INVESTOR PRESENTATION NOVEMBER 2018 0

DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “contemplate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would,” “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. For a discussion of some of the risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2017. Except as required by law, we assume no obligation to update these forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Use of Non-GAAP Financial Measures The information provided herein includes certain non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The reconciliation of such measures to the comparable GAAP figures are included in the appendix of this presentation. Other • • • References to “we,” “us,” “our,” “FHI,” “FHB,” “Company,” and “First Hawaiian” refer to First Hawaiian, Inc. and its consolidated subsidiaries. Where appropriate, certain quarterly financial ratios are presented herein on an annualized basis. Unless otherwise noted, the FHI and peer financial information on slides 6-19 reflects data through Q2 2018 because the complete set of 1 Q3 2018 financial information for all peers used for comparative purposes was not available at the time this presentation was updated.

BNPP REDUCED STAKE TO 18.4%, MAJORITY BOARD INDEPENDENT FHB NO LONGER SUBJECT TO CCAR(1) approximately 33.3% to 18.4% board meeting are independent directors, BNPP notified FHI that it would cease Source: Public filings (1) Capital distributions remain subject to the supervision of the Federal Reserve, . (2) First Hawaiian neither issued shares nor received any proceeds in connection with either offering. 2 BNP Paribas Sold ~15% Ownership In First Hawaiian on August 1, 2018 BNP Paribas Sold ~15% Ownership In First Hawaiian on September 10, 2018 Overview & Highlights(2) • BNP Paribas (“BNPP”) sold 20.0mm common shares of FHI common stock in an underwritten public offering with a fixed public reoffer price • Concurrent with the offering, First Hawaiian completed a repurchase of ~1.8mm shares at an aggregate purchase price of ~$50mm • As a result of the offering and repurchase, BNPP’s stake in First Hawaiian was reduced from 48.8% to approximately 33.3% • BNPP sold 20.0mm common shares of FHI common stock in an underwritten public offering with a variable public reoffer price • As a result of the offering and repurchase, BNPP’s stake in First Hawaiian was reduced from • BNPP entered into a 60-day lock-up agreement in connection with the offering Other Significant Changes • Majority of the members of the FHI board of directors independent as of August 1, 2018 • Two BNPP-nominated directors resigned from the board and two independent directors were appointed • Following the resignation of two of its designated consolidating First Hawaiian’s financial statements • As a result of the accounting deconsolidation, FHI is no longer included within the scope of BNP Paribas USA’s capital plan for purposes of CCAR • Following the closing of the transaction, a BNPP-nominated director resigned from the board and an independent director was appointed at the October • Six of the nine members of the FHI board of directors

STRONG CAPITAL DISTRIBUTION RECORD + Dividends • Since its IPO, First Hawaiian has returned $249mm to its stockholders in the form of dividends, or the equivalent of a ~7.8% cash-dividend return(1)(2) • Over that time, the quarterly dividend has increased twice (+20%) to $0.24 per quarter and we expect to be able to continue to increase our dividend as our earnings grow + Repurchases • First Hawaiian repurchased ~3mm shares from BNPP for an aggregate purchase price of ~$82mm concurrent with BNPP’s public offering on May 10, 2018 • First Hawaiian repurchased ~1.8mm shares from BNPP for an aggregate purchase price of ~$50mm concurrent with BNPP’s public offering on August 1, 2018 = Total Capital Distribution • Inclusive of the share repurchases, First Hawaiian has returned $381mm, or ~86% of earnings, to stockholders since its IPO and $230mm year-to-date(2) Source: Public filings (1) Calculated as the aggregate dividends paid per share since FHI’s initial public offering (“IPO”) completed in August 2016 divided by the IPO price. (2) Through October 31, 2018. 3

STRONG PERFORMANCE IN 3Q 2018 Quarterly Results 3Q 2018 2Q 2018 3Q 2017 ($ in millions) Loans and Leases $ 12,600 $ 12,638 $ 12,150 Deposits 16,689 17,396 17,595 Net Interest Margin 3.11 % 3.18 % 2.96 % Efficiency Ratio 46.9 47.6 46.7 ROATA(2) 1.45 1.46 1.18 ROATCE(2) 19.6 19.0 14.4 distribution through dividends and (1) Core measurements are non-GAAP financial measurements. Core excludes certain gains, expenses and one-time items. See non-GAAP reconciliations of core net income, core diluted EPS core efficiency ratio, and average tangible assets and average tangible stockholders’ equity use to calculate core ratios in the appendix (2) ROATA and ROATCE are non-GAAP financial measurements. A reconciliation to the comparable GAAP measurement is provided in the appendix. 4 • Strong capital levels, consistent capital opportunistic repurchases Credit / Capital NCOs / Average Loans 0.12 % 0.13 %0.13 % NALs / Total Loans0.090.11 0.06 CET1 / Tier 112.112.212.7 • Continued strong core profitability Core Operating Metrics(1) • Excellent asset quality • On track to achieve full year guidance on core efficiency ratio of ~48% • Significant reduction in rate sensitive public time deposits Core Income Statement(1) Net Interest Income$ 141.3$ 141.4$ 133.3 Provisions4.56.04.5 Noninterest Income47.449.847.0 Noninterest Expense88.591.084.2 Net Income$ 70.8$ 69.7$ 57.0 Diluted EPS$ 0.52$ 0.50$ 0.41 • Strong loan production Balance Sheet 3Q18 Highlights

KEY INVESTMENT HIGHLIGHTS 1 Best-in-class Financial Performance Leading Position in Attractive Market 2 3 High Quality Balance Sheet with Steady Growth Realized and Forecasted 4 Proven Through the Cycle Performance Consistently Increased Capital Return 5 6 Significant Catalysts for Enhanced Performance 5

