2022 ASB Environmental, Social and Governance Report

ABOUT US

Our Leadership and Governance

• The ASB Risk Committee is responsible for overseeing ASB’s Enterprise Risk Management (ERM) program. Environmental and societal changes, as well as how those are viewed and managed, have the potential to create additional risks to ASB. The ASB Risk Committee ensures that management identifies, manages, mitigates and reports on risk, including those that are ESG-related. ASB board members may also collaborate on ESG related matters through HEI board committees, including the Audit & Risk and Compensation & Human Capital Management committees. MANAGEMENT COMMITTEE A SB is led by President and CEO Ann Teranishi and a team of executive vice presidents (EVP). Each EVP is responsible for specific functions and divisions of the bank, including Consumer Banking, Finance, Commercial Markets, Credit, Enterprise Risk and Technology. ASB’s Management Committee is committed to the company’s vision of being a great bank making people’s dreams possible, advancing the strategy set forth by the board and ensuring efficiency and high performance. The team meets weekly to review business needs, address any issues and ensure alignment to keep the company moving forward. Additionally, the Management Committee is responsible for identifying ESG-related trends that could materially impact the bank and escalating those risks and opportunities to the board for consideration.

ASB is a Honolulu-based nationally chartered savings bank providing a full range of financial products and services, including business and consumer banking, home loans, insurance and investments. We are owned by ASB Hawaii, Inc., a subsidiary of Hawaiian Electric Industries, Inc. (HEI), a publicly traded company. To learn more about HEI and its other subsidiaries, please review HEI’s latest Annual Report (10-K). OUR BOARD ASB and HEI have separate boards of directors. In 2022, all members of HEI’s board of directors joined ASB’s board. ASB’s board of directors oversees its direction and the performance of the company’s management team. In collaboration with HEI, the board periodically commits to a strategic planning process to provide guidance on ASB’s priorities and plans. The board executes responsibilities through its annual retreat, regular board meetings, review of written reports and ongoing engagement with ASB’s leadership team. ESG-related matters are an important focus and the board has been key in our long-term business strategy and operational planning processes. To ensure our board is equipped to support ASB’s vision, the HEI board and its Nominating & Corporate Governance (NCG) Committee carefully considers opportunities for improvement and identifies potential ASB directors with relevant experience on ESG topics applicable to our business and strategies. ASB board members are committed to providing solutions related to ESG by serving on one of two committees – Audit and Risk. • The ASB Audit Committee is responsible for ensuring ASB complies with legal and regulatory requirements. As legislatures and government agencies become increasingly involved in ESG-related issues, the Audit Committee ensures that ASB is in compliance and up-to-date on new laws and ensures that management is equipped to comply with those requirements.

BETH WHITEHEAD Executive Vice President Chief Administrative Officer

BRIAN YOSHII Executive Vice President Chief Information Officer

ANN TERANISHI President Chief Executive Officer

DANE TERUYA Executive Vice President Chief Financial Officer

GABE LEE Executive Vice President Commercial Markets

DANI AIU Executive Vice President Consumer Banking

Board and Executive Diversity Board

Executives

Racial Minority

41.7%

80.0%

Female

41.7%

40.0%

STEVEN NAKAHARA Executive Vice President Chief Credit Officer

JOHN WARD Executive Vice President

NATALIE TANIGUCHI Executive Vice President Enterprise Risk & Regulatory Relations

As of 1/31/2023

Chief Marketing & Product Officer

ASBHAWAII.COM

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10 2022 ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORT