Hawaiian Airlines Hires Financial Advisor To Explore Strategic Alternatives

HONOLULU, May 3, 2000 -- Hawaiian Airlines, Inc. (AMEX and PCX: HA) announced today that it has received inquiries from time to time about a possible acquisition of, or investment in, the Company. The Company has hired a financial advisor to help the Company assess its strategic alternatives. The advisor has contacted certain potential investors or buyers to help in that determination. However, no decision has been made by the Company on these matters, including as to what action may be appropriate after this process has been completed.

The Company intends to continue the stock buy-back program that it announced on March 21, 2000, until such time as it believes it may be appropriate to discontinue the program because of the process currently being considered. However, the Company does not intend to announce when, or if, it has discontinued the program for that reason. Moreover, unless and until the Company has made definitive decisions on its future strategic direction, it does not intend to make further announcements on the status or results of the process.