BEST-IN-CLASS FRANCHISE Branch Presence Financial Overview – 2Q 2018 YTD ($ billions) Market Cap $ 3.9 Loans $ 12.6 60 branches Kauai Assets $ 20.5 Deposits $ 17.4 NIM Since 4Q 2015 Efficiency Ratio(2), (3) Oahu ROATCE(2), (4) Niihau Molokai 47 bps 51.2 % Maui Honolulu 18.7 % Lanai Kahoolawe Hawaii Island FHB Top FHB Top FHB Top (1) (1) (1) Quartile Cost of Deposits Quartile Dividend Yield Quartile NALs / Loans Company Highlights Oldest and largest Hawaii-based bank Full service community bank with complete suite of products & services #1 deposit market share in Hawaii since 2004 Largest Hawaii-based lender across all categories $13.3 bn assets under administration as of 2Q18 Proven through the cycle and top quartile operating performance 0.38 % 0.34 % 3.3% 0.35 % FHB Top FHB Top FHB Top (1) (1) (1) Quartile Quartile Quartile Source: Public filings and SNL Financial as of 21-Aug-2018 Note: Financial data as of 30-Jun-18. Market data as of 31-Aug-18. NIM change based on change from 4Q15 – 2Q18. (1) (2) Top quartile is based on public banks $10–$50bn in assets constituted as of 31-Dec-17; excludes merger targets. FHB Ratios shown as core. Core operating measures exclude certain gains, expenses and one-time items. See annual and quarterly non-GAAP reconciliation of core net income, core net interest income, core noninterest income and core noninterest expense in the appendix. Core efficiency ratio is a non-GAAP financial measure. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. Reconciliation of the components of our core efficiency ratio to comparable GAAP measures are provided in the appendix. ROATCE (return on average tangible common equity) is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure is provided in the appendix. (3) 6 (4) 2.6% 0.11 % Saipan Guam 16.9 % 35 bps 47.7 %

HAWAII IS AN ATTRACTIVE MARKET WITH STRONG ECONOMIC BACKDROP The Hawaii economy has remained steady through economic cycles and maintains a favorable outlook Real GDP ($ billion) GDP by Industry (2017) Population (000s) ’18-’23 Projected HHI Change: 11.7% $78.9 Tourism accounts for ~19% of Hawaii GDP(1) Government 20% Transportation & Warehousing 5% $77.8 $76.6 $75.5 $74.2 1,452 Other 15% 1,443 1,435 Construction 6% Retail Trade 7% 1,429 1,428 l Estate Healthcare & Residential Professional Entertainment 10% Edu RE cation 2016A 2017A 2018E 2019E 2020E 9% 2016A 2017A 2018E 2019E 2020E 8% 23% Unemployment Housing Price Index (Year End) Visitor Expenditures ($ billion) September 2018: 2.2% 6.0 % $19.6 $19.0 127 $18.4 4.4 % 2.6 % 2012A 2013A 2014A 2015A 2016A 2017A 2016A 2017A 2018E 2019E 2020E 2013A 2014A 2015A 2016A 2017A Visitor Arrivals (mm) 8.9 9.4 9.9 10.1 10.3 Source: Hawaii Department of Business, Economic Development & Tourism, Bureau of Labor Statistics, Bureau of Economic Analysis, Federal Housing Finance Agency, and SNL Financial as of 22-Oct-18 Note: Real GDP adjusts nominal GDP to 2009 dollars. Unemployment and housing index are shown as seasonally adjusted. (1) Based on $16.9bn of 2017 visitor spending according to Hawaii Department of Business, Economic Development and Tourism. 7 122 114 108 100 $16.9 $15.9 4.9 % 3.6 % 3.0 %

THE CLEAR LEADER IN HAWAII The banking market in Hawaii is dominated by local banks with the top 6 banks accounting for ~97% of deposits; First Hawaiian is the clear leader among its Hawaii banking peers based on size and operating performance 32% 23% 39% 7% 23% 82% 81% 64% 60% Sources: SNL Financial, FDIC and company filings Note: Balance sheet and income statement data as of 30-Jun-18. Loan and deposit portfolio mix based on regulatory filings as of 30-Jun-18. Deposit market share and branches as of 30-Jun-18. (1) (2) First Hawaiian branch data as of 21-Aug-18. ROATCE (return on average tangible common equity) and ROATA (return on average tangible assets) are non-GAAP financial measures. Reconciliations to the comparable GAAP measures are provided in the appendix. FHB ROATCE and ROATA shown as core. Core excludes certain expenses, gains and one-time items. See reconciliation of core net income to the comparable GAAP measure in the appendix. 8 (3) Deposit Portfolio Loan Portfolio Branches 60(1) 6949352913 FTEs 2,189 2,1731,138820275169 Assets ($bn) $20.5 $17.1$7.0$5.7$2.0$0.6 Loans ($bn) 12.6 10.14.83.91.50.4 Deposits ($bn) 17.4 14.96.25.01.70.6 2Q18 YTD ROATCE 18.7%(2),(3) 18.2%15.2%11.8%8.4%4.1% 2Q18 YTD ROATA 1.44(2),(3) 1.301.171.020.980.37 Commercial Commercial RE Residential RE Consumer & Other 13% 26% 34% 27% 6%2%1% 12%12%12% 13% 28% 19% 52%63%47%98% Transaction Accounts Savings / MMDA Time Deposits 22%34% 44% 7% 11%12%13%23%11% 53% 36% Hawaii Deposits Rank #1 #2# 3# 4# 5# 6 Share 35.8% 31.1%13.8%11.1%3.7%1.3%

