MEDIA RELEASE

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., has reported consolidated net income for the three months ended June 30, 2012 of $3.9 million, or $0.07 per diluted share, on total operating revenue of $484.6 million.

This compares to a net loss of $50.0 million, or $0.99 per basic and diluted share, on total operating revenue of $395.0 million for the three months ended June 30, 2011. Results for the three months ended June 30, 2011 included the impact of a non-recurring pre-tax lease termination expense of $70.0 million related to the purchase of 15 Boeing 717-200 aircraft previously operated under lease agreements.

Reflecting economic fuel expense, the Company reported adjusted net income of $11.7 million, or $0.22 per diluted share for the three months ended June 30, 2012. This compares with adjusted net income of $0.1 million, reflecting economic fuel expense and excluding the impact of lease termination costs, or $0.00 per diluted share, for the three months ended June 30, 2011.

Mark Dunkerley, the Company’s president and chief executive officer, commented that “We’re pleased with the early results from the implementation of our strategy to grow into markets which have not been the traditional mainstay of our business. At the same time a small dip in the price of fuel and continuing healthy demand for the Hawaii vacation helped boost the results from our traditional lines of business. As always, I’d like to thank my colleagues throughout the company for their tireless dedication to keeping Hawaiian’s service a cut above that of our competitors.”

Second Quarter Financial Results

The Company reported operating income of $29.3 million in the second quarter of 2012, compared with an operating loss of $70.2 million in the prior year period, which included a non- recurring lease termination expense of $70.0 million related to the purchase of 15 Boeing 717-200 aircraft previously operated under lease agreements.

Second quarter 2012 operating revenue was $484.6 million, a 22.7% increase compared with the second quarter of 2011. Capacity for the quarter increased 16.8% year-over-year to 3.5 billion available seat miles, resulting in operating revenue per ASM (RASM) of 13.90 cents, up 5.1% from the second quarter a year ago.

Passenger yield (passenger revenue per revenue passenger mile) increased 6.1% to 14.98 cents, resulting in an increase in passenger revenue per ASM (PRASM) of 6.2% to 12.59 cents.

Total operating expenses for the second quarter 2012 decreased 2.1% to $455.2 million, resulting in an operating cost per available seat mile (CASM) of 13.05 cents, a 16.3% decrease compared with the second quarter of 2011. Excluding fuel and prior period lease termination expenses, second quarter 2012 CASM increased to 8.74 cents, up 0.5% compared to the same period a year ago.

Aircraft fuel costs in the second quarter increased 11.1% year-over-year to $150.5 million and represented 33.1% of operating expenses. Hawaiian’s average cost per gallon of jet fuel decreased 4.8% year-over-year to $3.18 (including taxes and delivery). The financial impact of hedging activities is included in nonoperating income (expense), and as such is not reflected in fuel expense.

The Company believes that economic fuel expense is the best measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period.

The Company defines economic fuel expense as GAAP fuel expense plus (gains)/losses realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period. For the three months ended June 30, 2012, economic fuel expense was $152.3 million ($3.22 per gallon), compared with $132.4 million ($3.26 per gallon) in the prior year period.

In the quarter ended June 30, 2012, nonoperating expense totaled $23.0 million, compared with nonoperating expense of $12.4 million in the second quarter of 2011. In the quarter ended June 30, 2012, the Company recognized a nonoperating loss totaling $14.8 million related to fuel hedging activities compared with a nonoperating loss of $10.5 million during the prior year period.

In the quarter ended June 30, 2012, fuel hedging losses reflect $1.9 million of realized losses on derivative contracts settling in the quarter, the reversal of $1.2 million of previously recorded gains on these same contracts, and $11.7 million in unrealized losses related to fuel derivative contracts settling in future periods.

As of June 30, 2012, the Company had:

* Unrestricted cash and cash equivalents of $446.6 million and $5.0 million in restricted cash.

* Available borrowing capacity of $65.6 million under Hawaiian’s Revolving Credit Facility.

* Outstanding debt and capital lease obligations of $686.8 million consisting of the following:

— $256.0 million outstanding under four secured loan agreements to finance a portion of the purchase price for Airbus A330-200 aircraft.

— $178.3 million in secured loan agreements for a portion of the purchase price for 15 previously leased Boeing 717-200 aircraft.

— $110.0 million in capital lease obligations for an Airbus A330-200 and two Boeing 717- 200 aircraft.

— $71.2 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.

— $70.9 million outstanding of Convertible Senior Notes.

_ $0.4 million of non-aircraft related capital lease obligations.

Second Quarter Highlights

* The Company led the U.S. airline industry in March, April and May, ranking #1 nationally for on-time performance, as reported by the U.S. Department of Transportation Air Travel Consumer Report.

* In April, the Company launched daily non-stop service from Honolulu to Fukuoka, Japan.

* In April, the Company ratified a three-year contract with the Association of Flight Attendants.

* In May, the Company announced new non-stop flights between Honolulu and Sapporo, Japan, with service three times per week beginning in November 2012, pending Japanese government
approval.

* In May, the Company announced a reciprocal frequent flyer agreement with JetBlue.

* In April, May and June, the Company added three new Airbus A330-200 aircraft to the fleet.

* In June, the Company launched daily non-stop flights between Honolulu and New York’s John F. Kennedy International Airport.

* In June, the Company announced new non-stop flights between Honolulu and Brisbane, Australia, with service three times weekly beginning in November 2012.

— Find out more:
www.hawaiianair.com