1172222--2/18/2010--HAWAIIAN_HOLDINGS_

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{operation, natural, condition}

{condition, economic, financial}

{competitive, industry, competition}

{debt, indebtedness, cash}

{cost, operation, labor}

{product, market, service}

{regulation, government, change}

{personnel, key, retain}

{cost, contract, operation}

{acquisition, growth, future}

{loss, insurance, financial}

{gas, price, oil}

{stock, price, share}

{cost, regulation, environmental}

{financial, litigation, operation}

Risks Relating to our Business Our business is affected by economic volatility. Our business is highly dependent on the price and availability of fuel. We operate in an extremely competitive environment. Our business is affected by the competitive advantages held by network carriers in the transpacific market. The interisland market has recently experienced decreasing demand. Our business is highly dependent on tourism, and our financial results could suffer if there is a downturn in tourism levels. Our business is subject to substantial seasonal and cyclical volatility. The concentration of our business in Hawaii, and between Hawaii and the western United States, provides little diversification of our revenue. Our failure to successfully implement our growth strategy and related cost-reduction goals could harm our business. Our share price has been subject to extreme price fluctuations, and stockholders could have difficulty trading shares. We are increasingly dependent on technology to operate our business. We are subject to various risks as a result of our fleet concentration in Boeing 717s and Boeing 767s. We are highly reliant on third-party contractors to provide certain facilities and services for our operations, and termination of our third-party agreements could have a potentially adverse effect on our financial results. We are dependent on satisfactory labor relations. Our operations may be adversely affected if we are unable to attract and retain key executives, including our Chief Executive Officer. Our substantial debt could adversely affect our financial condition. Our financial liquidity could be adversely affected by credit market conditions. Our agreement to purchase Airbus A330-200 and A350XWB-800 aircraft significantly increases our future financial commitments and operating costs and creates implementation risk associated with the change from our current Boeing 767-300 fleet. Delays in scheduled aircraft deliveries or other loss of fleet capacity may adversely impact our operations and financial results. Certain of our financing agreements and our credit card processing agreements include financial covenants that impose substantial restrictions on our financial and business operations. Our business has substantial operating leverage. Our obligations for funding our defined benefit pension plans are significant and are affected by factors beyond our control. Airline strategic combinations or industry consolidation could have an impact on our competitive environment in ways yet to be determined. Our reputation and financial results could be harmed in the event of adverse publicity. Our financial results may be negatively affected by increased airport rent rates and landing fees at the airports within the State of Hawaii as a result of the modernization plan. The State of Hawaii, which is uniquely dependent upon and affected by air transportation, now seeks to impose new state laws and regulations on the airline industry that could have an adverse effect on our financial condition and results of operations. Risks Relating to the Airline Industry The airline industry is affected by many conditions that are beyond its control, including delays, cancellations and other conditions, which could harm our financial condition and results of operations. Our operations may be adversely impacted by potential security concerns and related costs. The airline industry is subject to extensive government regulation and new regulations could have an adverse effect on our financial condition and results of operations. Our insurance costs are susceptible to significant increases and further increases in insurance costs or reductions in coverage could have an adverse effect on our financial results. We are at risk of losses and adverse publicity in the event of an aircraft accident.

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1172222--2/18/2010--HAWAIIAN_HOLDINGS__INC