STRONG PERFORMANCE THROUGH THE CYCLE Consistent Deposit Growth ($bn) Steady, Balanced Loan Growth ($bn) 2Q18 Cost of Deposits: 0.38% $17.4 $12.6 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 2Q18 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 2Q18 Through the Cycle Credit Performer Strong Expense Mgmt. Culture(1) Consistent Record of Profitability(1) 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Efficiency Ratio ROATCE(2) 63.4% 65.0% 20.0% Loans + OREO 18.7% 18.0% 60.0% % 16.0% 55.0% 14.0% % 50.0% 46.7% % 12.0% 45.0% 10.0% % 40.0% 8.0% '11 '12 '13 '14 '15 '16 '17 2Q18 YTD '11 '12 '13 '14 '15 '16 '17 2Q18 YTD First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets Source: Public filings and SNL Financial as of 21-Aug-18 Note: Financial data as of 30-Jun-18. $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. (1) FHB ratios shown as core. Core excludes certain gains, expenses and one-time items. See annual and quarterly non-GAAP reconciliations of core net income, core net interest income, core noninterest income and core noninterest expense used to calculate core ratios in the appendix. (2) ROATCE (return on average tangible common equity) is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure is provided in the appendix. 9 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 2Q18 61.7% 57.0 50.2% 47.7 14.9% 12.0%14.6% 12.1% 11.3% 9.7% 3.00%NPAs + 90s / 0.76% 0.63%0.60 0.16% 0.13 $6.5 $9.1

CONSISTENT TRACK RECORD OF PROFITABILITY STRONG Consistent Core Earnings ($mm)(1) Low Earnings Volatility(1),(2) 8.5 % $ 217 $ 205 $ 202 $ 198 $ 197 $ 196 $ 114 First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets Year Ended December 31 ROATA(1),(3) YTD ROATCE(1),(3) 1.44% 1.50% 20.0% 18.7% 18.0% 1.25% 16.0% 14.0% 1.00% 12.0% 1.03% 1.01% 10.0% 0.75% 8.0% 2011 2012 2013 2014 2015 2016 2017 2Q18 YTD 2011 2012 2013 2014 2015 2016 2017 2Q18 YTD Year Ended December 31 Year Ended December 31 First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets Source: Public filings and SNL Financial , as of 21-Aug-18 Note: Financial data as of 30-Jun-18. $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. (1) FHB measures shown as core. Core excludes certain gains, expenses and one-time items. See annual and quarterly non-GAAP reconciliations of core net income, core net interest income, core noninterest income and core noninterest expense used to calculate core ratios in the appendix. (2) Volatility of earnings calculated as the standard deviation in the change in earnings between 2011-2017. (3) ROATA (return on average tangible assets) and ROATCE (return on average tangible common equity) are non-GAAP financial measures. A reconciliation to the comparable GAAP measures is provided in the 10 appendix. 14.9% 13.8% 12.0% 11.8% 12.3% 11.8% 11.3%14.6% 12.1% 10.9%11.2%11.5%11.6%11.3% 9.7% 1.39% 1.30% 1.31%1.32% 1.22%1.22% 1.18% 1.10% 1.09% 1.07% 1.05% 1.06% 0.87% Peer Leading Profitability $ 230 $ 138 2011201220132014201520162017 2Q172Q18 5.5 % Consistent Earnings

ONGOING CAPITAL DISTRIBUTION OPPORTUNITIES(1) WITH FUTURE Attractive Dividend Yield(3) Robust Capital Position Tier 2 NCT1 3.3% 13.8% CET 1 First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets 48% 35% Payout Ratio (2) Dividend Per Share $0.24 $0.24 FHI Q2 Public U.S. Banks with $10-$50bn of Assets FHI Q3 4 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 Source: Public filings and SNL Financial as of 21-Aug-18 Note: Financial data as of 30-Jun-18. $10–$50bn banks constituted as of 31-Dec-17, excludes merger targets. Percentages may not total due to rounding. (1) Dividends and share repurchases are subject to approval of FHI’s board of directors, future capital needs and regulatory approvals. (2) FHB dividend payout ratio based on 2Q18 core earnings and a $0.24 per share cash dividend. (3) Dividend yield (MRQ) based on 2Q 2018 declared dividend of $0.24 and market data as of 31-Aug-18. (4) Reported capital ratio as of 9/30/18. 11 Tier 1 Leverage8.6%8.4%9.8% $0.22$0.22$0.22$0.22 $0.20 Dividend 13.2%13.2% 1.6 % 1.0 % 1.1 % 0.5 % 12.2 % 12.1 % 11.7 % 2.0%

