2021 Plan of Finance Amortization

Real Estate Market and Development OF STATE O 1959 HAWAI Home Prices Continue to Rise; Commercial, Residential, and Public Sector Projects are Planned or Underway Single Family and Condo Home Sales Data (% Change Between First 8 Months of 2020 and 2021) Significant Capital Investment in Public Projects Single Family Homes Condo Homes Airports Island Closed Sales Median Price Closed Sales Median Price Oahu 26.8% 20.2% 67.9% 8.1% Honolulu Harbor New Aloha Stadium Maui 43.6% 29.3% 98.0% 11.3% Hawaii 36.8% 20.5% 101.6% 24.3% Rail System (HART) Wastewater Kauai 78.1% 37.4% 119.8% 15.4% Water Source: Hawaii Island Realtors and the Kauai Board of Realtors, the Honolulu Board of Realtors, and the Realtors Association of Maui. Major Commercial/Residential/Hospitality Developments Building Permits Issued from August 2020 July 2021 Over $50 Million Island Property $2.7 billion planned for major system-wide projects through FY 2026 $850 million modernization plan $350 million development of stadium entertainment district $12 billion rail transit system on Oahu Honolulu plans to spend $2+ billion over the next 5 years Honolulu BWS has identified $810 million of CIP through FY 2024 Source: Public news and Official Statements. Value of Private Building Permits Issued ($ in Millions) (1) Value of Hawaii Private Building Permits Increased 45.4% During First Half of 2021 $350 ■Residential ■Commercial Additions & Alterations Oahu Koula Туре Oahu Hoopili Hawaii Kona Village Resort Oahu The Central Ala Moana Residential Permit Value ($ in Millions) Residential $220.4 $300 Oahu Sky Ala Moana Hotel 200.0 Oahu Koa Ridge Oahu Victoria Place Maui Kihei High School Residential 155.3 $250 Residential 123.1 Education 110.0 $200 Oahu Mililani Solar Maui Makena Golf & Beach Club Residential 71.1 Residential 66.0 $150 Oahu Waiawa Solar Res/Comm 64.7 $100 Oahu Turtle Bay Resort Hotel Oahu Halewaiolu Senior Residences Commercial 56.0 Commercial 56.0 $50 Residential 54.5 Hotel 54.1 $0 54.1 7 (1) Sources: State of Hawaii Department of Business, Economic Development & Tourism and County Building Departments. 12-month rolling average basis. Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21

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