HECO prefs

	B	C	D	E	F	G	H	I	J	K	L	M
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2	HECO Preferred Stock
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4	Preferred	Issue	Exchange	Current	Par	% of	Redemption		Implied	Spread to 10-YR	Shares	Current
5	Series	Date	Ticker	Share Price	Value	Face	Price	Coupon	Current Yield	Treasury, bps	Outstanding	Capitalization
6	C	1945-10-09	HAWEN	$20.90	$20.00	104.5%	$21.00	4.25%	4.07%	4	150,000	$3,135,000
7	D	1948-07-30	HAWEM	$20.93	$20.00	104.7%	$21.00	5.00%	4.78%	76	50,000	$1,046,500
8	E	1950-03-03	HAWEL	$21.12	$20.00	105.6%	$21.00	5.00%	4.73%	71	150,000	$3,168,000
9	H	1960-10-30	HAWLM	$20.77	$20.00	103.9%	$21.00	5.25%	5.06%	103	250,000	$5,192,500
10	I	1961-08-15	HAWLN	$19.99	$20.00	100.0%	$20.00	5.00%	5.00%	98	89,657	$1,792,243
11	J	1962-06-30	HAWLI	$20.82	$20.00	104.1%	$21.00	4.75%	4.56%	54	250,000	$5,205,000
12	K	1964-01-31	HAWLL	$21.02	$20.00	105.1%	$21.00	4.65%	4.42%	40	175,000	$3,678,500
13	Total/Weighted Average			$20.83		104.1%		4.84%	4.65%	63	1,114,657	$23,217,743
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16	U.S. 10-Year Treasury Yield, current		TNX	4.02%
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