BALANCE SHEET POSITIONED FOR NIM IMPROVEMENT IN RISING RATE ENVIRONMENT Improving NIM Positioned for Rising Rates • ~ 35% of loan portfolio indexed to 1 or 3 month Libor 3.50 % • Reduced high-beta public time deposits by $780mm, or 40%, on a YTD basis 3.00 % • Hawaii has experienced lower deposit costs and had a lower deposit beta in the last rate cycle 2.88 % 2.87 % $ 135 $ 131 $ 129 $ 131 2.50 % NII Benefit From Rate Hike(1) $ 117 11.0 % 2.00 % NII Sensitivity +200bps NII Sensitivity +100bps 1.50 % 6.4 % 1.00 % % 0.50 % .28 %0.31 %0.35 % %0.18 %0.21 % 0.16 %0 %0 %0 – % 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Static B/S Dynamic B/S Public U.S. Banks with $10-$50bn of Assets Net Int Inc. Earning Asset Yield Cost of Deposits NIM First Hawaiian, Inc. Source: Public filings and SNL Financial as of 21-Aug-18 Note: $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. (1) Sensitivity results from 30-Jun-18 regulatory filings. FHB results based on instantaneous shift in rates; $10-$50bn bank average results on an as reported basis (includes both instantaneous and12 gradual rate shock scenarios based on reporting). 5.6 % 4.1 % 3.9 % 2.2 % 3.58 % 3.47 % 3.29 % 3.15 % 3.18 % 3.22 % 3.23 % 3.04 % 3.02 % 2.92 %3.13 % 3.18 % 2.99 % 3.00 % 3.02 % 2.96 % 2.99 % $ 140 $ 141 .40 2.77 %$ 133 0 $ 120 $ 123 .17 0 .16 .16

APPENDIX 13

FULL SUITE OF PRODUCTS AND SERVICES First Hawaiian is a full service community bank focused on building relationships with our customers Commercial Lending Consumer Lending • • • • Largest commercial lender in Hawaii 52 commercial bankers(2) Relationship-based lending Primary focus on Hawaii, additional focus on California C&I, leases, auto dealer flooring, CRE, and C&D Strong relationships with proven local real estate dev • Services provided to individuals and small to mid-sized businesses Full service branches, online and mobile channels Exclusively in-footprint focus First mortgages, home equity, indirect auto financing, and other consumer loans • • • • • Deposits Credit Cards • • #1 deposit market share in Hawaii (35.8%)( Retail deposit products offered through branch, online, mobile, direct channels Commercial deposits, treasury and cash management products Hawaii state and municipal relationships • Leading credit card issuer among Hawaii banks Approximately 167,000 accounts with more than $2.1bn annual spend(2) Consumer, small businesses, and commercial cards Issuer of both Visa and MasterCard • • • • • Wealth Management Merchant Processing • • $13.3 bn of AUA(3) and 44 financial advisors(2 Personal services include financial planning, insurance, trust, estate, and private banking Institutional services include investment management, retirement plan administration, and custody Mutual funds provided by Bishop Street Capital Management • • • Largest merchant processor in Hawaii Spans Hawaii, Guam and Saipan Over 6,000 terminals processed ~47.7mm transactions in 2017 Relationships with all major U.S. card companies and select foreign cards • • • (1) (2) (3) Source: FDIC as of 30-Jun-18. As of 31-Dec-17. As of 30-Jun-18. 14

GROWING, LOW-COST CORE DEPOSIT BASE Strong brand, deep ties to the community and a leading market share position have driven an attractive, low-cost deposit base Consistent Deposit Growth ($bn) Deposit Portfolio Composition (2Q18) ~14% of Total Deposits are Public Deposits Public $17.6 $17.4 Time 10% Ti e Demand 34% Money Market 16% Savings 24% Public Savings 4% Deposits: $17.4bn 2Q18 YTD Deposit Cost: 0.38% Best-in-Class Cost of Deposits 3.50 % 3.00 % 2.50 % 2.00 % 1.50 % 1.00 % 0.50 % 0.87 % – % '05'06'07'08 '09'10'11'12'13'14'15 '16 '17 2Q18 '05'06'07'08'09'10'11'12'13'14'15'16'17 2Q18 YTD Year Ended December 31 Year Ended December 31, First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets 15 Source: Public filings and SNL Financial, as of 21-Aug-18 Note: Financial data as of 30-Jun--18. $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. 2.94 % 1.70 %1.92 % 0.51 % 0.38 % $16.8 $16.1 $14.7 $13.6 $12.9 $12.2 $10.5 $10.2 $9.4 $8.6 $8.9 $9.1

STEADY ORGANIC GROWTH AND BALANCED LOAN PORTFOLIO Steady through the cycle organic loan growth and balanced loan portfolio with attractive forward growth opportunities Steady Loan Growth ($bn) Balanced Loan Portfolio (2Q18) $12.6 Consum r & Other 13% $12.3 Commercial 26% RE 34% mercial RE 27% Loans: $12.6bn 2Q18 YTD Loan Yield: 4.12% Growth in All Categories (2013FY – 2Q18 CAGR) '05'06'07'08'09'10'11'12'13'14'15 '16'17 2Q18 Year Ended December 31, Loans / Deposits 70% 71% 72% 84% 78% 79% 69% 70% 70% 68% 67% 69% 70% 73% 16 Note: Financial data as of 30-Jun-18 6.5 % 9.1 %9.6 % 1.9 % 7.4 % Total CommercialCommercial Residential REConsumer RE $11.5 $10.7 $10.0 $9.5 $9.0 $8.3 $8.3 $8.0 $6.5 $6.4 $7.9 $6.0 Well positioned to serve clients during the financial crisis

PROVEN, CONSISTENT, AND CONSERVATIVE CREDIT RISK MANAGEMENT Strong through the cycle credit performance driven by conservative approach to credit risk management NCOs / Average Loans NPAs + 90s / Loans + OREO 1.50% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 1.00% 0.50% % % % % 0.00% '06'07'08'09'10'11'12'13'14 '15'16'17 2Q18 '06 '07'08'09'10'11'12'13'14'15 '16 '17 2Q18 YTD Year Ended December 31 Year Ended December 31 Reserves / Loans Reserves / Non-Accrual Loans 2.50% 75.0x 20.0x 2.00% x 1.50% % 10.0x 1.00% % 0.50% 0.0x '06'07'08'09'10'11'12'13'14 '15'16'17 2Q18 '06 '07'08'09'10'11'12'13'14'15'16 '17 2Q18 Year Ended December 31 Year Ended December 31 First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets 17 Source: Public filings and SNL Financial, available as of 21-Aug-18 Note: Financial data as of 30-Jun-18. $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. 71.4x 10.2 3.2x1.7x 2.15% 1.43%1.45% 1.11 1.19% 0.84 3.00% 0.76% 0.63%0.60 0.16%0.13 1.17% 0.73% 0.21%0.14 0.13%0.13

