strengthening of the balance sheet

Mahalo.

Non-GAAP Reconciliations

NON-GAAP RECONCILIATIONS

($ in thousands, except CASM data) FY 2011 FY 2012 FY 2013 LTM‐Sep 14GAAP Operating Expenses $1,630,176 $1,832,955 $2,022,118 $2,070,276

Less: aircraft fuel, including taxes and delivery (513,284) (631,741) (698,802) (701,253)

Less: lease termination expense (70,014) - - -

Adjusted operating expenses - excluding aircraft fuel and lease termination

$1,046,878 $1,201,214 $1,323,316 $1,369,023

Available Seat Miles 12,039,933 14,687,472 16,785,827 16,993,661 CASM - GAAP (in cents) 13.54 12.48 12.05 12.18

Less: aircraft fuel and lease termination expense (in cents) (4.84) (4.30) (4.16) (4.13)

CASM Excluding Fuel and lease termination expense (in cents) 8.70 8.18 7.88 8.06

NON-GAAP RECONCILIATIONS

($ in thousands) FY 2011 FY 2012 FY 2013 LTM‐Sep 14Operating Income $20,283 $129,398 $133,747 $201,649

Add: lease termination expense 70,014 - - -

Operating Income, Non-GAAP $90,297 $129,398 $133,747 $201,649

Adjusted for realized losses on settlement of fuel derivative contracts 430 7,372 14,018 56

Adjusted Operating Income, Non-GAAP $90,727 $136,770 $147,765 $201,705

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including operating income and CASM. Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited influence.

Non-GAAP Reconciliations –Economic Fuel ExpenseNON-GAAP RECONCILIATIONS

(in thousands) FY 2010 FY 2011 FY 2012 FY 2013RECONCILATION OF GAAP FUEL COST TO ECONOMIC FUEL COST

Aircraft fuel expense, including taxes and delivery $322,999 $513,284 $631,741 $698,802

Realized losses on settlement of fuel derivative contracts 3,199 430 7,372 14,018

Economic Fuel Expense $326,198 $513,714 $639,113 $712,820

Fuel Gallons Consumed 140,995 164,002 199,465 226,214

Economic fuel costs per gallon $2.31 $3.13 $3.20 $3.15

The Company believes that economic fuel expense is the best measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus (gains)/losses realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.

Return on Invested Capital

1. All unrestricted cash removed from invested capital, except for working capital required to operate the business, defined as unrestricted cash equal to 15% of TTM total revenue

2. Assumes 25 years useful life of aircraft and 10% salvage value3. Average capitalized operating leases equals TTM rent multiplied by 7

Hawaiian Airlines – Return on Invested Capital (ROIC) – Working Capital Cash Methodology 1

2011 2012 2013 LTM 9/30/14

Operating Income $20,283 $129,400 $133,745 $201,648

Add Back One-Time Charges $70,014 $0 $0 $0

Operating Income Less One-Time Charges $90,297 $129,400 $133,745 $201,648

Add Back Aircraft Rent Expense for Operating Leases $112,883 $98,784 $108,535 $105,755

Add Depreciation for Operating Lease Add Back 2 ($28,446) ($24,894) ($27,351) ($26,650)

Add Return on Invested Cash $248 $294 $323 $340

Adjusted Operating Income $174,981 $203,585 $215,253 $281,093

After Tax Adjusted Operating Income $101,489 $122,130 $129,131 $168,627

Average Total Debt and Capital Leases $341,899 $616,704 $735,676 $950,622

Common Equity $286,499 $249,384 $302,141 $404,794

Average Capitalized Operating Leases 3 $790,180 $691,486 $759,747 $740,283

Remove Average Excess Cash ($64,407) ($115,173) ($122,710) ($159,441)

Average Invested Capital $1,354,171 $1,442,401 $1,674,855 $1,936,257

Pre-Tax ROIC 12.9% 14.1% 12.9% 14.5%

After-Tax ROIC 7.5% 8.5% 7.7% 8.7%