1172222--3/16/2007--HAWAIIAN_HOLDINGS_

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{operation, natural, condition}

{competitive, industry, competition}

{product, market, service}

{cost, operation, labor}

{debt, indebtedness, cash}

{condition, economic, financial}

{regulation, government, change}

{operation, international, foreign}

{personnel, key, retain}

{cost, contract, operation}

{regulation, change, law}

{loss, insurance, financial}

{stock, price, share}

{cost, regulation, environmental}

Risks Relating to our Business Our business is adversely affected by increases in fuel prices. 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 business is increasingly impacted by competition from low cost carriers. Our competitors have reduced their operating costs, enabling them to compete successfully at lower fare levels. Our business is impacted by the competitive advantages held by network carriers in the transpacific market. Capacity in the interisland market has increased dramatically, including the entry of a new competitor in 2006, and price discounts have escalated. Demand for interisland service is declining, and is expected to decline for the foreseeable future. Our share price could be 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. We may experience delays in introducing our recently acquired Boeing 767-300 aircraft into revenue service. 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 subject to various risks associated with our labor outsourcing initiatives. 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. Certain of our financing agreements and our credit card processing agreement include financial covenants that impose substantial restrictions on our financial and business operations. Our business has substantial financial and operating leverage. Our obligations for funding our defined benefit pension plans are significant and are affected by factors beyond our control. Risks Relating to the Airline Industry The continued threat of terrorist attacks may adversely impact our business. The airline industry is highly competitive, and if we cannot successfully compete in the marketplace, our financial condition and results of operations will be adversely affected. 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 operations may be adversely impacted by increased security measures mandated by regulatory authorities. Our insurance costs have increased substantially in recent years 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. We are at risk of losses in the event of an outbreak of diseases.

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1172222--3/16/2007--HAWAIIAN_HOLDINGS__INC