OPERATING LEVERAGE THROUGH PRUDENT EXPENSE MANAGEMENT Well Managed Core Noninterest Expense ($mm)(1),(2) Noninterest Expense / Average Assets(1) 3.50% $ 312 $ 301 $ 304 $ 296 3.00% 2.50% 2.57% 2.51% 2.49% 2.43% 1.80% 2.00% 1.71% 1.71% 1.50% 2011 2012 2013 2014 2015 2016 2017 2Q18 YTD Year Ended December 31, Core Noninterest Expense YTD Efficiency Ratio Year Ended December 31, Efficiency Ratio(1),(2) Driving Future Operating Leverage 65.0% 60.0% 59.9% • • • • 58.3% Improving margins and benefit from rising rates 55.0% 50.2% Additional operating capacity 50.0% 45.0% Scalable fee businesses 40.0% Close management of expenses through transition 2011 2012 2013 2014 2015 2016 2017 2Q18 YTD Year Ended December 31, First Hawaiian, Inc. Public U.S. Banks with $10-$50bn of Assets Source: Public filings and SNL Financial, as of 21-Aug-18 Note: Financial data as of 30-Jun-18. $10–$50bn banks constituted as of 31-Dec-17; excludes merger targets. (1) FHB measures shown as core. Core excludes certain gains, expenses and one-time items. See annual and quarterly non-GAAP reconciliations of core net income, core net interest income, core noninterest income and core noninterest expense used to calculate core ratios in the appendix. (2) Core efficiency ratio is a non-GAAP financial measure. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. Reconciliation of the components of our core efficiency ratio to comparable GAAP measures are provided in the appendix. 18 63.4% 63.2% 61.7% 62.2%61.3% 57.0% 46.7% 46.8% 46.4% 47.9%47.9% 47.0% 47.7% 3.01% 3.00% 2.93% 2.69% 2.04% 1.87% 1.78% 1.74% 1.74% CAGR: 1.5% $ 327$ 331$ 342 47.5% 47.7% $ 172$ 181 47.0% 50.2% 47.9% 46.7% 47.9% 46.8% 46.4% '11'12'13'14'15'16'17 2Q172Q18

HAWAII BANKS HAVE A SIGNIFICANT DEPOSIT ADVANTAGE Hawaii banks experience more favorable deposit behavior across all rate cycles; Hawaii banks experienced a deposit beta(¹) of ~34% vs. ~47% for broader U.S. banks during the last rising rate cycle 6.00 % 5.50 % 5.00 % 4.50 % 4.00 % 3.50 % 3.00 % 2.50 % ent Funding Advantage 2.00 % 1.74% 1.50 % 1.00 % 0.54% 0.39% 0.50 % 0.00 % 2004 2005 20062007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Hawaii Banks² U.S. Banks³ Fed Funds Source: SNL Financial and the Federal Reserve website (1) Deposit beta is defined as the change in deposit costs as a percentage of the change in Fed Funds over a particular period. Deposit cost uses starting point (2Q04) to peak (3Q07); one quarter lag. (2) Includes First Hawaiian, Bank of Hawaii, American Savings, Central Pacific, Territorial Bancorp, Hawaii National. 2Q18 cost of deposits based on public company reported information. 2Q18 excludes private companies and undisclosed public company information. (3) Includes all U.S. bank holding companies excluding Hawaii-based banks. 2Q18 cost of deposits based on public company reported information. 2Q18 excludes private companies and undisclosed public company information. 19 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 5.25% 3.34% 137bps Funding15bps Curr Advantage 1.97%

GAAP TO NON-GAAP RECONCILIATION We present net interest income, noninterest income, noninterest expense, net income, earnings per share and the related ratio s described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items inc luded in our operating results. Core net interest margin, core return on average total assets and core return on average total stockholders’ equity are non -GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core return on a verage total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders’ equity as the ratio of core net in come to average stockholders’ equity. Core efficiency ratio is a non-GAAP financial measure. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income. Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible as sets, core return on average tangible assets, tangible stockholders’ equity to tangible assets and tangible book value per share are non -GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculate d by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effect ively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average tota l assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equ ity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excludin g) amounts related to our goodwill. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. We believe that these core measures provide useful information about our operating results and enhance the overall understand ing of our past performance and future performance. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as repo rted under GAAP. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The following tables provide a reconciliation of these non-GAAP financial measures with their most closely related GAAP measures. 20

