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

Health and Economic Update Hawaii is focused on both public health and the economy Health Update ■ Hawaii is categorized as "close to containment" according to Harvard Global Health Institute's COVID Risk Level map(1) STATE 1959 Economic Update Education ■ Containment was made possible by early action to close non-essential business and government activities as well as a mandatory fourteen (14) day self-quarantine for all persons entering the State or traveling inter-island ■ To date there have been over 1,700 confirmed cases of COVID-19 and 26 deaths in Hawaii (2) - Hawaii has the lowest per capita cases in the nation of 89.6/100k and the lowest deaths per capita of 1.7/100k(3) ■ The State currently has 179 contact tracers (but only uses 9% of this capacity) and is in the process of training hundreds more ■ The State is currently conducting 1,300 to 1,600 tests per day (33% of 5,000 capacity), but expects total capacity could decline in coming weeks due to supply shortages on the mainland ■ The State is looking to implement a marketing campaign for personal responsibility to prevent COVID-19 transmission ■ The successful containment measures have allowed the State to responsibly re-open its economy without a major outbreak ■ The State is currently in Phase 2, that includes indoor gathering places, exercise facilities, museums, theaters, personal services, and restaurants for dining-in (retail and shopping malls opened in May) ■ The quarantine for persons traveling inter-island was cancelled effective June 16, 2020 and replaced by requirements for health screenings, temperature scans and reporting requirements – a test case for an expected higher volume of incoming travelers - ■ The Governor is targeting a September 1st date to lift the quarantine for visitors from the U.S. mainland, subject to a negative COVID-19 test within three days prior to arrival ■ The State is considering travel protocols for lifting the quarantine for visitors from Japan, Korea, New Zealand and Australia ☐ It was recently announced that Hawaii has been placed on a list of countries and regions that Japan leaders are considering for the resumption of international travel, although specific details and the start date remain to be determined ■ The State's plans for re-opening the 2020-21 school year on August 17, 2020 allows for each public school to select from among three approved school models for each school level - with a priority for in person learning for the earlier grade levels ■ The University of Hawaii system will reopen its 10 campuses across the State for the fall 2020 semester, which begins on August 24, 2020, using a hybrid model that provides a combination of online resources and on-campus instruction. (1) 3 https://globalepidemics.org/key-metrics-for-covid-suppression/. (2) https://health.hawaii.gov/coronavirus disease 2019/ as of July 27, 2020. https://www.cdc.gov/covid-data-tracker/#cases. (3)

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