State of Hawaii Taxable General Obligation Bonds of 2020, Series FZ Investor Presentation

Visitor Industry Hawaii's visitor industry has been through many economic cycles and global events Visitors by Accommodation Type Visitor Diversification Hostel 0.5% Condo Hotel 12.9% B&B 0.6% Timeshare 15.0% Hotel 53.6% Apt/Hotel 0.1% Others Vacation 0.5% Rental 16.8% STATE Region U.S. Mainland 2009 Arrivals 4,280,286 % of Total 65.7% 2019 Arrivals % of Total Japan 1,168,080 17.9% 6,879,215 1,545,806 66.0% 14.8% Canada 346,583 5.3% 535,267 5.1% Oceania 136,717 2.1% 362,360 3.5% China 41,924 0.6% 93,703 0.9% Korea 51,353 0.8% 225,479 2.2% Europe 104,403 1.6% 138,550 1.3% Latin America 17,502 0.3% 25,957 0.3% Others 370,206 5.7% 618,658 5.9% Total 6,517,054 100.0% 10,424,995 100.0% Record of Resilience: Hawaii Visitor Arrivals 9/11 Terrorist (in millions) Attack SARS Epidemic Global Financial Crisis Japan's Tsunami 12 10 6 4 2 0 8 2000 6 (1) Projected. 2001 2002 Source: Hawaii Department of Business, Economic Development & Tourism. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Calendar Year Volcanic Eruption COVID-19 Pandemic Actual Projected 2013 2014 2015 2016 2017 2018 2019 2020 (1) 2021(1) 2022(1) 2023 (1) 1959

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