GAAP TO NON-GAAP RECONCILIATION For th e Th re e Mon th s En de d For th e Ni n e Mon th s En de d S e pte m be r 30, 2018 Ju n e 30, 2018 S e pte m be r 30, 2017 S e pte m be r 30, (dollars in t housands, except per share amount s) 2018 2017 In com e S tate m e n t Data: Net income $ 67,388 $ 69,053 $ 58,363 $ 204,399 $ 171,998 Average t ot al st ockholders' equit y Less: average goodwill Average t angible st ockholders' equit y $ 2,427,907 995,492 $ 2,466,392 995,492 $ 2,564,563 995,492 $ 2,464,601 995,492 $ 2,527,435 995,492 $ 1,432,415 $ 1,470,900 $ 1,569,071 $ 1,469,109 $ 1,531,943 Average t ot al asset s Less: average goodwill Average t angible asset s $ 20,391,456 995,492 $ 20,121,504 995,492 $ 20,109,090 995,492 $ 20,306,833 995,492 $ 19,858,184 995,492 $ 19,395,964 $ 19,126,012 $ 19,113,598 $ 19,311,341 $ 18,862,692 Ret urn on average t ot al st ockholders' equit y (1 ) Ret urn on average t angible st ockholders' equit y (non-GAAP ) (1 ) 11.01 18.66 % % 11.23 18.83 % % 9.03 14.76 % % 11.09 18.60 % % 9.10 15.01 % % Ret urn on average t ot al asset s(1 ) Ret urn on average t angible asset s (non-GAAP ) (1 ) 1.31 1.38 % % 1.38 1.45 % % 1.15 1.21 % % 1.35 1.42 % % 1.16 1.22 % % Average st ockholders' equit y t o average asset s T angible average st ockholders' equit y t o t angible average asset s (non-GAAP ) 11.91 7.39 % % 12.26 7.69 % % 12.75 8.21 % % 12.14 7.61 % % 12.73 8.12 % % (1) Annualized for the three months and nine months ended September 30, 2018 and 2017 and three months ended June 30, 2018 As of S e pte m be r 30, 2018 As of Ju n e 30, 2018 As of De ce m be r 31, 2017 As of S e pte m be r 30, 2017 Bal an ce S h e e t Data: T ot al st ockholders' equit y Less: goodwill T angible st ockholders' equit y $ 2,423,462 995,492 $ 2,459,175 995,492 $ 2,532,551 995,492 $ 2,581,858 995,492 $ 1,427,970 $ 1,463,683 $ 1,537,059 $ 1,586,366 T ot al asset s Less: goodwill T angible asset s $ 19,983,838 995,492 $ 20,479,719 995,492 $ 20,549,461 995,492 $ 20,565,627 995,492 $ 18,988,346 $ 19,484,227 $ 19,553,969 $ 19,570,135 Shares out st anding 134,873,728 136,642,060 139,588,782 139,586,282 T ot al st ockholders' equit y t o t ot al asset s T angible st ockholders' equit y t o t angible asset s (non-GAAP ) 12.13 7.52 % % 12.01 7.51 % % 12.32 7.86 % % 12.55 8.11 % % Book value per share T angible book value per share (non-GAAP ) $ $ 17.97 10.59 $ $ 18.00 10.71 $ $ 18.14 11.01 $ $ 18.50 11.36 21

GAAP TO NON-GAAP RECONCILIATION For th e Th re e Mon th s En de d For th e Ni n e Mon th s En de d S e pte m be r 30, 2018 Ju n e 30, 2018 S e pte m be r 30, 2017 S e pte m be r 30, (dollars in t housands, except per share amount s) 2018 2017 Net interest income Core net interest income (non-GAAP) $ 141,403 $ 133,319 $ 393,918 $ 141,258 $ 422,333 $ 141,403 $ 133,319 $ 393,918 $ 141,258 $ 422,333 Noninterest income Gains on sale of real estate Core noninterest income (non-GAAP) $ 49,797 — $ 49,664 (2,667) $ 151,281 (2,667) $ 47,405 — $ 145,902 — $ 49,797 $ 46,997 $ 148,614 $ 47,405 $ 145,902 Noninterest expense Loss on litigation settlement(1) One-time items(2) Core noninterest expense (non-GAAP) $ 91,865 — $ 84,784 — $ 257,704 — $ 93,147 (4,125) (511) $ 275,599 (4,125) (1,832) (914) (543) (1,384) $ 90,951 $ 84,241 $ 256,320 $ 88,511 $ 269,642 Net income Gains on sale of real estate Loss on litigation settlement(1) One-time items(2) Tax adjustments(3) Total core adjustments Core net income (non-GAAP) Core basic earnings per share (non-GAAP) Core diluted earnings per share (non-GAAP) $ 69,053 — — 914 $ 58,363 (2,667) — 543 $ 171,998 (2,667) — 1,384 $ 67,388 — 4,125 511 (1,206) $ 204,399 — 4,125 1,832 (1,559) (247) 801 488 667 (1,323) (795) 3,430 4,398 $ 69,720 $ 57,040 $ 171,203 $ 70,818 $ 208,797 $ 0.51 $ 0.41 $ 1.23 $ 0.52 $ 1.52 $ 0.50 $ 0.41 $ 1.23 $ 0.52 $ 1.52 Basic earnings per share Diluted earnings per share $ 0.50 $ 0.42 $ 1.23 $ 0.50 $ 1.48 $ 0.50 $ 0.42 $ 1.23 $ 0.50 $ 1.48 (1) The Company reached an agreement in principle to resolve a putative class action lawsuit alleging that the Bank improperly charged certain overdraft fees. In connection with the anticipated settlement agreement, the Company recorded an expense of approximately $4.1 million during the three and nine months ended September 30, 2018 One-time items include the loss on our funding swap as a result of a decrease in the conversion rate of our Visa Class B restricted shares sold in 2016 as well as public offering related costs (2) 22 (3) Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period.

