Moody’s Rating – July 9, 2012

Correction to Headline & Text, June 29, 2012 Release: Moody’s Investors
Service maintains an A2 rating on the State of Hawaii Airport System’s $945.6
million of revenue bond debt; The outlook remains stable

HAWAII (STATE OF) AIRPORT ENTERPRISE
Airports
Hawaii

NEW YORK, July 09, 2012 — The total debt amount outstanding in the headline
is corrected to $945.6 million. The debt outstanding for each individual
series is, as follows:

Outstanding Bonds:

Series 2010A (Non-AMT): $478.7 million

Series 2010B (AMT): $166 million

Series 2011 (AMT): $300.9 million

Please see Issuer/Deal Research page on moodys.com for the full corrected
press release.

Please see the ratings disclosure page on www.moodys.com for general
disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on
(A) MCO’s major shareholders (above 5%) and for (B) further information
regarding certain affiliations that may exist between directors of MCO and
rated entities as well as (C) the names of entities that hold ratings from
MIS that have also publicly reported to the SEC an ownership interest in MCO
of more than 5%. A member of the board of directors of this rated entity may
also be a member of the board of directors of a shareholder of Moody’s
Corporation; however, Moody’s has not independently verified this matter.

Please see Moody’s Rating Symbols and Definitions on the Rating Process page
on www.moodys.com for further information on the meaning of each rating
category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the
last rating action and the rating history.

The date on which some ratings were first released goes back to a time before
Moody’s ratings were fully digitized and accurate data may not be available.
Consequently, Moody’s provides a date that it believes is the most reliable
and accurate based on the information that is available to it. Please see the
ratings disclosure page on our website www.moodys.com for further
information.

Please see www.moodys.com for any updates on changes to the lead rating
analyst and to the Moody’s legal entity that has issued the rating.

ANALYSTS:
Kurt Krummenacker, Lead Analyst, Public Finance Group, Moody’s Investors
Service
Kyle Wolpert, Backup Analyst, Public Finance Group, Moody’s Investors Service

CONTACTS:
Journalists: (212) 553-0376
Research Clients: (212) 553-1653

Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA

Copyright 2012 Moody’s Investors Service, Inc. and/or its licensors and
affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. (“MIS”) AND ITS
AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF
ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT
RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S
PUBLICATIONS”)
MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF
ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S
DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL,
FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN
THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING
BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY.
CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT
STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY’S
PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE,
AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE
RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER
CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN
INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS
AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING
THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY
THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED
TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE
REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,
DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY
SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS
WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY’S from sources believed
by it to be accurate and reliable. Because of the possibility of human or
mechanical error as well as other factors, however, all information contained
herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all
necessary measures so that the information it uses in assigning a credit
rating is of sufficient quality and from sources MOODY’S considers to be
reliable including, when appropriate, independent third-party sources.
However, MOODY’S is not an auditor and cannot in every instance independently
verify or validate information received in the rating process. Under no
circumstances shall MOODY’S have any liability to any person or entity for (
a) any loss or damage in whole or in part caused by, resulting from, or
relating to, any error negligent or otherwise or other circumstance or
contingency within or outside the control of MOODY’S or any of its directors,
officers, employees or agents in connection with the procurement, collection,
compilation, analysis, interpretation, communication, publication or delivery
of any such information, or (b) any direct, indirect, special, consequential,
compensatory or incidental damages whatsoever (including without limitation,
lost profits), even if MOODY’S is advised in advance of the possibility of
such damages, resulting from the use of or inability to use, any such
information. The ratings, financial reporting analysis, projections, and
other observations, if any, constituting part of the information contained
herein are, and must be construed solely as, statements of opinion and not
statements of fact or recommendations to purchase, sell or hold any
securities. Each user of the information contained herein must make its
own study and evaluation of each security it may consider purchasing, holding
or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR
OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY
MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody’s Corporation
(“MCO”), hereby discloses that most issuers of debt securities (including
corporate and municipal bonds, debentures, notes and commercial paper) and
preferred stock rated by MIS have, prior to assignment of any rating, agreed
to pay to MIS for appraisal and rating services rendered by it fees ranging
from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies
and procedures to address the independence of MIS’s ratings and rating
processes. Information regarding certain affiliations that may exist between
directors of MCO and rated entities, and between entities who hold ratings
from MIS and have also publicly reported to the SEC an ownership interest in
MCO of more than 5%, is posted annually at www.moodys.com under the heading
“Shareholder Relations . Corporate Governance . Director and Shareholder
Affiliation Policy.”

Any publication into Australia of this document is by MOODY’S affiliate,
Moody’s Investors Service Pty Limited ABN 61 003 399 657, which holds
Australian Financial Services License no. 336969. This document is intended
to be provided only to “wholesale clients” within the meaning of section
761G of the Corporations Act 2001. By continuing to access this document
from within Australia, you represent to MOODY’S that you are, or are accessing
the document as a representative of, a “wholesale client” and that neither
you nor the entity you represent will directly or indirectly disseminate this
document or its contents to “retail clients” within the meaning of section
761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1,
2010 by Moody’s Japan K.K. (“MJKK”) are MJKK’s current opinions of the
relative future credit risk of entities, credit commitments, or debt or
debt-like securities. In such a case, “MIS” in the foregoing statements shall
be deemed to be replaced with “MJKK”. MJKK is a wholly-owned credit rating
agency subsidiary of Moody’s Group Japan G.K., which is wholly owned by
Moody’s Overseas
Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt
obligation of the issuer, not on the equity securities of the issuer or
any form of security that is available to retail investors. It would be
dangerous for retail investors to make any investment decision based on this
credit rating. If in doubt you should contact your financial or other
professional adviser.