GAAP TO NON-GAAP RECONCILIATION For th e Th re e Mon th s En de d For th e S i x Mon th s En de d Ju n e 30, 2018 March 31, 2018 Ju n e 30, 2017 Ju n e 30, (dollars in t housands, except per share amount s) 2018 2017 In com e S tate m e n t Data: Net income $ 69,053 $ 67,958 $ 56,895 $ 137,011 $ 113,635 Average t ot al st ockholders' equit y Less: average goodwill Average t angible st ockholders' equit y $ 2,466,392 995,492 $ 2,500,299 995,492 $ 2,528,388 995,492 $ 2,483,252 995,492 $ 2,508,564 995,492 $ 1,470,900 $ 1,504,807 $ 1,532,896 $ 1,487,760 $ 1,513,072 Average t ot al asset s Less: average goodwill Average t angible asset s $ 20,121,504 995,492 $ 20,407,718 995,492 $ 19,692,222 995,492 $ 20,263,820 995,492 $ 19,730,651 995,492 $ 19,126,012 $ 19,412,226 $ 18,696,730 $ 19,268,328 $ 18,735,159 Ret urn on average t ot al st ockholders' equit y (1 ) Ret urn on average t angible st ockholders' equit y (non-GAAP ) (1 ) 11.23 18.83 % % 11.02 18.32 % % 9.03 14.89 % % 11.13 18.57 % % 9.13 15.14 % % Ret urn on average t ot al asset s(1 ) Ret urn on average t angible asset s (non-GAAP ) (1 ) 1.38 1.45 % % 1.35 1.42 % % 1.16 1.22 % % 1.36 1.43 % % 1.16 1.22 % % Average st ockholders' equit y t o average asset s T angible average st ockholders' equit y t o t angible average asset s (non-GAAP ) 12.26 7.69 % % 12.25 7.75 % % 12.84 8.20 % % 12.25 7.72 % % 12.71 8.08 % % (1) Annualized for the three months and six months ended June 30, 2018 and 2017 and three months ended March 31, 2018 As of Ju n e 30, 2018 As of March 31, 2018 As of De ce m be r 31, 2017 As of Ju n e 30, 2017 Bal an ce S h e e t Data: T ot al st ockholders' equit y Less: goodwill T angible st ockholders' equit y $ 2,459,175 995,492 $ 2,520,862 995,492 $ 2,532,551 995,492 $ 2,552,602 995,492 $ 1,463,683 $ 1,525,370 $ 1,537,059 $ 1,557,110 T ot al asset s Less: goodwill T angible asset s $ 20,479,719 995,492 $ 20,242,942 995,492 $ 20,549,461 995,492 $ 20,373,974 995,492 $ 19,484,227 $ 19,247,450 $ 19,553,969 $ 19,378,482 Shares out st anding 136,642,060 139,601,123 139,588,782 139,546,615 T ot al st ockholders' equit y t o t ot al asset s T angible st ockholders' equit y t o t angible asset s (non-GAAP ) 12.01 7.51 % % 12.45 7.93 % % 12.32 7.86 % % 12.53 8.04 % % Book value per share T angible book value per share (non-GAAP ) $ $ 18.00 10.71 $ $ 18.06 10.93 $ $ 18.14 11.01 $ $ 18.29 11.16 23

GAAP TO NON-GAAP RECONCILIATION For th e Th re e Mon th s En de d For th e S i x Mon th s En de d Ju n e 30, 2018 March 31, 2018 Ju n e 30, 2017 Ju n e 30, (dollars in t housands, except per share amount s) 2018 2017 Net interes t income Core net interes t income (non-GAAP) $ 141,403 $ 139,672 $ 131,254 $ 281,075 $ 260,599 $ 141,403 $ 139,672 $ 131,254 $ 281,075 $ 260,599 Noninteres t income Core noninteres t income (non-GAAP) $ 49,797 $ 48,700 $ 50,558 $ 98,497 $ 101,617 $ 49,797 $ 48,700 $ 50,558 $ 98,497 $ 101,617 Noninteres t expens e One-time items (1) Core noninteres t expens e (non-GAAP) $ 91,865 (914) $ 90,587 (407) $ 86,929 (457) $ 182,452 (1,321) $ 172,920 (841) $ 90,951 $ 90,180 $ 86,472 $ 181,131 $ 172,079 Net income One-time items (1) Tax adjus tments (2) Total core adjus tments Core net income (non-GAAP) Core bas ic earnings per s hare (non-GAAP) Core diluted earnings per s hare (non-GAAP) $ 69,053 914 (247) $ 67,958 407 (106) $ 56,895 457 (171) $ 137,011 1,321 (353) $ 113,635 841 (313) 667 301 286 968 528 $ 69,720 $ 68,259 $ 57,181 $ 137,979 $ 114,163 $ 0.51 $ 0.49 $ 0.41 $ 0.99 $ 0.82 $ 0.50 $ 0.49 $ 0.41 $ 0.99 $ 0.82 Bas ic earnings per s hare Diluted earnings per s hare $ 0.50 $ 0.49 $ 0.41 $ 0.99 $ 0.81 $ 0.50 $ 0.49 $ 0.41 $ 0.99 $ 0.81 (1) One-time items include the loss on our funding swap as a result of a decrease in the conversion rate of our Visa Class B restricted shares sold in 2016 as well as public offering related costs (2) Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period. 24

GAAP TO NON-GAAP RECONCILIATION - ANNUAL As of and for the Twelve Months Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 2014 2013 2012 2011 Net Income Basic EPS Diluted EPS $ 183.7 $1.32 $1.32 $230.2 $1.65 $1.65 $213.8 $1.53 $1.53 $216.7 $1.55 $1.55 $214.5 $1.54 $1.54 $211.1 $1.68 $1.68 $199.7 $1.80 $1.80 Average Total Stockholders’ Equity $ 2,538.3 $2,568.2 $2,735.8 $2,698.4 $2,667.4 $2,664.2 $2,640.6 Less: Average Goodwill 995.5 995.5 995.5 995.5 995.5 995.5 995.5 Average Tangible Stockholders’ Equity $ 1,542.8 $1,572.7 $1,740.3 $1,702.9 $1,672.0 $1,668.7 $1,645.1 Total Stockholders’ Equity 2,532.6 2,476.5 2,736.9 2,675.0 2,651.1 2,654.2 2,677.4 Less: Goodwill 995.5 995.5 995.5 995.5 995.5 995.5 995.5 Tangible Stockholders’ Equity $ 1,537.1 $1,481.0 $1,741.4 $1,679.5 $1,655.6 $1,658.7 $1,681.9 Average Total Assets 19,942.8 19,334.7 18,785.7 17,493.2 16,653.6 16,085.7 15,246.8 Less: Average Goodwill 995.5 995.5 995.5 995.5 995.5 995.5 995.5 Average Tangible Assets $ 18,947.3 $18,339.2 $17,790.2 $16,497.7 $15,658.1 $15,090.2 $14,251.3 Total Assets 20,549.5 19,661.8 19,352.7 18,133.7 17,118.8 16,646.7 15,839.4 Less: Goodwill 995.5 995.5 995.5 995.5 995.5 995.5 995.5 Tangible Assets $ 19,554.0 $18,666.3 $18,357.2 $17,138.2 $16,123.3 $15,651.2 $14,843.9 Return on Average Total Stockholders’ Equity 7.24% 8.96% 7.81% 8.03% 8.04% 7.92% 7.56% Return on Average Tangible Stockholders’ Equity (non-GAAP) 11.91% 14.64% 12.28% 12.72% 12.83% 12.65% 12.14% Return on Average Total Assets 0.92 1.19 1.14 1.24 1.29 1.31 1.31 Return on Average Tangible Assets (non-GAAP) 0.97% 1.26% 1.20% 1.31% 1.37% 1.40% 1.40% Note: Totals may not sum due to rounding. 25

GAAP TO NON-GAAP RECONCILIATION - ANNUAL For the Fiscal Year Ended December 31, (Dollars in millions, except per share data) 2017 2016 2015 2014 2013 2012 2011 $ 528.8 Net Interest Income $491.7 $461.3 $443.8 $439.0 $447.5 $470.0 Accounting Change (ASC 310 Adjustment) – – – – (4.3) – – Early Buyout on Lease – – – (3.1) – – – Early Loan Termination(2) – – (4.8) – – – – Noninterest Income(1) $ 205.6 $226.0 $219.1 $216.0 $214.4 $219.1 $200.2 Gain on Sale of Securities – (4.6) (7.7) – (0.2) (16.7) (1.7) Gain on Sale of Stock (Visa/MasterCard) – (22.7) (4.6) (20.8) (11.1) – – Gain on Sale of Bank Properties (6.9) – (3.4) – (0.4) (6.4) – – Other Adjustments(2),(3) – (7.5) – – – (0.9) $ 347.6 Noninterest Expense(1) $337.3 $327.3 $304.4 $296.7 $301.9 $311.7 Non-Recurring Items(4) (5.5) (6.2) – – (0.7) (0.7) – Net Income $ 183.7 $230.2 $213.8 $216.7 $214.5 $211.1 $199.7 Accounting Change (ASC 310 Adjustment) – – – – (4.3) – – Early Buyout on Lease – – – (3.1) – – – Early Loan Termination – – (4.8) – – – – Gain on Sale of Securities – (4.6) (7.7) – (0.2) (16.7) (1.7) Gain on Sale of Stock (Visa/MasterCard) – (22.7) (4.6) (20.8) (11.1) – – (6.9) Gain on Sale of Real Estate – (3.4) – (0.4) (6.4) – – Other Adjustments(2),(3) – (7.5) – – – (0.9) 5.5 Non-Recurring Items(4) 6.2 – – 0.7 0.7 – Tax reform Bill 47.6 – – – – – – Tax Adjustments(5) 0.6 8.0 10.6 8.9 5.8 8.1 1.0 Total Core Adjustments 46.7 (13.1) (17.5) (15.0) (9.5) (14.3) (1.7) Note: Totals may not sum due to rounding. (1) (2) (3) (4) (5) Noninterest income and expenses prior to 2017 have been revised from the amounts previously reported to reflect the reclassifications described in the footnote to Table 1 of the fourth quarter 2017 earnings release. Adjustments that are not material to our financial results have not been presented for certain periods. Other adjustments include a one-time MasterCard signing bonus and a recovery of an investment that was previously written down. Includes salaries and benefits stemming from the 2017 tax reform bill and non-recurring public company transition costs. Represents the adjustments to net income, tax effected at the Company’s effective tax rate, exclusive of one-time tax reform bill expense, for the respective period. 26 Core Net Income (Non-GAAP)$ 230.4 $217.1$196.3$201.6$205.0$196.7$198.0 Core Basic EPS (Non-GAAP)$ 1.65$1.56$1.41$1.45$1.47$1.57$1.79 Core Diluted EPS (Non-GAAP)$ 1.65$1.56$1.41$1.45$1.47$1.57$1.79 Core Noninterest Expense (Non-GAAP)$ 342.1$331.1$327.3$304.4$296.0$301.2$311.7 Core Noninterest Income (Non-GAAP)$198.7 $198.8$195.9$195.1$202.7$196.0$197.6 Core Net Interest Income (Non-GAAP)$ 528.8$491.7$456.5$440.7$434.7$447.5$470.0